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  FuturesCom Morning Comments
  January 29th 1998
 

THIS PUBLICATION CONTAINS THE VIEW AND OPINIONS OF THE AUTHOR, EXCEPT WHERE OPINIONS ARE ATTRIBUTED TO OTHER SOURCES. WRITTEN PERMISSION IS. REQUIRED PRIOR TO ANY DISTRIBUTION OR REPRODUCTION. FUTURES TRADING IS RISKY AND CAN CAUSE SUBSTANTIAL FINANCIAL LOSS. THE USE OF OPTIONS AND OPTION TRADING INVOLVES A HIGH DEGREE OF RISK. THE USE OF STOPS MAY NOT LIMIT LOSSES TO INTENDED AMOUNTS. SPREAD POSITIONS MAY NOT BE LESS RISKY THAN OUTRIGHT FUTURES POSITIONS. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. SOURCES ARE BELIEVED TO BE RELIABLE BUT NO ASSURANCE IS MADE FOR ACCURACY. ADDITIONAL RISK DISCLOSURE IS AVAILABLE.

Thur, January 27, 1998

4:00 AM

                       On the Frenzied Forex Front

March J-Yen
Nearby support is at 8014 and 7997. A clos eunder 8044 is negative for a dip to  7939  Below that  that 7892 to 7864 should act as Support. If that fails traders should buy at 7718  risk a close under 7657 for two days in a row. Resistance is near  8119 beyond that Sell Short at 8194 for a turn lower, risk a close over 8209 for three days in a row.

Trade Accordingly

March Swiss Franc Recommended Position long at 6783 & 6906
Support should appear at 6883 and  6836 to 6815 should hold,  traders should have buy orders waiting to Buy at 6836, risk  a close under 6809. Resistance begins at 6906 and 6930  Beyond that a test of 6980/ 6990 to 7003 then 7023 to 7029 is likely.
A close over 7023 augurs for a Thrust to 7074. A  close over 7088 augurs for a 'pop' to 7123 and most likely the 7143 to 7170 region where resistance  should appear. A close over 7170 indicates a pop to 7243. Sell there at 7242 for position, risk a close  over 7257 for two days in a row

March British: Recommended  Position long at 165.50
Support is at 16376 and 162.80  Resistance is near 164.20   A close over 164.20 is friendly for a rally  to 165.50

March D-Mark Recommended Position long at 5588
Early support is at 5535 and 5531  Below that support should appear near 5504 where day traders can buy at 5505 for a bounce, risk a trade under  5488. Nearby Resistance is at  5585 then 5631 and 5646, beyond that  5678 and  5716 to 5729  A close over 5716 augurs for a pop to 5792 / 5805. Traders should sell at 5834 for a quick turn lower , stay tuned for a stop.  In addition Good sellers  should appear near  5860, sell at 5860 for a position risk a close over 5912 for two days in a row.

Trade Accordingly

March Canadian Dollar  Recommended Position Long at 7002 and 6909
Support is near 6836 and it should hold.
Resistance is near 6884. A close over 6884 augurs for a test of 6919

Trade Accordingly...

*Over the next Few Days a The Yen should Dip as D-Marks and Swiss Gain Strength*
 

                                     Precious Metals
April Gold Recommended Position Short at 308
Support is near 306 then 303.6 with  299.5 under that .... Below that 287 offers a buying region. Resistance is 309.8  and  312.9, A close  over 310  augurs for a rally back to 317 to 320 Beyond that 330 is likely to be tested.

A close under 305 is negative

March Copper
Support is at 7955 and 7865 , traders should buy at 7865 , risk a close under 7820 for two days in a row. Below that 7780 then 7755 and 7610 to 7590  should stop the decline , go long March Copper at 7590  for a turn higher , risk a close under 7510.
Resistance is at  8160 / 8180 and 8350, a close over 8225 indicates a rally back to 8540  Above that traders should sell at 8850 risk a close over 8870 for three days in a row.
 

April Platinum
support is near 387, below that  buy at 380. Risk  a close under 373 for three days in a row. More support should appear  near 374 and 369. Buy at 369 for a 2- day bounce , risk  a close under 358. Resistance is 394 and 398. Beyond that 407 should trade. With a possible ‘touch’ of 413 or higher  Traders should sell at 423 , risk a close over 425 for three days in a row. Beyond that 440 and 460 should trade.

Trade Accordingly
 
March Silver
Support is at 589 and 577.   Traders should Buy March Silver at 567.5 , risk a close under 544. Below 567.5, buy at 558 for a bounce, risk 10 cents.
Resistance is near 617. The close over 610 is friendly for a test of 637/ 640 then 671, sell at 671 risk a close over 677  for two days in a row.

Buy Dips

                             The Exciting Energies

March Crude Recommended Position Long at 1656
Support is at 1727, and 1702, below that 1686 .
Resistance should appear near 1752 and 1768 . Above that 1777 offers resistance

March Unleaded Gas 
Early support is near 5285 and 5155. Resistance is near 5480 and 5670

March Heating Oil 
Support is near 4715 and  4580 . Resistance is near  4910 and 5070.
 

                              The ‘Grande’ Grains

March Beans:
Early support is near 679.1/2 and 673 1/2 . Below that  Go long at 669 for a bounce , risk 10 cents.  Beneath 669 support should appear at 665.
Resistance is near 686.  to 687 1/2  A close over 687 is bullish for a trade to 691. Beyond 692 , 704 offers resistance ,traders can sell at 703 for a quick turn lower, risk a close over 711 1/2 for  three days in a row and stay tuned.

Trade Accordingly

March Soybean Meal
Support should appear at 196.60 and 194.70 below that  Buy at 192.6  risk a close under 188 for three days in a row. Resistance is near 201.5 , beyond that 206 and 209 offer resistance sell at 209, risk a close over 213.5 for two days in a row.

March Soybean Oil Recommended Position Long at 2557
Early support is at  2543 and 2531. Beneath the 2510 region  2469 offers support as does 2436  buy at 2461  risk a close under 2419.
Resistance is near  2612  and 2631. Above that sell at 2663 for a turn lower , risk 100 pts.

March Corn
Support is at  272 to 271 , traders should begin purchases of March corn at  273 3/4. risk a close under 271 for three days in a row.
Resistance is near 280 1/2 and 282 1/2, a close over 283 augurs for a ‘pop’ to 287 and beyond

March Wheat
Support is at 335  and 331 3/4. Traders should Buy March Wheat at 331 3/4  and hold .
Beneath that 329 to 323 should be considered a buying region. Go long at 326, and hold.
Resistance is near 342 and 347 1/2.   beyond that  353 should trade. A close over  355 1/2 indicates a thrust to 367

Longs should be careful under 342.

Bullish , Buy weakness only.

Trade Accordingly

                               The Satisfying Softs

March Cotton
Support is at 6592, below that 6567.  Resistance is at 6642 and 6667

March Sugar  Recommended Position Long at 1203,1169 and 1101
Support near 1115 below that 1095 should hold.  Resistance is 1128 and 1135.  A  close over 1135 augurs for a 'pop' to 1149 then 1167.

March Coffee Recommended Position long at 178.00
Early support is at 175.50 173.00 and  172.35 , under that  169.60 and the 167.70 to 165.50 region should hold. Traders should buy at 164.20 , risk a close under 162.50 for two days in a row. Beneath that a decline to 158.20 should be considered a buying opportunity. Buy at 157.60.  risk a close under 153.50 . Beneath that 150.50 to 148.10 offer support.
On the Upside, resistance is near 177.35 and 178.05 to 179.90. Beyond that 180.80 to 182.20 ,

When Trading Coffee, one should keep a ‘Steel Cup’ handy.

Trade accordingly
 

March Cocoa Recommended Position Short at 1576
Early resistance is located at  1620 and 1650 Traders should sell at  1677 , risk a close over 1689 for two days in a row. The 1680 / 1696 region offers more sellers, above that 1713 is likely to trade and 1737 should cap a rally.   Support is near 1586 and 1550.
 
 

                        The Lively Livestock

April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845
Support is and 6782 and 6725 to 6707. Resistance is near  6857 and 6877

Trade Accordingly.
 

April Hogs Recommended Position , long at 5787
Resistance is at 5800 and 5855 , beyond that 5900. Support is 5772 and 5762, below that 5700 should hold.

Recommended Spread Position, Long April Short June Hogs, 5 at 817 and 5 at 757
Hold

Feb. Bellies Recommended Position Long at  5447 , 4 at  5090,  4 at 4650
Early support is at 4955 and  4882 under that  4857  offers good support. Resistance is near 5035 and 5060. Beyond that 5160 offers a selling region. However, a close over 5170 augurs for a test of  5227 where sellers should appear.

Friendly, Buy Dips and stay tuned.
 

             The Sensational Stock and Bond Markets
 

March Bonds
Near Term support  is at 120-10  and 120-05 , below that 119-13  Resistance is at 120-31 and 121-10 with 121-13 above that. Sell at 121-21 risk a close over  122-10.
 

March SP500  Recommended Positions, short at 954.20, 958.40, 970.50 , 978.50 and 979.00
On the Downside;  Support is near 977.90 and 976.00 . Below that 973.70 to 972.10  under that 971.10 and 970.50 Below that 968.80.
On the Upside Resistance should appear near  982.10 to 983.70 and 986.20 all offer resistance, sell at 986.20, stay Tuned for the stop. Beyond  that 987.20 to 988.70  should cap a rally.

Trade Accordingly and stay tuned for new trades and analysis designed
to take advantage of moves in either direction.

The Dow Jones Industrial Average(cash)
Initially 7865  must hold basis the close if not a dip to the 7777 region, Below that  7708 offers support.  Below that  7689 and 7587 to 7601 offer support.

Resistance is near 7920 and 7934 to 7954. Beyond that  7969 and the  8005 to 8029/ 8044 should cap a rally
 

Happy Trading

Bill

Thur January 28, 1998
5: 50  AM

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