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Morning Comments

June 24, 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.

Tuesday, June 23, 1998
07:00 PM e.s.t. 

 

On the Frenzied Forex Front

Sept. J-Yen

Support is 7241, day Traders can buy at 7241, risk 30 pts. Below that support is 7219 and 7170. Resistance is at 7298 and 7341 to 7368 beyond that resistance is 7414 and 7486 to 7513.

Sept. Swiss Recommended Position Long at 6695 and 6755

Early support is at 6692 to 6687. A slip under 6687 augurs for a test of 6673 to 6663. Resistance is at 6713 and 6744 above that resistance is 6744 to 6751 beyond that

Resistance is 6809 and offers good resistance. However a close over 6761 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:

Support is at 1.6602 below that 1.6550 and 1.6536 offer support. A failure there augurs for a trade to 16420. Resistance is at 1.6648 and 1.6742.

Sept. D-Mark Recommended Position long 5593

Support is at 5577 and 5565 below that buyers will show up at 5545 to 5535, under that at support is 5505 to 5490 which should contain a break. If not a slip to 5461 is likely. Resistance is at 5615. Beyond that look for a test of 5631 to 5641 with a chance of testing 5661 beyond that Traders should exit and 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 6801 and 6765. Resistance is at 6815. A close over 6815 augurs for a test of resistance at 6851.

Trade Accordingly.

Precious Metals

August Gold Recommended Position Long at 290

Nearby Support is at 295.3 and 292.5 below that 290.5 should hold. Resistance is at 297.5 and 300.5 If august gold closes over 301 a test of resistance at 305.80 and 310.4 is Likely to occur.

July Copper: Recommended Position Long at 7780

Support is at 7455 below that 7320 should hold. Resistance is at 7530 and 7705 to 7720.

Trade Accordingly,

July Platinum Recommended Position Long at 349.

Early Support is at 352.5 and 347.5. Resistance is at 357.5 and 360. Beyond that 367.5 offers good resistance.

Long Term Friendly

July Silver

On the Downside: Support is at 531.5 and 529.5 , under that support should be evident at 516.5 to 512.5, day traders should buy at 517 and risk 10 cents below that Traders can buy at 493 and hold. On the Upside early resistance is at 536.5 and 550.5

A close over 537 augurs for a test of 556.

Trade Accordingly.

The Exciting Energies

August Crude

August Crude has support at 1442 and 1417. Day traders can buy at 1417, put your own risk on it. Below that 1408 and 1394 offer support.

Resistance is at 1484 to 1496 Beyond that a thrust towards the 1569 /1576 region is possible. Beyond that traders should sell at 1689 and hold for a turn lower.

August Unleaded Gas

Support is at 4825 and 4815. Day traders can buy at 4855 for a turn higher. Risk 60 pts. Below that support should appear at 4760 and 4710.

Resistance is at 4910 and 4980. 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 4137 and 4225 to 4270 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 4025, day traders can buy at 4025 for a bounce and risk 80 pts. Below that support is near 3837.

 

The Grande Grains

July Soybeans

Support is at 661 and 654 Day traders should buy at 655, put your own risk on it.

Below that 647 should hold. Resistance is at 667 to 668 and 675 with 682 above that.

August Beans Recommended Position Long at 601 (2) Hold

Spread Long August Short Nov. at 24 cents over Hold

August Soybean Meal

Support is 174.8 and 171.9 Day traders can buy at 174.5 risk a trade under 170.

Resistance is at 178 and 182

Trade Accordingly.

August Soybean Oil

Support is at 2584 and 2559 below that support ids 2529. Resistance is at 2612 then 2629. Above that 2684 offers resistance

Dec. Corn

Support should appear at 266 1/4 and 261 1/2 Below that 258 offers good support.

Resistance is at 268 and 271. Beyond that 276 is likely to trade.

Sep Wheat

Resistance is at 303 1/2 and 308. Beyond that 315 offers resistance. Support should appear at 302 and 296 1/2 below that support is near 291.

Trade Accordingly

The Satisfying Softs

Dec. Cotton Recommended Position long at 7502

Support is at 7605 and 7556 . Below that 7508 should hold.

Resistance is at 7655 and 7725 above that resistance is at 7770.

Trade Accordingly

Oct. Sugar

Support is 795 to 790 under that 783 to 777 should hold, Day traders should buy at 791 and risk 20 pts. A slip under 777 augurs for a test of the 767 to the 763. Resistance at 815 and 830. Beyond that a trade to 847 is likely with a possible test of 863 to 877, traders should sell 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 113.00 below that 111.70 to 111.60 offers good support as does 109.85 On the Upside, Resistance is at 113.45 and 114.15 to 114.80 Beyond that resistance is at 116.55.

A close over 114.85 is friendly.

Sept. Cocoa

Support is 1583 under that Traders can Buy at 1577 for a turn higher, risk a close under 1569 for two days in a row. Below that 1551 should hold. Resistance is at 1597 and 1601 and 1615, above that 1632 and 1651 offer resistance. Beyond that Traders should go short at 1696 for a turn lower, risk a close over 1738 for two days in a row.

A close over 1597 is friendly.

The Lively Livestock

August Cattle Recommended Position long at 6665

Well well, in case anybody did not notice. August cattle did a Key reversal yesterday closing over the previous days high after setting new contract lows. Support is now

648s to 6455, day traders should buy at 6487, risk 100 pts. Resistance is at 6557 , a close over augurs for a thrust to 6602 and 6632.

Long term Friendly

July Hogs 

Nearby Support is 6067 and 6017. Traders can Buy at 6017 for a turn higher. Initially risk a close under 5852 for two days in a row. Resistance 6122 Beyond that resistance is at 6152 and 6220.

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

July Bellies Recommended Position Long at 6117 (2)

On the DownSide Support is at 5717 and 5642. Day Traders can buy at 5642 for a good bounce, Below that 5552 and 5487 should hold.

On the Upside Resistance is at 5787 and 5847. An extended trade or close over 5787 augurs for a test of 5942.

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 Recommended Position Short at 123-15

On The Downside, Nearby Support is 123-07 and 122-29 and 122-21 a close under 122-21 augurs for a test of 121-30 to 121-19 On the Upside: Resistance is at 123-21.

Day traders should sell at 123-21 for a turn lower, risk 8 pts. Above that resistance is at 124-13.

Sept. SP500 Recommended Position Short at 1123.80 and 1125.80

On the DownSide, Support is at 1125.40 and 1121.50 under that 1115.50 should hold. Below that support lies at 1109.30 to 1106.80, a failure there augurs for an eventual slip to the 1101 to 1098.50 /1096 regions.

On the Upside, Resistance is 1133 to 1136 offer good resistance. Traders should Sell at 1136 and hold for lower prices. Above 1138.20 offers good resistance. 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 8790 , under that support is at 8777 and 8769 to 8762. Below that buyers should appear at 8689 and 8665 Resistance should first appear at 8830

Beyond 8856 to 8871 should cap a rally today. Above that good resistance is now at 8904 to 8910.2 and 8934 to 8964.

Happy Trading

A Ship in Harbor is safe, but that's not what Ships are built for.

Bill

Tuesday June 23, 1998

8:17 PM

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