FuturesCom Investment Publications
Morning Comments 8-25-1998
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"Among the hazards of speculation the happening of the unexpected -I might even say the unexpectable - ranks high. There are certain chances that the most prudent man is justified in taking - chances that he must take if he wishes to be more than a mercantile mollusk."
-Reminiscences of a Stock Operator-


 

Monday August 24th 1998

6:46 PM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support is 6975 to 6956 then 6932 and 6919 to 6906. Day traders can buy at 6956 for a bounce, risk 15 pts.

Resistance is at 6990 to 7003. A close over 7003 augurs for a likely push towards 7077 to 7088. Beyond that resistance is at 7143 to 7170.

Sept. D-Mark Recommended Position long at 5610 and 5535

Resistance is at 5577 then 5590 and 5603. A close over 5610 augurs for a pop to 5629 then 5640 to 5657 where good resistance remains. Traders should go long if a close over 5610 occurs.

Support is at 5557 and 5553. Below that support is at 5533 Day traders can buy at 5533 for a bounce. A close under 5529 is negative for a slip towards the 5507 to 5490 region. Where hearty traders can go long at 5505 and hold for higher prices.

Buy Dips

Sept. Swiss Recommended Position long 2 avg. 6724

Nearby resistance is at 6707 to 6711. An extended trade over 6707 is friendly for a touch of 6741/6743 beyond that resistance is at 6755/6758. A close over 6758 is friendly for another test of 6809 and 6823.
Support is at 6659 and 6636. Below that good support is near 6611 and 6591 to 6577. Day Traders should buy at 6591 for a bounce, risk 25 pts.

Trade Accordingly

Sept. British Pound:
Support
 is at 1.6338 and 1.6260

Resistance is at 1.6390 and 1.6420. Traders can sell at 1.6420 for a turn lower, risk a close over the resistance at 1.6550 for three days in a row.

Trade accordingly

Sept. Canadian Dollar Recommended Position Long at 6533

Support is near 6458 and 6440 then 6417. Which should contain the break for now.

Resistance is at 6477 and 6490. A close over 6477 augurs for a test of 6536 and 6547 then 6577 to 6591.

*Traders should go long or add if a close over 6509 occurs.

Precious Metals

Dec. Gold Recommended Position Long 3 at avg. 289.8

Support is at 287.70 and 286.20. Beneath that support is at 280.3

Resistance is at 291.50 and 293. A close over 293.00 augurs for a test of 300.30 where good sellers should appear.

Traders should go long/ add if a close over 293.00 occurs. Be long, our eventual target is still 314.80

Dec. Copper: Recommended Position long at 7470

Nearby Support is at 7455 to 7410 and 7345. Below that traders should go long at 7255, risk a close under 7190 for three days in a row.

Resistance is at 7485 to 7505. Beyond that good resistance is at 7655 and 7680 then 7760. A close over 7770 indicates a trade higher towards resistance at 7845 to 7890.

Oct. Platinum Recommended position long at 372.5 and 379.5

Nearby Support is at 371.5 and 367. Below that 364 should hold.

Resistance is at 377. A close over 377 is friendly for a rally towards 386.8.

Beyond that resistance is near 389.5 and 391.

Bullish long term.

Dec. Silver Recommended Position long at 4 at 521

On the DownSide: Nearby Support is at 513.5 Below that good buyers should appear at 505. Well, Heeled traders can buy at 502.5 for a good 2 to 3 day bounce. Risk close under 491 for three days in a row.

On the Upside. Resistance is at 527. A close over 527 augurs for a test of 542.5 and beyond to 554.

* Well Heeled Traders and Traders who are not long go long or add if a close over 527 occurs.

Buy This Dip..

 

The Exciting Energies

Oct. Crude recommended position long at 1364 and 1348

Nearby Support is at 1362 and 1345 then 1335. Below that Traders can buy at 1297, risk a close under 1289 for three days in row.

Resistance is at 1369, and 1377 to 1383. A close over 1383 augurs for a test of
resistance is at 1415 to 1421. A close over 1421 indicates a test of the 1453 to 1459 region

Oct. Unleaded Gas recommended position long 2 at 4070

Nearby Support is at 4075 then 4055 and 4040. A close under 4040 augurs for a test of 3992 to 3982 and 3968 to 3910 where it should hold.

Resistance is at 4120 and 4148 Beyond that Resistance is at 4240. A close over 4255 augurs for a test of the resistance at 4315 to 4350
Trade Accordingly.

Oct. Heating Oil Recommended Position long at 3544

Early Resistance is at 3645. A close over 3645 augurs for a rally to 3715 with a likely test of 3805 to 3815.

Support is at 3545. Below that 3460 to 3425 should contain a break.

Traders can buy at 3445. Risk a close under 3370 for three days in a row.

The Grande Grains

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

Support is at 526 3/4 and 516.5. Early Resistance is at 529 1/2. A close over 530 is friendly for a rally to the resistance at 540 and 544 3/4 region.

Higher Prices are due shortly.

Dec. Soybean Meal Recommended long 3 at 141.60 avg.

Traders should risk a close under 135.90 on 1/3 of the position today only.

Support is near 136.5 to 136 and 132.5

Resistance is at 138.2 then 139.3 and 144

Trade Accordingly.

Dec. Soybean Oil recommended position long 2376

Support is at 2411 and 2392. A close under 2392 augurs for a test of 2370 to 2366. Traders should Buy at 2366 and Hold for higher prices. Risk a close under 2354 for three days in a row.

Resistance is at 2419 . A close over 2419 is friendly for a test of 2469.

Beyond that Resistance is at 2511 and 2519.

*Traders should go long /add if a close over 2419 occurs.

Dec. Corn Long at 219 1/2

Support is at 214 1/2 and 212. Below that a test of 207 to 205 is likely.

Resistance is at 216 to 217 1/2 and 221. A close over 217 augurs for a short covering rally to 221.

Dec. Wheat long at 272 3/4

Resistance is at 271 3/4 to 273 1/4. a close over 273 augurs for a rally to 275 / 279.

On the DownSide Support is at 2671/2 and 263 1/4 Below that support should appear at 260 1/4.

Trade Accordingly.

The Satisfying Softs

Dec. Cotton Recommended Position Long 2 at avg. 7190 ,1 at 7385, 1 at 7593

Support is at 7565 then 7547 and 7723, day traders can buy for a bounce at 7523, risk 50 pts. beneath that 7497 to 7465 offers good support.

Resistance is at 7645 to 7665 then 7760 to 7770. Traders should exit 1/2 of the recommended longs at 7760 if able today.

Oct. Sugar recommended position long at 804

Support is at 791 to 789 Below that support is at 775 and 767 to 763 which should hold.

Early Resistance is at 795. A close over 795 is friendly for a test of 815 to 823 then 847 to 852.

*Traders should go long if a close over 823 occurs.

Dec. Coffee:

On the downside, Early support is at 112.40 and 110.10 and 109.60. Beneath that support is at 108.60. Traders can buy at 110.10 for a good turn higher, risk a close under 105.80 for three days in a row.

On the Upside, Resistance is at 113.00 to 113.60. A close over 113.60 augurs for test of 116.40 to 116.90. Beyond that resistance is at 119.20 to 120.30.

Trade Accordingly.

Dec. Cocoa Recommended Position Long at 1560 and 1569

Support is at 1535 to 1529 , below that 1522 should hold today.

Resistance is at 1553 then 1569 to 1572.

A close over 1553 is friendly.

The Lively Livestock

October Cattle Recommended Position long at 3 @ 6210 and 1 at 5855

Support is at 5880 and 5855 to 5827. Day Traders can buy at 5827 for a good bounce risk 40 pts. Under that 5742 should bring out a few buyers.

Early Resistance is at 5890 to 5897 and 5972. A close over 5972 augurs for an eventual test of 6210.

*A close Tues. over 5897 is friendly , traders should add / go long if a close over 5890

October Hogs Recommended Position Long 3 at 4302 avg. and 1 at 4327

Resistance is now at 4167 and 4212 then 4267..

Support is at 4092 to 4067 to 4022. Hearty traders can buy at 4057 and hold for higher prices. Trade accordingly.

Dec. Hogs

Support is at 4157 and 4130. Below that 4062 to 4052 should Hold.
Traders can Go long at 4057 and hold.

Resistance is at 4192 and 4252..

Feb. Bellies recommended position long at 5500 and 5550

Early Support is at 5492. Below that support is at 5432 and 5357.

Resistance is at 5552 to 5577 then 5637 to 5652. A close over 5652 is friendly for a test of 5792 to 5805. Friendly

--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Sept. Bonds

On The DownSide, Nearby Support is 124-22 and 124-04. Day traders can buy at

124-04 for a good bounce, risk 15 pts. A close under 124-04 is negative and augurs for a slip to 123--03.

On the Upside: Resistance is at 125-04 and 125-25. traders can sell short at 125-25 risk a close over 126-08 for two days in a row. Above that resistance is at 126-13 which should cap a rally.

Sept. SP500

On the DownSide, Support is at 1088.80 then 1085.90 and 1082.00.
Below that Support is at 1075.40 , under that 1068 to 1067.10 / 1066.20 and 1064.20 to 1063 should hold.

On the Upside, Resistance is at 1096 and 1098.5 to 1099.20. Beyond that 1101 is likely to trade. Above that good sellers should show up at 1107.40. Beyond that resistance is at 1113.00 and 1115.50 then 1119.30 and 1128.80 to 1130 . Which should cap a rally, Traders should sell at 1130 and Hold. Stay tuned for Flashes

The Dow Jones Industrial Average

Early Support is 8563.35 then 8529.5. Below that, the 8499 to 8484 region should hold basis the close. If it does not an eventual break down towards 8335 is likely. Under that support is at 8223 and 8194 which should stop a decline for now.

Resistance should first appear at 8567 and 8589, beyond that resistance is at 8328 to 8635 and 8668 to 8683. A close over 8683 augurs for a rally to 8746 and 8762 to 8777 and the 8856 to 8871 region which should cap a rally for now.

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

Happy Trading

Bill

Monday Aug. 24 1998

07:49 PM

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