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Morning Comments July 9th 1998

Thur July 9, 1998

03:42 AM

On the Frenzied Forex Front

Sept. J-Yen

Support is 7170 and 7150 to 7143. Day traders can buy at 7150 for a bounce only, Below that Support is 7088.

Resistance is at 7208. Beyond that resistance is 7242 to 7256. Day traders can sell at 7242, risk 30 pts. Beyond that resistance is at 7308.

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

Support is at the 6509/ 6483 region which should contain a break.

Resistance is at 6573 and 6577. Above that resistance is 6590 and 6607 A close over 6590 is friendly for a test of the 6657 region.

Sept. British Pound: Recommended Position long at 1.6420

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 5470. Below that support is at 5430 to 5418. Day traders can buy at 5430 for a bounce, risk 20 pts.

Resistance is at 5517 and 5526 then 5548 and 5559 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 6785 and 6745 which should hold today. Resistance is at 6809 and 6836. Trade Accordingly.

Precious Metals

August Gold Recommended Position Long at 298.10 and 293.10

Nearby Support is at 292.40 and 291.80 to 291.0 below that 287 should hold

Resistance is at 297 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 7225 and 7330. Above that resistance is at 7550 and 7615.

A close over 7230 is friendly.

Oct. Platinum Recommended Position Short at 377

Support is near 377.9 and 371 to 368

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 528 and 521.5 Traders can buy at 521 and hold. On the Upside. Resistance is at 548, a close over 548 augurs for a test of 556.5 and 584.5

Trade Accordingly.

The Exciting Energies

August Crude

Support is at 1374 to 1372 below that 1349 offers good support.

Day traders can buy at 1377 for a bounce, risk 40 pts

Resistance is at 1399 and 1422 to 1424 day traders can sell at 1421

for a quick turn lower, risk 20 pts.

August Unleaded Gas

Support is at 4668. Below that support is near 4575 and 4450. Day traders can buy at 4570 for a bounce, risk 100 pts.

Resistance is at 4775 and 4855 then 4915

August Heating Oil Recommended Position long at 3910

Resistance at 3803 and 3959

On the Downside Support is at 3760 and 3680 then 3590
A close over 3805 is friendly.

 

The Grande Grains

August Soybeans Recommended Position long at 646 3/4

Support is at 647 and 636 3/4. Day traders should buy support at 636, risk 6 cents

Below that support should appear near the 622 to 619 region.

Resistance is at 650 1/2, Beyond that resistance is at 664

Day Traders can sell at 664 1/2 for a quick turn lower, risk only 6 cents.

Trade accordingly.

August Soybean Meal

Support is 162.7 and 159.6 Day traders can buy at 162.8, risk 5.00

Resistance is at 167.6 Beyond that resistance is at 168.60 and 172 then 175.0

August Soybean Oil

Support is 2575 and 2568 and 2552 then 2518

Resistance is at 2618 to 2620. A close over 2620 augurs for a test of another test of 2663 and 2687.

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

Support is at 251 3/4 and 249 1/2. Day Traders can buy at 249 3/4 for a bounce., risk 6 cents Below that 244 1/2 should hold.

Resistance is at 254 1/2 and 259 1/2 to 261 3/4

Sept. Wheat Recommended Position Long at 290 3/4

Resistance is at 2841/2 and 287

On the Downside Support is at 281 1/ 2 and 277

Trade Accordingly

The Satisfying Softs

Dec. Cotton

Support is at 7670 then 7590 and 7565 Beneath that Traders can buy at 7513 and hold for Higher prices.

Resistance is at 7725 and 7770, above that resistance is at 7820 and 7865.

Oct. Sugar

Support is 824, traders can buy at 823, risk a close under 814 for three days in a row.

Below that 795 to 785 should hold.

Resistance near at 847 and 852 then 864. Day traders can sell at 864 for a turn lower , risk a trade over 885

September the Monster Coffee: Recommended Position Long at 121.95

On the DownSide, support is at 112.10 and 110.55 , below that 109.60 should hold.

Under that good support is at 106.80

On the Upside, Resistance is at 113.00 to 113.60 , above that resistance is at 114.60 and 115.60 a trade over 115.70 augurs for a test of the 116.40 to 116.90 region.

 

Sept.Cocoa

Support is at 1580 to 1576 and 1569. Day traders can buy at 1580 and risk 30 pts.

Resistance is at 1609 and 1615 then 1623 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.

The Lively Livestock

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

Support is at 6397 to 6382 where it should hold today.

Day traders can buy at 6397, risk 30 pts. Below that 6322 to 6317 should hold.

Resistance is at 6472 and 6512. Above that resistance is at 6532 and 6547.

Day traders can sell at 6542 for a turn lower Risk. 50 pts.

Long term Friendly

August Hogs

Support is at 5447 and 5437, day traders should buy at 5437 for a good bounce,

Below that 5387 and 5347 should hold.

Resistance is at 5542 and 5582.

October Hogs

Recommended Long Oct. at 5370 from the spread Hold.

Resistance is now at 5092 and 5127, day traders can sell at 5127 for a turn lower, risk 50 pts.

Support is at 5027 and 4982. Beneath that support should appear at 4927 to 4892.

Day traders can buy at 4927 for a bounce, risk 70 pts.

August Bellies 58.70 57.20 55.70 57.49

Support is at 5747 and 5722 , below that 5652 then 5567. Day traders can buy at 5655 for a bounce only.

Resistance is at 5872 and 5942 above that 6022.

Maintaining a posture over 5752 is friendly for a test of 6022.

-Stay tuned for updates during the trading Sessions-

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 123-09 and 123-00. which should hold today, Day traders can buy at 123-00 for a bounce . Risk 10 ticks

On the Upside: Resistance is at 123-23 and 124-00 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 1174.70 and 170.60 to 1169. Under that

1167.40 and 1166 to 1164 should hold. A close under 1169 or 1167.30 is negative. A close under 1164 augurs for an eventual pullback towards 1150 and 1136.

On the Upside, Resistance is at resistance is at 1176. and 1180.50 then 1192 to 1203

The Dow Jones Industrial Average

Support is at 9165.20 and 9156 to 9140 , below that 9116.79 should contain a break today, a slip under augur for a test of 9100 and 9060. Below that 9044 should hold.

Resistance is at 9224 and 9236 to 9247 beyond that resistance is 9316 to 9347.

This Newsletter is dedicated to Risk , without risk there is no reward.

Happy Trading

Bill

Thursday July 9 1998

5:02 AM

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