FuturesCom Investment Publications
Morning Comments (MC) April 14, 1999
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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.

Monday April 14, 1999

4:00 AM

On the Frenzied Forex Front

June Japanese-Yen

Nearby Support is at 8340, where day traders can buy for a turn higher, under that support is at 8406 to 8391. Below that 8352 should hold.

Resistance is at 8484 to 8499. Above that resistance is at 8512 then 8560 to 8589 and 8629.

June D-Mark

Support is at 5535 under that support is at 5504 and the 5492 to 5485 region. BW Traders can buy at 5492 for a good two to three day turn higher, risk a close under 5454 for three days in a row.

Resistance is at 5553 and 5571. A close over 5577 is friendly and augurs for an

eventual test of 5640 to 5653 beyond that resistance is at 5671 and 5682.

BW Traders should go long if a close over 5577 occurs.

 

June Swiss

Support is at 6758 to 6741 region. Under that support is at 6688 to 6659.

Resistance is at 6782 to 6782 then 6809 and 6836 to 6838. A close over 6836 is friendly and augurs for a test of 6906 to 6919.

BW Traders should go long if a close over 6836 occurs.

 

June British Pound

Support is near 1.6150 to 1.6090.

Resistance is at 1.6224 and 1.6286. A close over 1.6286 augurs for a test of 1.6420 and 1.6486. A close over 1.6420 is friendly and augurs for a test of 1.6550

June Canadian Dollar

Support should appear at 6707, day traders can but at 6707 and risk 35 pts under that support is at 6682. A close under 6655 is negative and augurs for a test of 6625. BW Traders can buy at 6625 for a bounce, risk a close under 6591. Below that support is at 6577 and 6550.

Resistance should appear at 6732 to 6741 and 6755 then 6782 BW Traders can sell at 6741 for a turn lower, risk a close over 6755 for three days in a row. Above that sellers should appear near 6809 to 6836.

Stay tuned for Forex flashes

 

Precious Metals

Aug. Gold

Support is at 285.6 and the 281 region.

Resistance is at 289.5 A close over 289.5 is friendly and augurs for a test of the 295.60 region.

Trade accordingly

69.02 67.02 65.02 63.02 61.02 70.43 66.43 62.43

May Copper

Support is at 6505 to 6495 and 6365 then 6300 BW traders can buy at 6290 and risk a close under 6255 for three day in a row.

Resistance is at 6640 and 6705 then 6900

July Platinum

Support is at 359.5 to 357 and 350.5 to 349 under that 344 should hold.

Resistance is at 366 to 368.5 and 373 to 375.

Hold.

May Silver

On the DownSide: Support is at 486.5 and 483. Day Traders should buy at 483 and hold for higher prices. Under that support is at 477.5 and 472.

On the Upside. Resistance is at 497 A close over 497 augurs for a test of 513

Beyond that resistance is at 518 and 537.

BW Traders should go long if a close over 504 occurs.

July Silver
Support
 is at 493.5 and 488.5 Resistance is at 497.5, a close over 497.5 is friendly and augurs for a test of 529.

BW Traders should go long if a close over 497.5 occurs.

The Exciting Energies

June Crude

Nearby Support is at 1641 and 1619 to 1609. BW traders can Buy at 1615 and hold for higher prices. Below that buyers should appear near 1578 to 1569. BW traders can buy at 1578, risk close under 1560 for three days in a row.

Nearby Resistance is at 1664 to 1674. Above that resistance is at 1691 to 1702.

Beyond that resistance is at 1716 and the 1731 to 1738 region.

June Unleaded Gas

Nearby Support is at 5180 to 5165  then 5090, day traders can buy at 5090 and hold for higher prices. Under that support is at 4995 to 4970. BW Traders can buy at 4975 and hold for higher prices. Under that buyers should appear near 4915 and 4785.

Resistance is at 5280 to 5295. 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 5315 occurs.

June Heating Oil

Support is at 4255. Below that support is at 4175 to 4163. Under that Buyers should appear at 4120 to 4110 which should contain a decline.

Resistance is at 4304 to 4315 then 4355 then 4455. A close over 4455 is friendly and augurs for a test of 4580.

 

 

The Grand Grains

May Soybeans

Support is at 482 then 470 1/2 to 468 region. Under that 463 should hold.

Resistance is at 492. Beyond that resistance is at 496 and 499.

July Soybeans

Support is at 487 1/2, day traders can buy at 487 3/4 under that support is at

485 and 474

Resistance is at 496 beyond that sellers should appear near 501 1/2.

A close over 501 1/2 augurs for a test of 513 to 516.

July Soybean Meal

Support is at 135.3 and 134.60 below that 130.5 to 128 should hold.

Resistance is at 138.4 then 141.

July Soybean Oil

Support is at 1908 to 1902, day traders can buy at 1898 under that support is at 1869 to 1858 and 1855,

Resistance is at 1954 to 1960 A close over 1954 is friendly and augurs for a test of 1988 to 1996.

July Corn

Support is at 218 3/4 and 215 Below that 210 should contain a decline in the near term. BW Traders can buy at 210 and hold for higher prices.

Resistance is at 224 3/4 and 226,

July Wheat

Support is at 263 and 258 1/2 under that 255 3/4 should hold. .

Day traders can buy at 263, risk 8 cents.

Resistance is at 269 3/4 and 274. Day traders can sell at

274 3/4, risk 8 cents

BW Traders should go long if a close over 279 occurs.

 

The Satisfying Softs

May Cotton

On the Upside resistance is at 6077 then 6107 to 6112 and 6175

On the DownSide support is at 5980 Day traders can buy at 5980. Under that

BW Traders can buy at 5965 and hold for higher prices. Below that support is at 5905 and 5880.

July Sugar

Support is at 482 then 477 to 472 Day traders can buy at 482 and risk 20 pts.

Resistance is at 490 to 493 then 517. A close over 493 is friendly and augurs for a test of 517 then 533 to 538.

May Coffee

On the DownSide, support is at 9735 to 9700 and 9680, under that support is at

95.90 to 9525 and 9450. Below that 9170 to 9155 should hold.

On the Upside, Resistance is at 9840 and 9920 to 9935 then 100.00 and 100.90.

A close over 100.50 augurs for a test of 101.90 and eventually 103.20 to 103.60

BW Traders should go long if a close over 100.50 occurs.

July Cocoa

Support is at 1136 then 1130 and 1122, day traders can buy at 1122, risk 15 pts.. Below that 1102 to 1096 offers support

Resistance is at 1151 then 1164 to 1169 and 1172. Day traders can sell at 1172, risk 35 pts.

The Lively Livestock

June Cattle

Support is at 6427 and 6377 and 6352 then 6312.

Day traders can buy at 6352 and Hold for higher prices.

Resistance is at 6462 and 6502, a close over 6502 is friendly and augurs for a test of 6577.

June Hogs

Support is at 5502 to 5492. Day traders can buy at 5497 and hold for higher prices under that support is at 5457 and 5392. BW traders can buy at 5442 and hold for higher prices.

Resistance is at 5552 to 5577 then 5597. A close over 5577 augurs for a test of 5657

From the Frying Pan into the Fire--

May Bellies

Support is at 5227 then 5142 and 5117 Under that support is at 4992.

BW Traders can buy at 4982 and hold for higher prices

Nearby Resistance is at 5292 and 5342 to 5357. A close over 5292 is friendly and indicates a test of 5442 and the 5527.

Stay Tuned for Flashes the Pork Complex.

The Sensational Stock and Bond Markets

June Bonds

On The DownSide nearby support is at 122-07 and 121-28.

A close under 121-27 is negative and augurs for a test of 121-07 to 121-03 where

BW traders can buy for a turn higher, risk a close under 120-27 for three days in a row.

On the Upside: Resistance is at 122-21 and 122-28, day traders can sell at 122-28, risk 15 pts. Beyond that resistance is at 123-07 and 123-27 then 124-07. to 124-13.

June SP 500
Support
is at 1353.30 and 1346. Under that support is at 1340 then 1337.30 and 1334 where it should hold. A close under 1334 is negative and indicates a test of 1322 and eventually the 1310 to 1304 region.

MC traders should go short if a close under 1361.50 occurs

BW Traders should go short if a close under 1352.00 occurs.

Resistance should appear near the 1360.90 to 1361.50 region and 1369.30 to 1371.50. High Risk Day traders can sell an early rally at 1369.50 for a turn lower, put your own risk on it. Beyond that resistance is near the 1377 to 1386 region which should cap a rally.

Stay tuned for Flashes

Dow Jones Industrial Avg.
Support
is at 10,360 then 10,342 to 10,320 and 10,220. A close under 10,329 is negative and augurs for an eventual test of 10,136 to 10,104.

Resistance is near the 10,441 and the 10,580 region which should cap a rally.

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

Happy Trading

Bill

April 14 1999

04:58 AM

B W Recommended Open Pos.

Long June Yen at 8599 and 2 at 8391
Long June Swiss at 6782
Long June British pound at 1.6126
Long May Copper at 6365 and 6555
Long May Silver at 490.5 and 483
Long July Silver 489.5

Long Aug. Gold 283.90
Long 2 July Platinum at 363

Long May Cotton at 6065
Long June hogs 5382

Long June Cattle at 6477 and 6422

Short June SP500 at 1319.80

Long July Wheat at 295 3/4 and 304

Long July Beans at 509 1/4, 494 and 480

Long May Beans at 486

Long July Bean oil at 1920

Long May Corn 227 1/2

Long May Coffee at 105.10

Long June Heating Oil at 4240

Long 2 July Sugar at 517

Long July Cocoa at 1129

MC Recommended Open Pos.
Short June SP500 at 1287.50

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