Morning Comments
June 12, 1998
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.
Courage in a Speculator is merely confidence to act on the decision of his mind

Thur, June 11, 1998
6:55 PM
On the Frenzied Forex Front
Sept. J-Yen Recommended Position Long at 7112

Support is near 7012 /7003 and 6990 then 6967. Resistance should appear at 7042 and 7074 beyond that resistance is at 7098 to 7112.

Sept. Swiss Recommended Position Long at 6755

Nearby support is at 6741 to 6736. Day Traders can Buy at 6741. Under that 6702 and 6673 offer support. Position traders should buy for the ‘Pull’ at 6673 risk a close under 6590 for three days in a row. Resistance is near 6755 and 6767. A close over 6767 indicates a test of 6786 to 6802 beyond that resistance is near 6809.

Trade Accordingly
Sept. British Pound:

Support is at 1.6150 to 1.6090. Traders should Go long at 1.6150 risk a close under 1.6090. For two days in a row. Resistance is at 1.6216 and 1.6276. A close over 1.6316 augurs for a test of 1.6420 to 1.6550. Traders should sell short at 1.6550, risk a close over 1.6620 for two days in a row.

Sept. D-Mark

Early support is at 5553. Below that support is at 5538 to 5531. Resistance is at 5572 and 5588. Beyond that sellers should show up at 5621 to 5638 and the 5641 to 5653 region.

A close over 5572 is friendly

Sept. Canadian Dollar Recommended Position long at 6836

Support is at 6809 under that support is 6797 and 6767. Resistance is near 6826 then 6836 and 6859 to 6872.

A close over 6826 is friendly.

Precious Metals
August Gold Recommended Position Long at 2 at 294.80

Nearby Support is at 288 and 285. Resistance is at 290.40 and 295 Beyond that resistance is at 296.8

A close over 290.5 is friendly.

July Copper: Recommended Position Long at 7780

Support is at 7525 and 7475. Resistance is at 7670 and 7745. Above that resistance is at 7815 and 7870.

July Platinum Recommended Position Long at 358

Support is near 348, buy at 349, risk a close under 331 for two days in a row on all positions. Nearby Resistance is at 352 then 357 and 362

Long Term Friendly

July Silver

On the Downside: Support is at 507. Below that traders should buy at 492 and hold. On the Upside resistance is at 519 and 529.

Still friendly.

The Exciting Energies

July Crude Recommended Position long at 1511

Early support is at 1247 to 1235. Resistance is at 1297 to 1307 and 1322.

July Unleaded Gas

Support is at 4535 Below that support is near 4480.Resistance is near 4645 and 4735.

July Heating Oil Recommended Position long at 4080 and 3869

Resistance at 3855 and 3950. Support is at 3750 and 3675.

The Grande Grains

July Soybeans Recommended Position Long at 640, 639,645, 617 3/4(3) and 613 1/2 (6)

Support is at 608 1/4 and 606 3/4. Resistance is 611 1/4 and 615

August Beans Recommended Position Long at 632, 608 and 601 (2) Hold

Spread Long August Short Nov. at 24 cents over Hold

July Soybean Meal

Support is 151.80 and 150.60 Resistance is at 153.30 then 154.00 and 158.

July Soybean Oil

Early support is at 2581 and 2552 Day Traders should buy at 2552 for a bounce. Risk a trade under 2535. Resistance is at 2612 and 2652.

July Corn

Support should appear near 231 3/4 then 2271/4 and 226 3/4. Resistance is near 232 3/4 then 2361/2.

A close over 233 is friendly.

July Wheat

Resistance is at 278 1/4 and 281 1/2 then 282 3/4. Support should appear near 275 1/2 and 270 3/4

The Satisfying Softs

July Cotton Recommended Position Short at 6940 and 7330.

Support is 7395 and 7345 then 7285. Resistance is at 7575 and 7725.

July Sugar

Support is 767 and 757 under that 732 offers good support. Resistance is 772 and 811.

July, the Monster, Coffee: Recommended Position Long at 143.60 and 129.45

On the DownSide, Early support is at 123.80 and 123.20 under that support should appear near the 122.15 to 121.15 region. On the Upside, Resistance is 124.25 and 126.15 to 126.80 then 127.40

July Cocoa

Support is at 1576 and 1569. Resistance is 1605/ 1609 then 1615 and 1625.

The Lively Livestock

August Cattle Recommended Position long at 6665

Support is at 6605 and 6577. Resistance is at 6657 beyond that resistance is at 6682 and 6712.

July Hogs

Support is 6162 under that 6132 offers some support below that 6067 should hold today. Resistance is at 6177 and 6197 beyond that resistance is at 6267.

Recommended Spread Long Oct. Short July Hogs at 870 Hold.
July Bellies

On the DownSide Early support is near 6117, and 6062. Day traders can buy at 6067 for a bounce. Below that support is at 6032 and 5957. Below that 5880 should contain a break.

On the Upside Resistance is at 6202 to 6212. Above that 6257 to 6277 should trade. Beyond that resistance is at 6337 and 6417.

Recommended Spread Long 5 July Short 5 August at 225 July over Aug. Hold.

--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets
Traders should Roll all Short June Bonds to Sept.
Sept. Bonds

Support is 123-12 123-04 to 123-01. A close under 123-04 is negative. Additional support is at 122-12. Resistance is at 123-31 beyond that 124-06 to 124-12 offers resistance. Sell short at 124-06 and hold.

Sept. SP500

On the DownSide, Support is at 1098.50 to 1196 below that 1194.70 to 1192 offer good support. Under that a slip to 1082 is likely. Under that support lies at 1076.30

On the Upside, Resistance is at 1101 and 1106.70 and 1108.50. Day traders should sell short at 1108.40 for a quick turn lower, put your own risk on it and stay tuned. Above that resistance is at 1114 to 1115.50 and 1116.55. Beyond that sellers should appear at 1121 beyond that resistance should appear at 1130 to 1133. Above that 1136 should Cap a rally.

The Dow Jones Industrial Average

Initial support is at 8805.5. A Slip under 8798 is negative and augurs for a pullback towards the 8777 to 8762 region. Below that a test of 8719 and 8683 to 8668 is likely. Below that 8539 should hold, if not a slip towards 8262 is likely.

Resistance should appear at 8856 to 8871 and 8892, above that good resistance is now at 8904 and 8934 to 8964. Above that resistance is at 9004 and 9044 to 9060.

This Newsletter is Dedicated to Risk. Without Risk there is no Reward.

Happy Trading
Bill
Thursday June 11, 1998
7:52 PM