FuturesCom Investment Publications
Morning Comments , Feb
1o,1999
Dedicated to Excellence in Analysis of Futures
Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains..
Livestock.. Softs
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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.
Wed. February 10 1999
5:09 AM
On the Frenzied Forex Front
March Japanese-Yen
Support
is at 8683 then 8668 below that buyers should appear near 8603 then 8589 to 8560 and 8510 to 8499. Traders should buy at 8510, risk a close under 8498 for three days in a row.Resistance is at 8705 and 8750 to 8762 / 8777 and 8818 beyond that 8856 to 8871 should cap a rally today. Day traders can sell at 8850 risk 60 pts.
March D-Mark recommended position long at 5865, 5805 and 5806
Support
is at 5790 and 5753, below that. Traders can buy at 5729 and hold for higher prices. Nearby Resistance is at 5805. A close over 5805 is friendly and wouldindicates a test of 5843 to 5855 and 5880 Traders should go long if a close over 5862 occurs.
Trade Accordingly.
March Swiss recommended position long at 7170 and 7074
Nearby Support
is near 7088 to 7077 then 7066 and 7045Resistance is at 7128 and 7143 beyond that a test of 7173 to 7191 is likely.
March British Pound recommended position long at 1.6420
Support
is at 1.6294Resistance is at 1.6362 and 1.6420 then1.6482. Beyond that 1.6550 offers resistance,
March Canadian Dollar
Support
should appear at 6673 and 6655Resistance is at 6705 and 6723.
Precious Metals
April Gold
Support
is near 288.5 and 286, under that buyers should appear near 283 where it should hold. Resistance is at 292 to 293. A close over 293 is friendly and augurs for a test of 301. Traders should add/ go long if a close over 301 occurs.March Copper:
Support
is at 6590 Below that 6505 should contain a decline..Resistance is at 6790 to 6805 beyond that traders can go short for a turn lower at 6915, risk a close over 6945.
April Platinum
Support
should appear near 355 and 350.5Resistance is at 360.5 and 362 a close over 362 augurs for a test of 370..
March Silver recommended position long at 571 and 554
On the DownSide
: Support is at 544.5 and 535On the Upside. Resistance is at 557, a close over 557 is friendly and augurs for a test of 574.5 and eventually 592..
The Exciting Energies
March Crude recommended position long at 1238 and 3 at 1189
Nearby Support
is at 1178 and 1168 then 1142 to 1130 region. Traders can go long at 1142, risk a close under 1101 for three days in a row. Below that 1068 to 1058 should contain a break.Resistance is at 1193 and 1215 to 1218. Beyond that a trade to 1240 is likely
Trade Accordingly
March Unleaded Gas
Support
is at 3420 and 3390.Early Resistance is at 3490 and 3590.
March Heating Oil
Support
is at 2930 and 2865Resistance is at 3090 then 3130 beyond that 3190 offers resistance.
Trade Accordingly.
The Grande Grains
March Soybeans recommended position long at 514, 513 1/4 and 3 at 509
Support
is at 494 1/2 and 492 then 485. Resistance is at 505 a close over is friendly..March Soybean Meal recommended position long at 132.9
Support
is at 129.5 to 128.5 Below that 126.4 and should hold. Traders can buy at 126.5 risk a close under 123 for three days in a row. Under that 116.90 to 116.40 should contain the decline. Resistance is at 132.5 and 136.4 to 138.5.March Soybean Oil recommended position long at 2126
Support
is at 2084 and 2068 where it should hold. Day traders can go long at 2067 for a turn higher, risk a trade under 2020.Resistance is at 2121 and 2167 beyond that resistance is at 2193. A close over 2193 is friendly and augurs for a test of 2242 and eventually 2354 to 2370.
Traders should go long if a close over 2193 occurs..
March Corn
Support
is at 215 1/2 and 212 to 210, Traders can go long at 211 for a turn higher, risk a close under 204 for two days in a row.Resistance is at 217 and 220 to 222.
March Wheat recommended position long at 272 1/2
Support
at 262 and 255 3/4.Resistance is at 266 1/4 and 273.
The Satisfying Softs
May Cotton
Resistance
should appear near 5892 and 5930 then 6030.Support is at 5830 and 5735
March Sugar recommended position long at 699
Support
is at 682 and 667 then 657Resistance is at 696 then 712 to 719
March Coffee: recommended position 112.15,103.75 and 103.55
On the DownSide,
support is at 101.80 to 101.55 and 9930On the Upside Resistance should appear at 103.20 to 103. 80 and 104.25, a close over 104.25 augurs for a test of 105.80 to 106.80. An extended trade over or close over 106.80 augurs for an eventual thrust towards the 108.25 to 108.60 region and eventually 109.20 to 110.10 which appears likely to occur. Trade Accordingly.
March Cocoa recommended position long at 1319 and 1314
Nearby Support
is at 1282 and 1269.Resistance is at 1293 and 1304 then 1332 to 1334
The Lively Livestock
April Cattle recommended position short at 6677 and 6767
Support
is at 6727 and 6677 to 6652 where it should hold today.Resistance
is at 6800 then 6832 and 6872April Hogs recommended position short at 4422 and 4807
Resistance
is at 4777. Beyond that Resistance is at 4812 and 4872 to 4922 which should cap the rally. Support is at 4722, a close under 4722 is negative. And augurs for a test of 4772 and 4577From the Frying Pan into the Fire--
March Bellies
Support should appear near 5790 then 5707 below that 5642 should hold for a bit.
A close under 5642 is negative and augurs for a test of 5332
Resistance is at 5907 then 6007 and 6087
Recommended Spread: 4 Long Feb. Bellies/ 4 Short March Bellies
at 75pt Feb. Under..
The Sensational Stock and Bond Markets
March Bonds recommended position long at 127-14, 126-04 and 125-04
On The DownSide
nearby support is at 125-07 then 124-21, below that the 123-21 region should hold..On the Upside: Resistance is at 125-21,a close over is friendly and augurs for a test of 126-05 and 126-20
March SP500
On the DownSide
Support is 1220.20 then 1218 to 1217.50 and 1216.30. A close under 1217.50 is negative and indicates a test of the 1205.10 and the 1203 to 1192 region where good buyers should appear and hold the mkt. for a bit. Day traders can Buy at 1203 put your own risk on it..
On the Upside, Resistance is at 1232 and 1235 then 1`237 to 1238 day traders can sell at 1237.. put your own risk on it...beyond that sellers should appear near 1250 to 1253 and 1268.
Dow Jones Industrial Avg.
Resistance is near 9140 to 9156 and 9219 . A close over 9219 is friendly and
indicates a test of 9316 to 9340.
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Wed February 10, 1999
5:52 AM
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