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"If a man is both wise and lucky , he will not make the same mistake twice. But he will
make any one of the ten thousand brothers or cousins of the original. The mistake family
is so large that there is always one of them around."--Jesse Livermore-- 

 

Morning Comments July 8th 1998

 

Tuesday July 7, 1998

7:25 PM

On the Frenzied Forex Front

Sept. J-Yen

Support is 7256 and 7242. Day traders can buy at 7242 for a bounce only, Below that Support is 7202.

Resistance is at 7302. Beyond that resistance is 7328 to 7342. A close over 7342 indicates a test of 7369 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 6591 to 6577, below that support is at 6554. A dip to the 6509/ 6483 region should contain a break. Day traders can buy at 6554 and risk 20 pts.

Resistance is at 6604 and 6654. Above that resistance is 6680 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 6680 for a turn lower, risk 30 pts.

Sept. British Pound: Recommended Position long at 1.6420

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

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 5545 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 6782 and 6750 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 296.50 and 299.20

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

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

Oct. Platinum Recommended Position Short at 377

Support is near 376.3 and 367 to 363

Resistance is at 383 and 386.7

Long Term Friendly Near Term Negative, a close under 379.9 augurs for a pull back

towards 365 and 356

Sept. Silver

On the Downside: Support is at 535 and 521.5 Day Traders can buy at 535.5 risk 5 cents below that Traders can buy at 521 and hold. On the Upside. Resistance is at 544.5 and 548, a close over 545 augurs for a test of 556.5 and 584.5

Trade Accordingly.

The Exciting Energies

August Crude

Support is at 1347 and 1326 to 1322 A slip under 1322 augurs for test of 1310.

Traders should buy at 1310 for a bounce, risk 20 pts.

Resistance is at 1372 and 1376. Above that resistance is at 1397. Day Traders can sell at 1397 for a quick turn lower , risk 20 pts.

August Unleaded Gas

Support is at 4682. Below that support is near 4570 and 4450. Day traders can buy at 4570 for a bounce , risk 100 pts.

Resistance is at 4769 and 4855 then 4915

August Heating Oil Recommended Position long at 3910

Resistance at 3803 and 3945

On the Downside Support is at 3745 and 3680 then 3620
A close over 3805 is friendly.

 

The Grande Grains

August Soybeans Recommended Position long at 646 3/4

Support is at 635 and 621 3/4. Day traders should buy support at 636, risk 6 cents

Below that support should appear near the 615 region.

Resistance is at 648 1/2 and 649 1/2, Beyond that resistance is at 663

Day Traders can sell at 663 for a quick turn lower, risk only 6 cents.

Trade accordingly.

August Soybean Meal Recommended Position Long at 166.10

Support is 162.7 and 159.5 Day traders can buy at 162.8, risk 5.00

Resistance is at 167.5 Beyond that resistance is at 168.60 and 171.0

August Soybean Oil Recommended Position Long at 2594

Support is 2568 and the 2552 then 2515

Resistance is at 2612 and 2615 to 2620. A close over 2620 augurs for a test of 2663 and 2694.

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

Support is at 249 and 244, Day Traders can buy at 249 for a bounce.

Resistance is at 252 1/2 and 254 then 259

Sept. Wheat Recommended Position Long at 290 3/4

Resistance is at 287 then 292 and 297

On the Downside Support is at 282 and 279

Trade Accordingly

The Satisfying Softs

Dec. Cotton

Support is at 7717 and 7665 then 7580 and 7560,

Beneath that Traders can buy at 7513 and hold for Higher prices.

Resistance is at 7790 and 7817 then 7880.

Oct. Sugar

Support is 820, traders can buy at 823, risk a close under 814 for three days in a row.

Resistance near at 847 and 852 then 860.

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 110.85 and 111.95. An extended trade over 111.95 augurs for a test 113.00 to 113.60/ 114.05 with an outside chance of testing 114.45

Be patient

Sept.Cocoa

Support is at 1619 to 1615 and 1609. Day traders can buy at 1615 and risk

30 pts.

Resistance is at 1626 and 1642, beyond that resistance is at 1655 and 1661 to 1676. Traders can go short for a turn lower at 1662, risk a close over 1689 for two days in a row. Day traders can sell at 1676, for a quick turn lower. risk 20 pts

The Lively Livestock

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

Support is at 6392 where it should hold today. Day traders can buy at 6397, risk 30 pts. Below that 6322 to 6317 should hold.

Resistance is at 6467 and 6482 to 6512. Above that Day traders can sell at 6542 for a turn lower Risk. 50 pts.

Long term Friendly

August Hogs

Support is at 5467 and 5437, day traders should buy at 5437 for a good bounce, risk 100 pts. Below that 5397 should hold.

Resistance is at 5537 and 5597. Above that Day traders can sell at 5637 for a turn lower, risk 50 pts.

October Hogs

Recommended Long Oct. at 5370 from the spread Hold.

Resistance is now at 5017 and 5112 to 5122, day traders can sell at 5122 for a turn lower, risk 50 pts.

Support is at 4982 and 4922, day traders can buy at 4927 for a bounce, risk 50 pts.

July Bellies

On the DownSide Support is 6122 and 6082. Below that support is at 5972. Day traders can buy at 6082 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 then 5567. Day traders can buy at 5717 for a bounce only. Below that day traders with Ice Water running though their veins can buy at 5572 for a bounce.

Resistance is at 5867 and 5942 above that 6022.

Recommended Spread Long 2 July Short 2 August at 225 July over Aug.

Hold.

Stay tuned for updates during the trading Sessions...--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Sept. Bonds Recommended position short at 123-25 (2)

On The Downside, Nearby Support is 123-15 and 123-11. Below that 122-31 should hold today, day traders can buy at 122-31 for a bounce . Risk 10 ticks

On the Upside: Resistance is at 123-31 and 124-03 Beyond that Resistance is at

124-13.

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 1161,50.

Day traders can buy at 1161.50 , risk 500 pts below that 1158.60 should hold.

On the Upside, Resistance is at 1170.90 and 1172.90 and 1174.60 Above that

resistance is at 1176. and 1180.50

A close under 1161.50 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

Tuesday July 7 1998

8:40 PM

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