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September 28th 1998

"Among the hazards of speculation the happening of the unexpected--
I might even say the unexpectable-ranks high.
There are certain chances that the most prudent man is justified in taking-
Chances that he must take if he wishes to be more than a mercantile mollusk-"
 
-Reminiscences of a Stock operator-

Saturday September 27th 1998
6:55 PM 

On the Frenzied Forex Front

 

Dec. Japanese-Yen recommended position long at 7489
Support
 is 7414 and 7407. Below that 7342 to 7328 should hold. Traders can go long at 7342, risk a close under 7326 for three days in a row.

Resistance is at 7489 to 7507/7513. Above that resistance is at 7544 then 7587 to 7601 and 7675 to 7685. Traders can short at 7685 for a turn

Dec. D-Mark Recommended position short at 5815 and 5945

Resistance is at 5982 and 6023 to 6035 where a rally should stop. Beyond that good resistance is at 6079 and 6101.

Nearby Support is at 5969 and 5957. A close under 5957 is negative and augurs for a slip to 5929 then 5912 and 5888.

Dec. Swiss

Nearby Resistance is at 7328 to 7342 beyond that resistance is at 7367 and 7414 to 7428.

Support is at 7262 and 7257 to 7242. A close under 7242 augurs for an eventual test of the 7170 to 7143 region.

Trade Accordingly

Dec. British Pound recommended position short at 1.6680 and 1.6890

Support is at 1.6860 to 1.6826 then 1.6744. A close under 1.6860 indicates a test of 1.6744 to 1.6720 is likely.

Resistance is at 1.6934 and 1.6960. Beyond that resistance is at 1.7072 to 1.7120

Dec. Canadian Dollar recommended Position short at 6609

Support is at 6591 and the 6577 6571 region. A close under 6577 augurs for a test of 6509 to 6483. Traders can go long at 6509 for a turn higher, risk a close under 6480 for three days in a row. Below that 6467 and 6430 to 6417 offer support.

Resistance is at 6621 to 6629. Beyond that 6671 to 6673 should cap a rally.

Precious Metals

Dec. Gold Recommended Position Long 293.80 and 296.40

Support is at 295.40 and 293.70. to 293. Beneath that support is at 290.1 then 287.3 and 284. Traders can buy at 284. Initially plan to risk a close under 282 for three days in a row. Resistance is at 297.3 and 298.60 then 302.3

*A Close over 297.20 augurs for a test of 307.30. Traders should Go long or Add if a close over 297.30 occurs today.

Dec. Copper: recommended position long at 7405

Nearby Support is at 7515 then 7485. Below that good buyers should appear near 7410. Below that support should hold at 7360.

Early Resistance is at 7585 and 7610. Beyond that resistance is at 7675 to 7690. A close over 7690 indicates a trade higher towards resistance at 7755 to 7770 and 7810.

Jan. Platinum Recommended position long 2 at 354.60

Nearby Support is at 352.70 Below that support is at 350 and 347.5 where it should hold. Resistance is at 357.4. A close over 357.4 augurs for a test of 367.5
Eventually we see a test of 380 for Jan Platinum...if it holds. Be Long...

Dec. Silver Recommended Position long at 2 at 521

On the DownSide: Support is at 514.0 and 512.5. Day traders can buy at 511.5 for a bounce. Below that support is at 507/506.5 to 505 then 503.5. Below that 496.5 to 489 should hold.
On the Upside. Nearby Resistance is at 518 and 522. A close over 518 indicates a
test of 529. A close over 529 augurs for an eventual rally to 555.

The Exciting Energies

Nov. Crude

Early Support is at 1564 a slip under augurs for a test of 1541 to 1535 where it should hold. Traders should consider buying at 1541 for a good bounce. Below that support is at 1529 and 1504 to 1496. Traders can buy at 1504, risk a close under 1484 for three days in a row. Resistance is at 1589 to 1591. A close over 1591 is friendly for a test of 1615. Beyond that a trade towards 1642 to 1655 is likely to occur. Trade Accordingly

Nov. Unleaded Gas recommended position long at 4513

Nearby Support is at 4547 to 4537. Day traders can buy at 4557 for a bounce , risk 100pts. Below that support is at 4496 then 4446. A failure there on the close augurs for a test of the 4380 to 4370 then 4315 to 4304 where a break may stop. Traders can buy at 4315, risk a close under 4163 for three days in a row. Resistance is at 4582 and 4617 then 4650 and 4775.

Nov. Heating Oil

Early Resistance is at 4330 and the 4405 region. A close over 4405 augurs for a test of 4505 to 4515.

Support is at 4249 to 4225. Below that support is at 4205 and 4187. Traders should consider a slip to the 4205 region as a buying opportunity.

The Grande Grains

November Soybeans

Support is at 525 1/2 and 523 3/4 Day traders can buy at 525 3/4 .
Below that good support is at 520 3/4 and 517. Traders can buy at 517 1/2 for a 2-day bounce, Risk 8 cents. Resistance is at 534 3/4 and 536 1/2 then 539. A close over 539 augurs for a test of 548 3/4

Dec. Soybean Meal Recommended long 143.80 and 138.30

Support is near 132.1 then 130.5 to 129.8 Resistance is at 133.4 and 136.0 beyond that good sellers should appear at 138.5 ...Trade Accordingly.

Dec. Soybean Oil recommended position long at 2530

Support is at 2469. More support is near the 2461 to 2446 region , where it should hold. Traders should buy at 2446 for a turn higher, risk a close under 2411 for three days in a row. Resistance is at 2490 and 2511 to 2519 and 2544. 

Dec. Corn

Early Support is at 210 1/4 and 208 1/2 then 205 1/2 to 203 1/2. A close under 208 augurs for a test of 203 1/4 Resistance is at 213 1/4. A close over 213 1/4 indicates at test of 218 to 220.. if it holds.

Dec. Wheat

Resistance is at 278 1/4 and 281 1/4. A close over 282 is friendly for a rally to 287.

Support is at 275 1/4 and 273 3/4. Day traders can buy at 275 1/2 for a bounce.
Below that 269 to 267 should hold

The Satisfying Softs

Dec. Cotton

Early Support is at 7428 to 7414 and 7403. Below that 7354 to 7335 should hold.
Below that 7256 to 7242 should hold basis the close on any real sell-off.
Resistance is 7435 to 7453. A close over 7455 augurs for a test of 7505 and 7515.
Beyond that resistance is at 7535 and 7685
Buy this Dip..

March Sugar
Support is at 740 to 738 and 735. A close under 735 augurs for a slip to 712 and 700.

Resistance is at 751 and 763 to 767 . Beyond that 780 should cap a rally today.

Dec. Coffee: Recommended Position Long at 111.20

On the downside, Early support is at 104.35. Below that support is at 103.60 to 103.20 and 101.95 to 101.80. Day traders can buy at 101.85 for a good bounce.

A close Under 101.80 augurs for a test of 100.50 and 100.00. On the Upside, Early resistance is at 105.80 and 106.80. A close over 106.80 augurs for an eventual test of 108.20 and 109.60 to 110.10. Stay Tuned...

Dec. Cocoa

Support is at 1512. Below that 1500 to 1496 and 1484 offer support.

Resistance is at 1529 to 1532 / 1535. A close over 1532 augurs for a test of 1550 and 1569 to 1576.
Trade Accordingly.

The Lively Livestock

October Cattle 

Traders can buy at 6037 for a bounce risk 100 pts.

Dec. Cattle

Support is at 6257 then 6240 and 6182. Day traders can Buy at 6262 for a good bounce , risk 110 pts. Resistance is at 6287 and 6332 to 6357.

All important Pig Crop was released by the USDA Thursday afternoon.
The Report was deemed to be friendly to Oct. hogs Dec. hogs and Feb. Hogs are called to open steady to 50 pts higher. The report was also called friendly to Bellies.
-Stay tuned for updates-

October Hogs
Resistance
 is at 4217 and 4267 to 4272. Beyond that resistance is at 4302 and 4317 then 4367. Support is 4162 to 4157 and 4150. Below that support is at 4097 and 4017 to 3997 where it should hold.

Dec. Hogs

Support is at 3942, under that support is at 3927 to 3917. Traders should buy at 3927 for a turn higher, risk a close under 3907 for three days in a row. Below that 3842 to 3827 should hold.

Resistance is at 4027 then 4037. A close over 4037 is friendly for a pop to

4127 and beyond to 4242. Down the road a test of 4422 is not out of the question if the Hogs can hold.

Feb. Hogs

Support is at 4287 and 4257 Resistance is at 4382, a close over augurs for a test of 4457 to 4482.

Feb. Bellies: Recommended position long at 5500, 5500, 2 at 4825 and 4665

Traders should exit 20 % of the recommended longs at 5057 MIT if able Today
Nearby Support is at 4857 to 4842 and 4812. Below that 4775 to 4767 should hold.

Resistance is at 4907 and 4972 to 4992. Beyond that 5057 to 5067 should trade. A close over 5067 Augurs for a thrust towards 5152 and 5202 to 5222
--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Dec. Bonds Recommended Position Short at 127-07 and 127-19

On The DownSide, Nearby Support is 129-25 then 129-12 and 129-04. A close under 129-26 is negative and augurs for a test of 128-30 and 128-12.
On the Upside: Resistance is at 130-06 to 130-12 and 130-21 which should cap a rally for a bit. . Beyond that 130-27 and 131-08 to 131-12 offer resistance

Dec. SP500

On the DownSide, Early Support is 1049 and 1047.50. Below that 1043.00 should hold. However an extended trade or close under 1043.00 augurs for a test of 1038.30 to 1036 , where day traders can buy at 1036 for a good bounce. Put your Own risk on it. A close under 1036 augurs for a test of 1033 to 1030. Below that 1022 should hold.
On the Upside, Resistance is at 1054.30 beyond that good sellers should appear at 1058 to 1063 . a close over 1063 augurs for a test of 1066.40 and 1068 to 1070.30 then 1075.00. Beyond that a trade to 1083 is likely.

Stay Tuned for Updates and Flashes on New Suggestions for the SP500.

The Dow Jones Industrial Average

Support is 7991. Below that buyers should appear at 7954 to 7939. Beneath that support should appear at 7928 then to 7901 and 7864 to 7836. Below that 7792 / 7770 to 7763 should hold.. Resistance should first appear near the 8029 to 8044 region, beyond that 8119 to 8134 should cap a rally for a bit. Beyond that resistance is at 8194 to 8223 and 8263.

A ship in Harbor is Safe.. But that's not what ships are built for.

Happy Trading

Bill
Saturday Sept. 26 1998
9:50 PM
 

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THIS PUBLICATION CONTAINS THE VIEW AND OPINIONS OF THE AUTHOR, EXCEPT WHERE OPINIONS ARE ATTRIBUTED TO OTHER SOURCES. WRITTEN PERMISSION IS. REQUIRED PRIOR TO ANY DISTRIBUTION OR REPRODUCTION. FUTURES TRADING IS RISKY AND CAN CAUSE SUBSTANTIAL FINANCIAL LOSS. THE USE OF OPTIONS AND OPTION TRADING INVOLVES A HIGH DEGREE OF RISK. THE USE OF STOPS MAY NOT LIMIT LOSSES TO INTENDED AMOUNTS. SPREAD POSITIONS MAY NOT BE LESS RISKY THAN OUTRIGHT FUTURES POSITIONS. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. SOURCES ARE BELIEVED TO BE RELIABLE BUT NO ASSURANCE IS MADE FOR ACCURACY. ADDITIONAL RISK DISCLOSURE IS AVAILABLE.