FuturesCom Investment Publications
Morning Comments ( MC )3-16-1999
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Tuesday March 16, 1999

5:41 AM

On the Frenzied Forex Front

June Japanese-Yen

Support is at 8529 and 8499 to 8484. A close under 8484 indicates a slip towards the 8406 to 8391 region. BW Traders can buy at 8391 and hold for higher prices.

Resistance is at 8560 to 8588. Beyond that resistance is at 8613. A close over 8613 augurs for an eventual test of the 8668 to 8683 and the 8762 to 8777 region.

June D-Mark

Support is at 5553 and 5533 below that 5504 to 5492 should hold.

A close under 5492 is negative and augurs for a test of 5430 to 5418 where
BW traders can buy at 5425 for a bounce, risk a close under 5418 for three days in a row.

Resistance is at 5577 and 5618 to 5621 A close over 5604 is friendly and augurs for an eventual test of 5640 to 5653 beyond that resistance is at 5671 and 5682. Beyond that resistance is at 5710 to 5716/ 5729. BW Traders should sell at 5716, risk a close over 5729 for two days in a row..

June Swiss

Support is at 6836 to 6827 and 6809 to 6797

Resistance is at 6877 and 6897 , beyond that resistance is at 6906 a close over 6906 is friendly and augurs for a test of 6927.

June British Pound

Support is near 1.6150 to 1.6090 and should hold.

Resistance is at 1.6226 and 1.6286, a close over 1.6286 augurs for a test of 1.6420 and 1.6486.

June Canadian Dollar

Support is at 6543. Below that a test of the 6509 to 6482 region is likely. Under that support is at 6430 to 6417. BW Traders can buy at 6510 for a turn higher risk a close under 6482 for three days in a row.

Resistance is at 6577 to 6593 and 6611. Beyond that Resistance is at 6659 to 6677 and 6741 to 6755 should cap a rally. BW Traders can sell at 6741 for a turn lower, risk a close over 6755 for three days in a row.

Stay tuned for Forex flashes

 

Precious Metals

April Gold

Support is at 285.20 and 282 . Day Traders can buy at 282.10 for a bounce , risk

$ 4.00. Resistance is at 288.20 and 298 to 292

August Gold
BW Traders can buy august gold at 288.30 and hold.

May Copper

Support is at 6165 to 6150 Under that support is at 6115 to 6100. And 6055.

Resistance is at 6250, a close over 6250 is friendly and augurs for a

test of 6335. BW Traders should go long if a close over 6250 occurs.

 

April Platinum

Support is at 359.6 and 355.3, BW traders should buy at 356.5 and hold for higher price. Below that buyers should appear near 350 to 349.

Resistance is at 366.5 and 368.2 to 369.4. A close over 369.5 augurs for a test of 375 to 380

BW Traders should go long if a close over 369.5 occurs.

May Silver

On the DownSide: Support is at 509.5 and 492.5 to 490.

BW Traders should buy at 492.5 and hold for higher prices.

On the Upside. Resistance is at 514.5 and 520. A close over 515 is friendly Patience..

 

The Exciting Energies

May Crude

Support is at 1440 and 1421 to 1415. BW traders can buy at 1421, risk close under 1415 for three days in a row. Below that support is at 1383 to 1377 and 1346 where it should hold.

Nearby Resistance is at 1453 to 1459 and 1465 to 1471 beyond that sellers should appear near 1488. A close over 1459 is friendly. and augurs for a test of 1520 to 1529/1535..

BW Traders should go long if a close over 1459 occurs.

 

May Unleaded Gas

Support is at 4522 under that buyers should appear near 4465 to 4430.

BW Traders can buy at 4447 and hold for higher prices. Below that support is at 4380 and 4315 to 4304.

Resistance is at 4639 to 4670. A close over 4659 is friendly and augurs for a test of 4780 and 4845 to 4855 Beyond that resistance is at 4970 to 4995 and 5055.

BW Traders should go long if a close over 4650 occurs.

 

May Heating Oil

Support is at 3725 to 3695 BW Traders can buy at 3745 and hold for higher prices. Below that support is at 3635 and 3563 to 3553.

Resistance is at 3911 to 3929 and the 3982 to 3992 region. A close over 3992 is friendly and augurs fore a test of 4110 and 4238 to 4248 and 4304 to 4315.

BW Traders should go long if a close over 3909 occurs.

 

The Grande Grains

May Soybeans

Support is at 466 1/2 Below that support is at 465 and 458.

Below that buyers should appear near 453 to 450.

Resistance is at 472 and 479 Beyond that resistance is at 485 3/4 and the 492 to 495 region.

BW Traders should go long if a close over 478 1/2 occurs.

July Soybeans

Support is at 476 3/4. Below that good buyers should appear near 473 1/2. Under that 459 should contain any decline.

Resistance is at 484 3/4 to 486 3/4. A close over 486 3/4 augurs for a test of 500 1/4 beyond that resistance is at 506.

BW Traders should go long if a close over 485 3/4 occurs.

July Soybean Meal

Support is at 131.10 to 130.30 and 129.90. Below that support is at 127.40 to 126.80 and 123.80 where it should hold.

Resistance is at 133.4 and 134.10 to 134.50, a close over 134.60 is friendly

BW Traders can go long if a close over 134.60 occurs.

 

July Soybean Oil

Support is at 1858 to 1850 under that buyers should appear near 1822 to 1806

below that 1783 to 1774 should hold.

Resistance is at 1883 and 1902 to 1909 then 1922. A close over 1911 is friendly and augurs for a test of 1946 to 1953 and beyond that resistance is at 1982 to 1995.

May Corn

Support is at 218 3/4 to 216 1/4. BW Traders can buy at 219 and hold for higher prices. Below that support is at 213 3/4 to 212.

Resistance is at 224 3/4, a close over augurs for a test of 229

Beyond that resistance is at 236.

July Wheat

Support is at 280 1/4 to 278 3/4 and 274. BW Traders can buy at 275 3/4, risk a close under 268 for three days in a row.

Resistance is at 285 to 286 1/4. A close over 286 is friendly and augurs for a test of 292

Trade accordingly.

The Satisfying Softs

May Cotton

On the Upside resistance 6140, a close over is friendly and augurs for a test of 6208 and 6235. Beyond that a test of 6370 is likely.

BW Traders should go long if a close over 6135 occurs.

On the DownSide support is at 6043 to 6023 and 6008. Beneath that good buyers should appear near 5980 and 5945

Buy Dips.

May Sugar

Support is at 581. Below that 563 to 559 should hold.

Resistance is at 599 and 601 to 609. Beyond that resistance is at 619

May Coffee

On the DownSide, support is at 103.20 Below that Buyers should appear near the 102.20/ 101.80 region. Under that support is at 101.40.

BW Traders can buy at 101.25 and hold for higher prices.

 

On the Upside, Resistance is at 103.80 and 105.10 then 105.90 to 106.30 and 106.80. A close over 103.90 is friendly and augurs for an eventual test of 107.70 and 108.75.

BW Traders should go long if a close over 105.80 occurs.

Buy dips...

May Cocoa

Nearby Support is at 1201 and 1192 then 1179. Under that 1169 to 1164 should

contain the decline for a bit.

Resistance is at 1207 and 1232 to 1238.

BW Traders should go long if a close over 1238 occurs.

The Lively Livestock

April Cattle

Support is at 6592 to 6577. BW Traders can buy at 6577 and hold for higher prices. Below that 6512 to 6482 should contain a decline.

Resistance is at 6647 and 6727 then 6742 to 6755 BW traders can sell at 6742 for a turn lower risk a close over 68012 for two days in a row

April Hogs

Resistance is at 4152 and 4230 then 4277. A close over 4155 is friendly

Support is at 4077 and BW traders can buy at 4077 and hold for higher prices. Below that buyers should appear near 3992 and 3867.

Stay Tuned for flashes...

June Hogs

Support is at 5127 and 5082
Resistance is at 5217 and 5282, a close over 5217 is friendly and augurs for a test of 5412.

BW Traders should go long if a close over 5367 occurs.

From the Frying Pan into the Fire--

May Bellies

Support is at 4922 where it should hold for a bit. under that support is at 4857 and 4787 to 4772 BW Traders can buy at 4787 for a turn higher and hold for higher prices. Below that 4717 to 4692 should contain the break.

Resistance is at 5007 and 5072 to 5087. An extended trade or close over 5067 augurs for an eventual test of 5222,

The Sensational Stock and Bond Markets

June Bonds

On The DownSide nearby support is at 121-15 and 121-04 to 121-00 A close under 121-04 is negative and augurs for a test of 120-14 below that support is at 119-27 Traders can buy at 120-14 for a turn higher, risk a close under at 119-27 for two days in a row

On the Upside: Resistance is at 122-14 and 123-04 BW Traders can sell at 123-04 for a turn lower, risk a close over 123-11 for three days in a row. Beyond that resistance is at 123-15 and 124-07.

June SP 500
Support
is at 1311 to 1310 and 1304 to 1302.5 However a close under 1302.50 augurs for an eventual test of 1289 and 1287 to 1286.50 Below that buyers should appear near 1274 to 1268.

Resistance is at 1322.00 and 1328 Above that resistance is at 1334 to 1346.

BW Traders should go short if a close under 1302.40 occurs.

A close under 1311 is negative.

-Stay tuned for Flashes-

Dow Jones Industrial Avg.
Support
is at 9883 and 9869 and 9837 to 9825. A close under 9869 is negative and augurs for a test of the 9737 to 9707 region Below that support is at 9641 to 9625.

Resistance is near 10,021 to 10,037. Beyond that resistance is at 10,050.. Beyond that a test of 10,104 to 10,136 is likely.

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

3-16-99 7:38 AM

Happy Trading

Bill

B W Recommended Open Pos.

Long July Bean Oil at 2098 and 2043
Long May sugar at 656 and 586

Long May beans at 493 and 471 1/2

Long July Beans at 478 3/4

Long May Copper 6335

Long May Cocoa at 1268

Long May Silver at 561.5 and 535
Short March SP500 at 1253

Short June SP500 at 1283

Short June SP500 at 1304

Long June Yen at 8497 and 8599

Long June gold at 292.8 and 288.8

Long June hogs at 5212
Long may Bellies at 4922
Long may Cotton at 6040
Long June swiss aty 6874
long june British at 1.6286
long may coffee sat 103.80

long may meal at 131. 90

MC Recommended Open Pos.
Long May Coffee at 106.00
long june swiss at 6873
long june dmarks at 5577
long june yen at 8563

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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.