FuturesCom Investment Publications
Morning Comments (MC) March 30, 1999
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"A man can have great mathematical ability and unusual power of accurate observation and yet fail in speculation unless he also possesses the experience and memory. " -Reminiscences of a Stock operator

Monday. March 29, 1999

6:33 PM

On the Frenzied Forex Front

June Japanese-Yen

Support is at 8391. Under that 8363 and 8314 to 8300 should contain a decline in the near future. Below that 8223 to 8194 should hold. A close under 8194 is negative and augurs for a test of 8119 to 8114 and 8044 where BW traders can buy and hold for higher prices.

Resistance 8463 then 8484 to 8499 . Beyond that resistance is at 8560 to 8589 and 8629. A close over 8629 augurs for an eventual test of the 8668 to 8683 and the 8762 to 8777 region.

June D-Mark

Support is at 5504 to 5492. Day Traders can buy at 5492 and hold for higher prices. Below that support is at 5430 to 5418 where traders can buy at 5425 for a bounce, risk a close under 5418.

Resistance is at 5553 to 5577 then 5605. A close over 5577 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 6780 and 6761. Day traders can buy at 6782 and hold for higher prices. Below that support is near the 6758 to 6741 region under that support is at 6673 to 6659.

Resistance is at 6809 to 6811 and the 6831 to 6836 region. A close over 6836 augurs for a test of 6906 to 6919 beyond that resistance is at 6931 and 6958. Above that sellers should appear near 6990 to 7003.

June British Pound

Support is near 1.6150 to 1.6090 and it should hold.

Resistance is at 1.6194 and 1.6268. A close over 1.6286 augurs for a test of 1.6420 and 1.6486.

BW Traders should go long if a close over 1.6286 occurs.

June Canadian Dollar

Support should appear at 6591 to 6577 and 6548 to 6544. Below that a test of the 6509 to 6482 region is likely.

Resistance is at 6615 and 6624. Beyond that Resistance is at 6677 and the 6741 to 6755 region, which 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 278.2 and 276 under that buyers should appear near 268.3

Resistance is at 280.50 and 282 to 283. A close over 283.00 is friendly and augurs for a test the 288.

Trade accordingly

May Copper

Support is at 6230. Under that some support should appear near 6165 to 6150 and the 6035 to 6023 region. .

Resistance is at 6385 and 6435

April Platinum

Support is at 353 and 348.

Resistance is at 361 and 362. A close over 361 augurs for a test of 372.

May Silver

On the DownSide: Support is at 505 and 499 to 497.5 below that 491 should hold.

Under that buyers should appear near 475. BW Traders should buy at 475.5 and hold for higher prices.

 

On the Upside. Resistance is at 515 and 522.

BW Traders should go long if a close over 514 occurs.

 

The Exciting Energies

May Crude

Nearby Support is at 1615 to 1609 then 1603 to 1578 BW traders can buy at 1578, risk close under 1560 for three days in a row.

Nearby Resistance is at 1657 and 1674 and 1682. Beyond that a test of 1731 and 1774 is likely.

May Unleaded Gas

Nearby Support is at 5135 and 5090 to 5077. BW Traders can buy at 5005 and hold for higher prices. Under that buyers should appear near 4925 and 4785. BW Traders can buy at 4785 and hold for higher prices. Below that support is at 4505.

Resistance is at 5239 to 5259 and 5335. Beyond that resistance is at 5345 to 5356 and 5418. A close over 5430 is friendly and augurs for an eventual test of 5645 to 5653.

BW Traders should go long if a close over 5356 occurs.

May Heating Oil

Support is at 4249 and 4230 to 4210. Day Traders can buy at 4249 and hold for higher prices. Below that support is at 4185 to 4163. Below that Buyers should appear at 4120 to 4110 which should contain a decline.

Resistance is at 4350 and 4435 to 4445. A close over 4445 indicates a likely test of 4570 and 4717.

The Grande Grains

May Soybeans

Support is at 492 1/2. Below that support is at 486 1/2. BW Traders can buy at 486 and hold for higher prices. Below that support is at 480 to 478 and 467.

Resistance is at 499 1/2. A close over is friendly and augurs for a test of 509 and 513 1/2 Beyond that resistance is at 520 to 522.

July Soybeans

Support is at 499 1/2 and 494. BW Traders can buy at 494 and hold.

Resistance is at 508. A close over 508 augurs for a test of 514 beyond that resistance is at 521 to 529.

BW Traders should go long if a close over 508 occurs.

July Soybean Meal

Support is at 136.80 and 134.60 to 133.40. Below that support is at 131.9 to 130.40 where it should hold.

Resistance is at 139.2 and 141.90. A close over 141.10 is friendly and augurs for a test of 145.30 to 145.90 beyond that 148.40 to 148.90 offers resistance.

July Soybean Oil

Support is at 1982 under that buyers should appear near 1953 to 1946 and 1917 . BW traders can buy at 1920 and hold for higher prices. Below that support is at 1909 to 1902

Resistance is at 1996 and 2017. A close over 1996 is friendly and augurs for a test of the 2034 to 2042 region. Beyond that resistance is at 2080

May Corn

Support is at 230.5 to 229. Below that 227 1/2 should contain a decline for a bit. BW Traders can buy at 227 1/2 and hold for higher prices.

Resistance is at 233 and 238. A close over 238 augurs for a test of 242 to 244.

July Wheat

Support is at 302 to 301 and 299 3/4. Day Traders can buy at 299 3/4 and hold for higher prices Below that buyers should appear near 295.

Resistance is at 307 1/2 to 309. The Close over 303 is friendly and augurs for a test of 314 and eventually 319 1/2 to 320 1/2 which should cap a rally for a bit .

The Satisfying Softs

May Cotton

On the Upside resistance 6010 and 6050 then 6165 to 6190

On the DownSide support is at 5910 and 5850 Day Traders can buy at 5855 and hold for higher prices under that 5610 should hold.

May Sugar

Support is at 563 to 553 and 549. Below that 539 to 534 should hold.

Resistance is at 582 to 589. A close over 586 is friendly and augurs for a test of 596 and the 602 to 609 region..

BW Traders should go long if a close over 586 occurs.

 

May Coffee

On the DownSide, support is at 112.75 and 111.55. Day traders can buy at 111.55 and hold for higher prices. Under that support is at 110.20 and 109.20 then 107.60 and the 106.80 to region..

On the Upside, Resistance is at 113.10 to 113.60 Beyond that 115.25 offers resistance above that sellers should appear near 116.40 to 116.90. A close over 116.90 indicates a test of 119.20 to 120.30

Buy dips and stay tuned for Flashes.

May Cocoa

Nearby Support is at 1190 and 1179, under that 1160 should contain a

decline.

Resistance is at 1202 and the 1232 to 1238 region. A close over 1232 is friendly and augurs for a test 1268 to 1279, BW Traders can sell at 1274 risk a close over 1304 for three days in a row.

The Lively Livestock

April Cattle

Support is at 6672 and 6602 to 6597 Below that buyers should appear at 6517.

BW Traders can buy at 6517 and hold for higher prices.

Resistance is at 6707 and the 6742 to 6757 region. Beyond that resistance is at 6822

April Hogs

Resistance is at 4252 and 4287 then 4352 to 4387 beyond that 4402 offers

resistance

Support is at 4202 to 4187 and 4147 Under that support is at 4047.

Stay Tuned for flashes...

June Hogs

Support is at 5337 and 5287 then 5187.
Resistance is at 5387 , a close over is friendly for a test of 5487 then 5537

From the Frying Pan into the Fire--

May Bellies

Support is at 5407 and 5357 then 5297 and 5257 Beneath that 5212 should contain a decline. BW Traders can buy at 5212 and hold for higher prices.

Resistance is at 5457 and 5557.

Stay Tuned for Flashes the Pork Complex.

The Sensational Stock and Bond Markets

June Bonds

On The DownSide nearby support is at 119-25 and 119-21 a close under 119-21 is negative and augurs for a test of the 118-22 region. BW Traders can buy at 118-22 and hold for higher prices. Below that support is at 117-28.

On the Upside: Resistance is at 120-21 / 120-22 and 121-03 to 121-05 , beyond that sellers should appear near 121-21. A close over 121-21 augurs for an eventual test of 122-14

June SP 500
Support
is at 1310 and 1307 then 1304. A close under 1304 augurs for an eventual test of the 1289 and 1274 to 1268

Resistance is at 1319.90 and 1322.00. day traders can sell at 1319.90 for a turn lower and hold for lower prices. Above that resistance is at 1322 then 1326 and 1334 to 1346.

BW Traders should go short if a close under 1289 occurs.

-Stay tuned for Flashes-

Dow Jones Industrial Avg.
Support
is at 9937 to 9921 A close under 9921 is negative and augurs for a test of the 9837. Below that support is at 9777 then 9737.

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.

3-29-99 7:30 PM

Happy Trading

Bill

Premier Positions and performance figures are available at http://www.futurescom.com/premper99.htm

B W Recommended Open Pos.

Long May Sugar at 586

Long June Yen at 8599 and 8391

Long April Gold at 292.8,288.8
Long Aug. Gold at 288.30

Long may Cotton at 6142 and 6065
Long April Platinum at 371.7 and 367.5

Short April Hogs at 4377

Long April Cattle at 6577

Long May Copper at 6270

Long 2 June hogs at 5525 and 1 at 5382

Long 2 Oct. Hogs at 5460

Long 2 July Hogs at 5585

Short 2 July Bellies at 5680

Short June SP500 at 1319.80

Long June Swiss at 6808

Long June d-marks at 5504

Long June British pound at 1.6150

Long July wheat at 295 3/4 and 304

Long May Cocoa at 1193

Long May Heating Oil at 4249

 

MC Recommended Open Pos.
Short May Bellies at 5690

Short June SP500 at 1287.50

Long July hogs at 5680

Long June hogs at 5525

Long Oct. hogs at 5450

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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.