FuturesCom Investment Publications
Morning Comments 8-28-1998
Dedicated to Excellence in Analysis of Futures Markets

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Thursday August 28th 1998

6:44 PM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support is 7088 and 7077 then 7038 

Resistance is at 7143 to 7170 and  7242.

Sept. D-Mark

Resistance is at 5577 and 5601. A close over 5577 augurs for a pop to the 5608 region, where good resistance remains. Beyond that resistance is at 5641.

Traders should go long if a close over 5610 occurs

Support is at 5551. A close under 5551 is negative for another slip towards 5520 then 5508 to 5490 region. Where hearty traders can go long at 5505 and hold for higher prices.

Sept. Swiss

Nearby resistance is at 6772 and 6809 and 6823. Support is at 6755 and 6741. Below that good support is near 6722 and 6714.

Trade Accordingly

Sept. British Pound: Recommended position short at 1.6420
Support
 is at 1.6490 to 1.6420 and 1.6332.

Resistance is at 1.6550 and 1.6620

Trade accordingly

Sept. Canadian.

Support is near 6270 to 6257

Resistance is at 6345 and 6385 to 6405.

Precious Metals

Dec. Gold Recommended Position Long 3 at avg. 289.8

Support is at 278.5 and 277.20

Resistance is at 281.70 and 283.

Dec. Copper: Recommended Position long at 7470

Nearby Support is at 7335. Below that traders should go long at 7255, risk a close under 7190 for three days in a row.

Resistance is at 7425 and 7470. Beyond that good resistance is at 7655 and 7675

Oct. Platinum Recommended position long at 372.5 and 379.5

Nearby Support is at 351 and 349.

Resistance is at 357 and 358. A close over 358 is friendly for a rally towards 376

Bullish long term

Dec. Silver Recommended Position long at 4 at 521

On the DownSide: Nearby Support is at 482 and 476.

On the Upside. Resistance is at 495 then 515, a close over 495 augurs for an eventual test of 528. * Traders should go long if a close over 495 occurs.

 

The Exciting Energies

Oct. Crude recommended position long at 1364 and 1348

Support is at 1317 and 1310 to 1308 Under that 1289 to 1274 should hold. Traders can buy at 1297, risk a close under 1289 for three days in row.

Resistance is at 1342 then 1358 and 1367 to 1377.

A close over 1383 augurs for a test of resistance at 1415 to 1421.

Oct. Unleaded Gas recommended position long 2 at 4070

Support is at 3965 and 3910 where it should hold. Below that support is 3868.

Resistance is at 4041 and 4068 Beyond that Resistance is at 4165.

Trade Accordingly.

Oct. Heating Oil Recommended Position long at 3544

Resistance is at 3530 and 3603. A close over 3530 augurs for a rally to 3685.

Support is at 3485. Below that 3470 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 540

Support is at 516.5 to 514 to 512

Resistance is at 521 1/2 and 528 1/2 then 535.

Dec. Soybean Meal Recommended long at 143.80 and 138.30

Support is at 133.4 and 132.5

Resistance is at 135.6 and 136.5 A close over 136 augurs for a test of 144.8.

Trade Accordingly.

Dec. Soybean Oil recommended position long 2437

Support is at 2379 and 2371. Below that Traders should Buy at 2366 and Hold for higher prices. Risk a close under 2354 for three days in a row.

Resistance is at 2411 then 2419 and 2451. Beyond that resistance is at 2461 to 2469.

Dec. Corn

Support is at 204 3/4 and 202

Resistance is at 206 3/4 and 211 1/2. A close over 207 augurs for a short covering rally to 218.

Dec. Wheat

Resistance is at 263 3/4 and 268 to 269. Support is at 260 and 258.

The Satisfying Softs

Dec. Cotton Recommended Position Long at avg. 7288, 7385, 7593

Nearby Support is at 7322 and 7220 Below that 7010 should hold basis the close on any real sell-off.

Resistance is at 7415 to 7425. Beyond that a test f 7537 is likely.

Buy this Dip, another test of 7600 is expected shortly.

Oct. Sugar recommended position long at 804
traders should use a 739 sell stop, close only as protection.

Support is at 747 and 739 to 734 which should hold a decline today.

Resistance is at 755 then 763 to 767 A close over 755 is friendly for a test of 788.

Dec. Coffee:

On the downside, Support is at 115.35. Beneath that Support is at 113.60 to 113.00 and 112.85 Day traders should Buy at 112.85. Below that support is at 110.10 and 109.60. 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 117.85. Above that resistance is at 119.20 to 120.30. Above that 125.50 and 126.80 to 127.40/ 128.05 offer good resistance. Traders can go short at 127.40 for a quick turn lower, risk a close over 128.90 for three days in a row.

Trade Accordingly.

Dec. Cocoa Recommended Position Long at 1569

Support is at 1582 and 1576 Below that 1569 should hold today.

Resistance is at 1594 and 1609 to 1615. Beyond that a test of 1632 is likely.

The Lively Livestock

October Cattle

Support is at 5982 and 5952. Below that 5907 should hold.

Resistance is at 6057 and 6102 then 6132. A close over 6132 augurs for a test of 6210.

October Hogs Recommended Position Long (3) 4302 avg., 4327, 4057.
Resistance
 is 4127 and 4177. A close over 4177 is friendly for a push towards 4317.

Support is at 4057 and 4027 and 4017. Below that 3982 to 3977 should hold,

Dec. Hogs Recommended position Long at 4057
we missed the flash on this one today, our apologies..

Support is at 4082 and to 4057 then 4047 and 4012.

Resistance is at 4182 and 4207, a close over 4182 augurs for a test of 4317..

Feb. Bellies recommended position long at 5500 and 5550, hold.

Early Support is at 5217 and 5202, below that 5142 to 5127 should hold.

Resistance is at 5355 and 5417, beyond that a test of 5552 is likely
--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Sept. Bonds

On The DownSide, Nearby Support is 126-07 and 125-29 , below that support is at 125-21 .

On the Upside: Resistance is at 127-02 and 127-07 which should cap a rally today. Beyond that resistance is at 127-29.

Sept. SP500 recommended position long at 1052.00

On the DownSide, Support is at 1018.5 and 1006 to 1005

On the Upside, Resistance is at 1032 to 1034.50 and 1036.00 to 1039. Beyond that 1047.30 offers good resistance as does 1052. A close over 1047 augurs for a test of 1052 then 1058, Beyond that resistance is at 1063.20 then 1068 Where firm sellers should appear.

The Dow Jones Industrial Average

Early Support is 8164 and 8134 to 8119. Under that support is at 8044 to 8029 and 7988.

Resistance should first appear at 8194 to 8223 then 8260, a close over 8260 augurs for a rally to 8300 to 8314 and 8343 and 8391 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

Thursday Aug. 27 1998

07:53 PM

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