Morning Comments
June 19, 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.

Fri, June 19, 1998
06:30 AM e.s.t.
On the Frenzied Forex Front
Sept. J-Yen Recommended position short at 7330

Support is 7487 and 7414 then 7355 and 7342 to 7328

Nearby Resistance is at 7587 and 7667 should cap a rally for today.

Sept. Swiss Recommended Position Long at 6695 and 6755

Nearby support is at 6692 to 6687. A slip under augurs for a test of 6673. Resistance is near 6773 and/ 6799 to 6809 region. A close over 6809 indicates a test of 6836. Beyond that resistance is near 6890. Traders can exit longs/ go short at 6890. Initially Risk a close over 6919 for two days in a row.

Trade Accordingly
Sept. British Pound: Recommended position short at 1.6550

Support is at 1.6550 and 1.6506 under that 16420. Resistance is at 1.6736 then 1.6842.

Sept. D-Mark Recommended Position long 5593

Early support is at 5577 to 5553 with good support at under that at 5490 to 5480 which should contain a break. If not a slip to 5461 is likely. Resistance is at their heads near the 5641 to 5651 region. Beyond that at test of 5688 is likely, Traders should go short at 5688 for a turn lower. Risk a close over 5729 for two days in a row.

Sept. Canadian Dollar Recommended Position long at 6836 and 6856

Support is at 6788. Resistance is near 6863 to 6865. A close over 6865 augurs for a thrust towards 6906 to 6914 where traders should sell at 6906, risk a close over 6922 for three days in a row.

Trade Accordingly.

Precious Metals
August Gold Recommended Position Long at 2 at 294.80 1 atr 290

Nearby Support is at 294.3 and 291.1 Resistance is at 297.7. A close over 299 is

Bullish and augurs for a rally to 310.

July Copper: Recommended Position Long at 7780

Support is at 7360 to 7300 and it should hold. Nearby Resistance is at 7690 and 7760. Above that resistance is at 7805 and 7880 to 7950.

Trade Accordingly,

July Platinum Recommended Position Long at 358 and 349. Traders should risk a three days close under 331 on all positions.

Early Support is near 356.5 and 355. below that 346 should hold.

Resistance is at 364.5 and 366. Beyond that 377 offers good resistance. Traders should Go Short at 377, risk a Close over 383 for two days in a row.

Long Term Friendly

July Silver

On the Downside: Support is at 526.5 and 512 Below that 503 to 499. Traders can buy at 493 and hold. On the Upside early resistance is at 542.5 A close over 542 augurs for a test of 558.

Trade Accordingly.

The Exciting Energies
August Crude Recommended Position Long at 1304 and 1407

August Crude has support at 1304 and 1287. Resistance is at 1335 and 1352 then 1385 and 1410. A close over 1383 indicates a test of the 1415.

August Unleaded Gas Recommended Position Long at 4717

Support is at 4635. Nearby Resistance is at 4775 then 4860 to 4880. A close over 4927 is bullish for a test of the 5085 /5125 region.

*Traders should go long on a close over 4927

August Heating Oil

Resistance at 3945 Above that 3990 then 4170. Beyond that a test of 4400 is likely. Traders should Go Short at 4400 for a quick turn lower, risk a close over 4447 for three days in a row. On the Downside Support is at 3740. Traders should Buy at 3745 and hold. Below that 3730 and 3660 should contain the break.

* Traders should go long using a 3957 Buy stop.

The Grande Grains
July Soybeans

Support is at 625 and 622 1/2 then 616. Resistance is at 629 to 631 and 638

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

Spread Long August Short Nov. at 24 cents over Hold

August Soybean Meal

Support is 157.70 and 152. Resistance is at 165 to 166.

Trade Accordingly.

August Soybean Oil Recommended Position long at 2568

Support should appear at 2519 to 2511 and the 2469 to 2461 region.

Traders should Buy at 2469 and Hold. Resistance is at 2539 then 2571 and 2587.

Dec. Corn Recommended Position short at 253 3/4

Support should appear near 251 3/4 below that 249 and 244 offer support.

Resistance is near 254 3/4 and 259

Sep Wheat

Resistance is at 296 3/4 Beyond that 300 and 304 offer good resistance. Traders should go short at 304 3/4 for a turn lower. Risk a Close over 311 for two days in a row. On the support should appear at 288 1/2 and 283

Trade Accordingly

The Satisfying Softs

Dec. Cotton Recommended Position long at 7502

Support is at 7480 then 7465 and 7430. Resistance is at 7625 and 7720 , above that resistance is at 7777 and 8050.

Trade Accordingly

Oct. Sugar

Support is 816 and 806, Below that 776 should hold, a slip under that augurs for a test of the 767 to the 763. Resistance near 856. Beyond that traders can go short for a turn lower at 877, risk a close over 882 for three days in a row.

Sept Coffee: Recommended Position Long at (2)121.95 and 120.30

On the DownSide, Early support is at 116.90 to 116.4 Below that support is at 116.05 and 114.60 On the Upside, Resistance is at 118.60 then 119.20 to 119.50 and 121.05

Sept Cocoa Recommended Position long at 1635

Support is at 1642 to 1637. Resistance is at 1678 then 1689 to 1696. traders should go short at 1696 for a turn lower, risk a close over 1738 for two days in a row.

The Lively Livestock

August Cattle Recommended Position long at 6665

Initial Support is at 6467 and 6417. Resistance is at 6522 then 6587.

Long term Friendly

July Hogs

Nearby Support is 6167 under that 6092 offers good support. Below that

traders can Buy at 6017 for a turn higher. Initially risk a close under 5852 for two days in Resistance is at 6277 and 6292 beyond that resistance is at 6370. Traders can go short at 6367 for a quick turn lower, risk a close over 6432 for three day in a row.

Recommended Spread Long Oct. Short July Hogs at 870 Hold.
July Bellies Recommended Position Long at 6117 (2)

On the DownSide Support should be appear near the 5887 to 5855 region and should contain the break below that 5777 and 5742 offer support.

On the Upside Resistance is at 6077 to 6110. A extended trade or close over 6077 augurs for a test of 6200

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
Sept. Bonds

On The Downside, Nearby Support is 122-07 and 121-15.

On the Upside: Resistance is at 122-22. Above that resistance is at 123-06 to 123-17.

Sept. SP500 Recommended Position Short at 1123.80

On the DownSide, Support is at 1117.40 then 1115.50 and 11114.30 to 1113.20 Under that a slip to 1108 is likely. Below that support lies at 1101.

On the Upside, Resistance is 1124.90 Beyond that sellers should appear at 1130 then 1132.20 and 1133. Above that 1136 1138.80 offers good resistance. Sell at 1136 and hold for lower prices. Beyond that resistance is at 1150 and 1151.70 with 1158.80 above that. If a sharp advance takes place 1164 to 1169 should Cap a Rally.

Sell Short at 1164 and Hold.

The Dow Jones Industrial Average

Initial support is at 8760 under that 8716 to 8686 offers good support. Resistance should first appear at 8840 and 8856 to 8871 and 8892, above that good resistance is now at 8904 to 8910.2 and 8934 to 8964. Above that sellers should raise their heads at 8993 and 9004. Beyond that 9044 to 9060 offers good resistance as does 9100 and 9140 to 9156 which should contain a rising mkt. If not a touch of 9236 to 9247 is likely.