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Morning Comments
Wed July 15 1998

Wed, July 15, 1998

5:00 AM

On the Frenzied Forex Front

Sept. J-Yen

Nearby Support is 7156 and 7143 to 7135. Beneath that support is 7088 and 7074 to 7063. A close under 7074 augurs for a slip towards 7030 and the 7003 to 6990 region.

Resistance is at 7235 and 7242 to 7256. Beyond that resistance is 7328 to 7342.

Sept. Swiss Recommended Position Long at 6540 (2)

Resistance is at 6644 then 6656 to 6673. A close over 6673 is friendly for a test of the

6741 region.

Support is at 6613 and 6591 to 6577, below that support is at 6556 and 6530 which should contain a break.

Sept. British Pound:

Support is at 1.6248 and 1.6150 to 1.6090. Traders can Buy at 1.6150 for a bounce, and hold for higher prices. Below that support should appear at 1.6090 and 1.5936.

Resistance is at 1.6380 to 1.6420. A close over 1.6420 augurs for a test of 1.6550. Traders can sell at 1.6510, risk a close over 1.6550 for three days in a row.

Sept. D-Mark Recommended Position long at 5490

Nearby Resistance is at 5612. A close over 5612 is friendly for an eventually rise to 5630 to 5640. However a trade over 5653 augurs for a test of 5688. Traders should go short at 5688 for a quick turn lower. Risk a close over 5729 for two days in a row.

Support is at 5577 then 5562 to 5553, below that support is 5530 and the 5512 to 5492 region.

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

Support should appear near the 6749 to 6741 region. A close under 6749 indicates a test of 6715.

Resistance is at 6774 then 6792 to 6809. A close over 6809 is friendly and indicates a test of 6836.

Precious Metals

August Gold Recommended Position Long at 298.10 and 293.10

Support is at 292.80 and 288.60 to 288.10, day traders can buy at 288.30, risk $ 4.00. Beneath that support is at 282.9 and 278.7.

Resistance is at 297.20 A close over 297.20 augurs for a test of 301.60 where good sellers should appear.

Sept. Copper:

Support is at 7410 and 7335. Resistance is at 7670 offers good resistance, above that resistance is at 7770

Trade Accordingly,

Oct. Platinum

Nearby Support is at 377 A slip under augurs for a pullback towards 373 and 365, go long at 365, risk a close under 361 for three days in a row. Below that support is at 356 to 350.5.

Resistance is at 387. Beyond that resistance is near 392.5

Sept. Silver

On the Downside: Nearby Support is at 528 and 522. Traders can buy at 521 and hold. Below that good buyers should appear at 515 to 512 and 498.5 traders should go long at 515 for a good 2 to 3 day bounce. Risk close under 505 for two days in a row.

On the Upside. Resistance is at 539 and 543. A close over 543.5 augurs for a test of 555 and 564. Traders should try to Buy this dip

 

The Exciting Energies

September Crude

Support is at 1451 and 1446, day traders should go long at 1451 for a good bounce. Risk a trade under support at 1415.

Resistance is at 1496 and 1501. A close over 1501 indicates a test of the 1530 region is possible.

September Unleaded Gas

Support is at 4785 and 4417. Below that support is 4690 and 4582 then 4515.

Resistance is at 4845 and 4920.

A close over 4927 is bullish for a test of the 5090 /5125 region.

* Traders should go long on a close over 4927

September Heating Oil

Resistance is at 4110 and 4140. Above that resistance is at 4180 and 4235.

Support is at 3930 and 3858 then 3810. Below that 3743 should hold. Traders can buy at 3748 for a good two to three day bounce, risk a close under 3610 for two days in a row.

The Grande Grains

August Soybeans Recommended Position Long 646 3/4

Support is at 631 and 623 3/4 to 616 1/2. Traders should buy at 624, risk a close under 612 for two days in a row.

Resistance is at 644 1/2, a close over 644 1/2 is friendly for a test another test of the 651 3/4 to 655 region.

Trade accordingly.

November Soybeans recommended position long at 588

Support is at 579 1/2 and 571, below that support is at 559 and 545.

Resistance is at 588 and 599 3/4 and 609 1/2

August Soybean Meal

Support is 161.10 and 159.90. Traders should go long at 159.90, risk a close under 155.3 for three days in a row. Below that support is at 152.90 and 149.6

Resistance is at 1.6420 then 167.90 and 168.90, a close over 168.90 is bullish for another test of 171.10 to 174.50 and 181.

Trade Accordingly.

August Soybean Oil recommended position, long at 2525

Support is at 2519 to 2511. Below that support should appear at 2473 and the 2469 to 2461 region. Traders should Buy at 2469 and Hold.

Resistance is at 2530 and 2568 and 2612 to 2625.

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

Support is at 235 1/4 and 227 3/4 and 222.

Resistance is at 241 3/4 and 245 1/4. Beyond that resistance is at 250 1/4.

Sept. Wheat Recommended Position Long at 290 3/4

Resistance is at 276 3/4 and 279.

On the Downside Support is at 271 Below that support should appear at 264 1/2.

The Satisfying Softs

Dec. Cotton Recommended Position Long at 7513 and 7235

Support is at 7201 Below that support is at 7182 and 7150, under that 7080 should hold.

Resistance is 7249 and 7365. A close over 7250 augurs for an eventual test of resistance at 7720 Trade Accordingly

Oct. Sugar

Support is at 852 to 847 and 830 beneath that traders can buy at 823, risk a close under 814 for three days in a row. Below that 795 to 782 offer some support.

Resistance is at 877 to 882. Beyond that good resistance is near the 907 to 910 region.

A close over 912 augurs for a test of 932 to 941 Traders should sell at 932 for a turn lower, risk a close over 942 for three days in a row.

Sept. Coffee: Recommended Position Long at 121.95 and 106.80

On the DownSide, support is 106.80 and 105.80. Below that support is 105.10 and 104.40 then 103.60 should it hold for now.

On the Upside, Resistance is at 107.65 and 109.40 to 109.60 then 110.10. A close over 110.10 augurs for a test of 111.55 and 112.35 then 113.00 to 113.60, a close over 113.60 augurs for a test of 116.40 to 116.90

A close over 107.60 is mildly friendly

Sept. Cocoa Recommended position long at 1598 and 1586

Support is at 1576/ 1569. Below that support is at 1536 to 1529 which should hold. Traders can buy at 1537, risk a trade under 1490.

Resistance is at 1593 then 1609 to 1615 region. A close over 1593 is friendly for a test of 1615 and 1642 to 1655 where traders can go short for a turn lower at 1655, risk a close over 1692 for two days in a row.

The Lively Livestock

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

Support is at 6190 and 6167 then 6112 to 6102.

Resistance is at 6257 and 6270 beyond that resistance is 6337.

August Hogs Recommended Position long 2 at 5265

Support is at 5067 and 5052 below that support is at 5027 and 4907

Resistance is at 5132 to 5155 and 5200 to 5212.

October Hogs

Recommended Long Oct. at 5370 from the spread Hold and 4612

Resistance is now at 4627 to 4637 and 4692 to 4717, above that resistance is at 4777.

Support is at 4582 and 4512 where it should hold today.

August Bellies recommended position long at 5367

Support is at 5212 and 5200, below that support is 5132 to 5127, day traders can buy at 5127 for a bounce. Below that support is at 5092 and 4997.

Resistance is at 5282 a close over augurs for a test of 5422 and 5492 to 5502.

Stay tuned for Updates in the Pig complex --From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Sept. Bonds

On The Downside, Nearby Support is 122-04 to 122-02 Where traders can buy for a turn higher , risk a close under 121-13 for two days in a row. Below that 121-04 to

121-00 should hold.

On the Upside: Resistance is at 123-00 and 123-04 then 123-10 and 124-04 ,

Sept. SP500 

The SP500 close over 1169 for three days in a row , which stopped us out of the shorts on the close . However it is our firm belief that a good decline will begin shortly and our desire is to re-establish the short position. A close under 1180.50 is negative ..stay tuned.

On the DownSide, Support is at 1184 then 1180.50 , below that support is at 1178 and 1172.40 Below there is support at 1169. Below that some support remains at 1166 to 1164.

On the Upside, Resistance is at 1189.40 and 1191.30 Beyond that good sellers should show up at 1192 and 1197.50 Traders should sell short 2 contracts at 1189.40 for a turn lower.

* A close under 1177.90 is negative, if this occurs, traders who have 'Ice Water

Running through their Veins.' Should Go Short.

The Dow Jones Industrial Average

Support is 9236 and 9156 to 9140. A close under 9140 indicates a test of 9060 and 9044. A slip under or close under 9052 is negative for another test of 9012 then 8965 to 8934/ 8929 and 8871 to 8856, under that support is at 8805.5.

Resistance should first appear at 9316 to 9347. Beyond that resistance is at 9388 and 9429 to 9445.

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

 

Happy Trading

Bill

Wed July 15 1998

7:12 AM

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