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Morning Comments

Monday August 17th 1998

Sunday August 16th 1998

2:30 PM

On the Frenzied Forex Front

Sept. J-Yen Recommended Position Long 7 avg. 7079

Support is at 6836 to 6809, Day traders can buy at 6834 for a bounce, risk 40 pts. A close under 6809 augurs for a slip towards 6767 and 6755 to 6741.

Resistance is at 6881 and 6912 then 6934.

Sept. D-Mark Recommended Position long at 5610

Nearby Resistance is at 5564/5565 and 5590.
Support is at 551 and 5540 Below that support is at 5535 Day traders can buy at 5535 for a bounce. However a close under 5535 is negative for a slip towards the 5504 to 5490 region. Where hearty traders can go long and hold for higher prices towards the end August.

A close over 5577 is friendly for a rally to 5640.

Sept. Swiss Recommended Position long 2 avg. 6724

Nearby resistance is 6677/6679 and 6691.

Support is at 6641 Below that good support is near 6591. Day Traders should buy at 6591 for a bounce, risk 25 pts.

Sept. British Pound: Recommended Position Long at 1.6150
Support
 is at 16150 and 1.6090. Below that support is at 1.6050 and 1.5990.

Resistance is at 1.6182 and 1.6206, beyond that resistance should appear at 1.6270.

Sept. Canadian Dollar

Support is at 6583 and 6563. Below that support is at 6533. Traders can buy at 6533, risk a close under 6483 for three days in a row.

Resistance is at 6606 and 6633 then 6659 to 6673. Traders should sell at 6659, risk a close over 6673 for two days in a row.

Trade accordingly.

Precious Metals

Dec. Gold Recommended Position Long 3 avg. 289.80

Support is at 286.80 and 285.1 Beneath that support is at 283.6 and 280.10

Day traders can buy at 283.6 for a bounce, risk a trade under 279.50

Resistance is at 288 and 290.70 then 293.6 close over 293.60 augurs for a test of 300.30 where good sellers should appear.

Traders should go long/ add if a close over 293.70 occurs.

Sept. Copper: Recommended Position long at 7370 and 7345
Risk a close under 7240 for three days in a row.
S
upport
is at 7255 and 7240. Under that support is at 7200 and 7105 to 7065

Resistance is at 7305, a close over 7305 augurs for a test of resistance at 7460 to 7505

Beyond that good resistance is at 7705.

Oct. Platinum Recommended position long at 372.5 and 379.5

Support is at 366 and 363.5 then 362.8 to 360.5

Resistance is at 372.9 Beyond that resistance is near 380.

Buy this Dip

Sept. Silver Recommended Position long 3 at 562.9 avg., 1 at 507

On the DownSide: Nearby Support is at 510.5 and 500.5 and 494.5

On the Upside. Resistance is at 519.5 and 529.

A close over 531 augurs for a test 539 to 542.5 and beyond to 548 and 559.

Well, Heeled Traders and Traders who are not long go long or add if a close over 531 occurs.

The Exciting Energies

Oct. Crude recommended position long 2 at 1364

Support is at 1343 and 1334, Below that supports is at 1305.

Resistance is at 1385 Beyond that resistance is at 1414 and 1423.

September Unleaded Gas recommended position long at 4249 and 4238

Nearby Support is at 4191 and 4180 then and 4120. Where it should hold.

Resistance is at 4275 and 4310 then 4375.

September Heating Oil Recommended Position long at 3748

Resistance is at 3565 and 3605, beyond that resistance is at 3675 and 3760

Support is at 3405 and 3355.

Buy dips, longer term traders should consider a plan to purchase the Heat now for winter needs.

The Grande Grains

November Soybeans Recommended Position Long 3 avg. 565.5
and 1 at 540

Support is at 530 1/4 then 525 1/4 under that 516 should contain a break
Day traders can buy at 516 /2 for a bounce risk 4 cents

Resistance is at 537, and 541 to 544 day traders can sell an early rally at 544, risk 4 cents. Beyond that resistance is at 553.

Dec. Soybean Meal Recommended long at 143.0, 143.4 and 138.30

Risk a close under 137.70 for three days in a row on all positions

Support is 138.20 Below that Support is near 135.40 and 132.0

Resistance is at 140 to 141.0. A close over 141.0 augurs for a test of 148.0

Trade Accordingly.

Dec. Soybean Oil recommended position long 3 avg. 2421

Support is at 2411 and 2393 then 2370 to 2349 Day traders can buy at 2349 for a bounce, risk 40 pts. Resistance is at 2419 and 2435 to 2449 and 2469.

Dec. Corn Recommended Position long at 219 1/2

Support is at 213 1/2 and 211 1/4

Resistance is at 218 1/2 to 219 1/4 and 221

Dec. Wheat Recommended Position Long at 272 3/4

Resistance is at 276 and 277 1/4. Beyond that resistance is at 283.

On the DownSide Support is at 272 1/2 and 271 1/4 then 265

The Satisfying Softs

Dec. Cotton Recommended Position Long 4 at avg. 7285 and 1 from Fridays close at 7385.

Support is at 7355 and 7305, beneath that 7255 offers good support.

Resistance is 7405 and 7455 then 7505

Oct. Sugar
Support
 is at 835 and 832. Day traders can buy at 835, risk 15 pts.

Resistance is at 860 and 875. Beyond that good resistance is near the 882 region

Dec. Coffee:

On the downside, Early support is at 109.60 and 109.10,, day traders can buy at 109.15 for a quick bounce, risk 200 pts. Below that support is at 106.80 to 105.80

Which should contain the break basis the close.

On the Upside, Resistance is at 110.10 and 110.30. Beyond that resistance is at 111.65 and 113.00 to 113.60

Traders should Roll any Sept. Longs over to Dec.

Dec. Cocoa Recommended Position Long 3 at 1560

Support is at 1551 and 1540 then 1501 / 1496 to 1484 which should contain any break.

Resistance is at 1561 and 1569 to 1576. A close over 1576 is friendly for a test of 1601

Trade accordingly.

The Lively Livestock

October Cattle Recommended Position long at 3 @ 6210.

Support is at 6027 and 6017, day traders can buy at 6017, risk 30pts. Below that

support is at 5952.

Resistance should be firm at 6102. However a close over 6102 augurs for a test of 6167 to 6177 Long term Friendly

October Hogs Recommended Position Long 3 at 4302 avg.

Resistance remains at 4507 to 4527 , day traders can sell an early rally at 4502 , risk 40 pts. Beyond that a trade to 4627 is likely.

Support is at 4432 to 4427. Day traders can buy at 4427 for a bounce, risk 30 pts.

Below that Support is at 4327 and 4307.

* Traders should add or go long at 4327 for a good turn higher.

The Sensational Stock and Bond Markets

Sept. Bonds

On The DownSide, Support is at 123-29 to 123-24 and 123-11 Day traders can buy at 123-29 for a bounce, risk 10 pts. A close under 123-11 is negative for a slip to 122-29

On the Upside: Resistance is at 124-24 and 124-29 Day traders can sell short at

124-29 for a quick turn lower. Risk 10 pts Beyond that 125-11 offers resistance as does

Sept. SP500 Recommended position short 2 at 1067.

Traders should note the close under 1063 Fri., augurs for a test of 1058

On the DownSide, Support is at 1058 a slip /close under 1158 augurs for a test of 1051.70 to 1149.70 where traders can cover/ buy and hold for higher prices. Below that 1048.10 to 1047.00 should hold basis the close, If not a test of 1042.40 and 1036 is likely.

On the Upside, Resistance is at 1063 and 1065. 60 to 1066.50 and 1068. Above that 1074 offers good resistance. Beyond that resistance is at 1076.40 then 1082. Beyond that 1096 should cap a rally.

The Dow Jones Industrial Average

Support is 8406 to 8391. Below that support is at 8337 and 8314 to 8300 and 8266.10

Resistance should first appear at 8433. Beyond that resistance is at 8484 to 8499. Beyond that resistance is at 8512 then 8560 to 8589

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

Happy Trading

Bill

08/16/98 4:45 PM

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