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Morning Comments for Tuesday July 7th 1998

Monday July 6, 1998
8:28 PM 

On the Frenzied Forex Front

Sept. J-Yen

Support is 7195 and 7183 to 7174. Day traders can buy at 7195 for a bounce only, risk 40 pts.

Resistance is at 7242 to 7256 and 7295. Beyond that resistance is 7328 to 7342. A close over 7342 indicates a test of 7381 and 7412 above that resistance is 7513 and 7665. Traders can go short at 7675, risk a close over 7690 for three days in a row.

Sept. Swiss Recommended Position Long at 6695, 6755 and 6628

Support is at 6600 and 6591 to 6577, below that support is at 6550. A dip to the 6509/ 6483 region should contain a break. Day traders can buy at 6591 and risk 20 pts.

Resistance is at 6619 and 6650. Above that resistance is 6673 A close over 6665 is friendly for a test of the 6687 to 6700 region. Beyond that resistance is near 6741 and 6809. Day Traders can go short at 6687 for a turn lower, risk 30 pts.

Sept. British Pound: Recommended Position long at 16.420

Support is at 1.6290. Below that support is at 1.6150 to 1.6090. Buy at 1.6090 for a bounce, risk 100 pts.

Resistance is at 1.6360 to 1.6420 and 1.6550. A close over 1.6430 augurs for a test of 1.6550.

 

Sept. D-Mark Recommended Position long at 5593

Early support is at 5504 /5495. Below that Traders can buy at 5490 for a turn higher. Risk a close under 5470. Below that support is at 5430 to 5418. Day traders can buy at 5430 for a bounce, risk 20 pts.

Resistance is at 5542 and 5553 to 5577. Beyond that sellers should raise their heads near the 5595 and 5625..

Sept. Canadian Dollar Recommended Position long at 6836,6856 and 6847

Support is at 6781 and 6755 which should hold today.

Resistance is at 6809 and 6836.

Trade Accordingly.

Precious Metals

August Gold Recommended Position Long at 298.10

Nearby Support is at 294.5 and 293.90. Traders should buy at 293.10 and hold.

Resistance is at 295.80 and 297.60

Sept. Copper: Recommended position Long at 7480

Support is at 7075 A close under indicates a test of 7015 to 6990. Traders can buy at 7015 for a turn higher, risk a close under 6990 or two days in a row.

Resistance is at 7225 and 7330 and 7460. Above that resistance is at 7550 and 7615.

Beyond that 7770 and 7820 offer good resistance. Trade Accordingly,

Oct. Platinum

Support is near 370.60 and 365 to 363. Day traders can buy at 370.5 for a bounce.

Resistance is at 377. Traders should Go Short at 377, risk a Close over 383 for two days in a row.

Long Term Friendly

Sept. Silver

On the Downside: Support is at 531.5 and 521.5 Day Traders can buy at 531.5 risk 5 cents below that Traders can buy at 521 and hold. On the Upside. Resistance is at 542.5 and 543, a close over 543 augurs for a test of 556.5 and 581.5

Trade Accordingly.

The Exciting Energies

August Crude

Support is at 1379 to 1370 A slip under augurs for test of 1310. Traders should buy at 1310 for a bounce, risk 20 pts.

Resistance is at 1395 and 1420 to 1429, a close over 1429 augurs for a test of the 1484 to 1496

August Unleaded Gas

Support is at 4762 and 4697. Below that support is near 4535 and 4450.

Resistance is at 4855 and 4915 to 4962.

August Heating Oil Recommended Position long at 3910

Resistance at 3890 and 3932..

On the Downside Support is at 3905, more should appear at 3858 and 3735.

The Grande Grains

August Soybeans Recommended Position long at 646 3/4

Support is at 622 and 620 3/4. Day traders should buy support at 620 3/4, risk 6 cents

Below that support should appear near the 606 region.

Resistance is at 634 3/4, Beyond that resistance is at 641 and 648

A close over 649 augurs for a test of 668.

Trade accordingly.

August Soybean Meal Recommended Position Long at 166.10

Support is 159.5 and 157.3 Day traders can buy at 159.5, risk 5.00

Resistance is at 163.0 and 167.4 Beyond that resistance is at 168.60 and 171.0

August Soybean Oil Recommended Position Long at 2594

Support is 2552 and the 2511 to the 2501 region. Below that Traders should Buy at 2469 and Hold. Resistance begins at 2568. Beyond that resistance is 2611

A close over 2568 augurs for a test of 2612

Dec. Corn Recommended Position long at 258 1/2 and 257 1/2

Support is at 243, Day Traders can buy at 243 for a bounce. Below that support is at 238 3/4 Resistance is at 248 3/4 and 253 1/2.

Sept. Wheat Recommended Position Long at 290 3/4

Resistance is at 285 and 286 3/4. A close over indicates a teat of 292 is likely to occur.

On the Downside Support is at 280 3/4 then 275 to 273.

Trade Accordingly

The Satisfying Softs

Dec. Cotton

Support is at 7580 and 7560, beneath that Traders can buy at 7513 and hold for

Higher prices. Resistance is at 7660 and 7690 to 7710.

Buy this dip

Oct. Sugar

Support is 852 and 847. Below that support is at 817, traders can buy at 823, risk a close under 814 for three days in a row.

Resistance near at 857 and 877 to 880. Beyond that 901 offers good resistance

September the Monster Coffee: Recommended Position Long at 121.95

On the DownSide, Early support is at 110.10 to 109.60 and 109.30. A close Below that augurs for a test of support at 108.05 and 107.00 to 106.40. Below that 105.80 should hold.

On the Upside, Resistance is at 111.15 to 111.80 a rally over 112.00 augurs for a test 113.00 to 113.60/ 114.05 with an outside chance of testing 114.30

Be patient

Sept.Cocoa

Support is at 1626 to 1623 and 1615 to 1609. Day traders can buy at 1615 and risk

30 pts.

Resistance is at 1642 and 1655, beyond that resistance is at 1673. Day traders can sell at 1673, for a quick turn lower. risk 20 pts

The Lively Livestock

August Cattle Recommended Position Long at 6665,6532 and 6437.

Support is at 6397 where it should hold today. Day traders can buy at 6397, risk 30 pts. Below that 6337 and 6315 should hold.

Resistance is at 6465 and 6482 to 6512. Day traders can sell at 6542 for a turn lower Risk. 50 pts.

Long term Friendly

August Hogs

Support is at 5432 and 5412, day traders should buy at 5437 for a good bounce, risk 100 pts. Resistance is at 5530 and 5612. Day traders can sell at 5612 for a turn lower, risk 50 pts.

October Hogs

Recommended Long Oct. at 5370 from the spread Hold.

The close over 4987 was friendly. Resistance is now at 5012 and 5112 to 5122, day traders can sell at 5122 for a turn lower, risk 50 pts.

Support is at 4977 and 4927, day traders can buy at 4927 for a bounce, risk 50 pts.

Ditto.

July Bellies

On the DownSide Support is 6117, and 6087. Below that support is at 5967. Day traders can buy at 5967 for a good bounce.

On the Upside Resistance is at 6267 A close over 6267 augurs for a test of 6412 and 6502.

August Bellies

Support is at 5717 and 5652. Day traders can buy at 5652 for a bounce only.

Resistance is at 5967 and 6022.

Recommended Spread Long 2 July Short 2 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 123-25

On The Downside, Nearby Support is 124-01 and 123-30 a close under augurs for a test of 123-14 and 122-30.

On the Upside: Resistance is at 124-10 and 124-13 Beyond that Resistance is at

124-30.

Traders can add or go short if a close under 124-01 occurs.

Sept. SP500 Recommended Position Short at 1123.80,1125.80.1136 and 1143 at 1164. risk a close over 1169 for three days in a row.

On the DownSide, Support is at 1166 and 1164 under that support is at 1160,30.

Day traders can buy at 1160.30 , risk 300 pts

On the Upside, Resistance is at 1171. and 1172.90 and 1174.50 Above that

resistance is at 1176. and 1180.50

A close under 1160.30 is negative

The Dow Jones Industrial Average

Support is at 9045.90 and 9004 below that 8964 to 8934 should hold if it's any good. if not a slip towards 8871 to 8856 is likely. Under that support is at 8805.5. A Slip under 8798 is negative and augurs for a pullback towards the 8777 to 8762/ 8859 region.

Resistance is at 9100 and 9140 to 9156 which should contain a rising mkt. If not a touch of 9236 to 9247 is likely.

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

Happy Trading

Bill

Monday July 6 1998

10:25 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.