FuturesCom Investment Publications
Morning Comments (MC) May 6, 1999
Bonds.. SP500..
Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
Featuring Bi-Weekly Investment Outlooks, Special Reports, Morning Comments
Experienced Since 1979 & Serving Professional and Individual Futures Traders World Wide since 1988
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"There is only one side of the market and it is not the bull side or the bear side, but the right side." --Jesse Livermore--


Wed May 5, 1999

8:15 AM

On the Frenzied Forex Front

June Japanese-Yen

Nearby Support is at 8351 and 8339 the 8314 to 8300 . A close under 8300 is negative and augurs for a test of 8223 to 8194 where BW traders can buy at 8223 and hold for higher prices.

Resistance is at 8391 to 8406, Beyond that resistance is at 8444 to 8456. A close over 8406 is friendly and augurs for a touch of the 8484 to 8499 region.

Above that resistance is at 8560 to 8589 and 8629

June D-Mark

Support is at 5504 to 5491 and 5471 and 5453.

Resistance is at 5520 and 5553 BW Traders can sell at 5555 and risk a close over 5577 for three days in a row.

June Swiss

Support is at 6691 and 6673 then 6641.

Resistance is at 6741 to 6755, beyond that resistance is at 6809 to 6836.
BW Traders can sell at 6836 and hold for lower prices. Risk a close over 6871 for three days in a row.

June British Pound

Nearby Support should appear near 1.6336 , day traders can buy at 1.6336 and hold Under that support is at 1.6304 and 1.6286

Resistance is at 1.6420 and 1.6486. BW Traders can sell at 1.6420 for a turn lower, risk a close over 1.6486 for three days in a row.

June Canadian Dollar

Support should appear at 6888 and 6869 Day traders can buy at 6869 for a bounce, risk 40 pts. Below that support is at 6836 and 6809.

Resistance should appear at 6916 and 6926..

Stay tuned for Forex flashes

 

Precious Metals

Aug. Gold

Support is at 288 and 284

Resistance is at 292.40 then 295.

Trade accordingly

July Copper

Support is at 7170 to 7140 and 7095. Day traders can buy at 7160, risk 100 pts.

Resistance is at 7225 and 7290 beyond that a test of 7450 is likely.

July Platinum

Support is at 351.5 and 347 under that 342 should hold.

Resistance is at 356 and 362, beyond that a test of 367 is likely.

BW Traders should go long if a close over 358.90 occurs. .

July Silver

On the DownSide: Support is at 536.5, Day traders can buy at 536.5 and hold .

Below that support is at 528 and 522

On the Upside. Resistance is at 542.5 and 551.0 . Beyond that resistance is at 563.5.

The Exciting Energies

June Crude

Nearby Support is at 1889 then 1879 and 1863. Day Traders can buy at 1863 for a turn higher risk 50 pts. Below that support is at 1854 to 1844 and 1822.

Nearby Resistance should appear near the 1902 to 1909 region. Beyond that sellers should appear near 1929 and 1939

 

June Unleaded Gas

Nearby Support is at 5604 and 5575. Under that 5455 should hold...

Resistance is at 5652 and 5717 then 5767.

June Heating Oil

Support is at 4575 then 4502 and 4390 where it should. hold.

Resistance is at 4590 and 4655, beyond that resistance is at 4717 and 4765.

 

The Grand Grains

July Soybeans

Support is at 483 3/4. Day traders can buy at 483 3/4 , risk 8 cents

Below that support is at 479 3/4 and 470.

Resistance is at 487 then 490 1/4 and 498 Beyond that resistance is at 504.

July Soybean Meal

Support is at 131.4 and 129.60 to 127.4 below that 125.5 and the 123.8 to 123.2
region should hold. BW Traders can buy at 127.40 and hold for higher prices. .

Resistance is at 133.00 Beyond that resistance is at 134..6.
BW Traders should go long if a close over 134.6 occurs.

July Soybean Oil

Support is at 1946 and 1941 under that support at 1909 to 1902 should hold. .

Resistance is at 1965 and the 1996 to 2009 region..

July Corn

Support is at 220 1/2 and 217.

Resistance is at 222 and 226 1/4

.

July Wheat

Support is at 2611/2 and 256.

Resistance is at 264 and 267 3/4 . A close over 268 is friendly.

BW Traders should go long if a close over 270 1/2 occurs.

 

The Satisfying Softs

July Cotton

On the Upside resistance is at 5945 to 5957 and 5980 , a close over 5957 is friendly and augurs for a test of 6022 to 6035 , beyond that resistance is at 6080

On the DownSide support is at 5915 and 5880 to 5855 Day traders can buy at 5880 and hold. Below that support is at 805 to 5792 and 5780.

July Sugar

Support should appear at 480 and the 476 to 471 region. Below that

449 should hold.

Early Resistance is at 484 and 490 to 493, Beyond that sellers should appear near the 507 to 515 / 520 region..

July Coffee

On the DownSide, support is at 103.20 , aggressive day traders can buy at 103.20, stay tuned...under that support is at 102.40. Below that support at 100.50 to 100.00 and 99.90 should hold. Day traders scan buy at 100.15 and hold for higher prices...

On the Upside, Resistance is at 103.80 then 104.80 to 105.10.

Beyond that resistance is at 105.80/ 106.00 and 106.90 to 107.40

A close over 103.80 is friendly..

 

July Cocoa

Support is at 1027 under that support is at 1005 to 1000 and the 977 to 968. region. .

Resistance is at 1036. Beyond that resistance is at 1058 to 1068 and 1077

The Lively Livestock

June Cattle

Support is at 6182 to 6162. BW Traders can buy at 6162 and hold for higher prices. Risk a close under 6092 for three days in row. Below that 6107 should contain a decline today.

Resistance is at 6197 and 6227. Above that sellers should appear near 6257.

A close over 6257 is friendly and augurs for a test of 6332.

June Hogs

Support is at 5762. Day Traders can buy at 5762 for a bounce risk 70 pts. Below that buyers should appear near 5717 and 5662

Resistance is at 5792 to 5807 and 5847 Beyond that resistance is at 5862. Day traders can sell at 5852, risk 80 pts.

Stay Tuned for Flashes the Pork Complex.

From the Frying Pan into the Fire--

July Bellies

Nearby Support is at 5727 to 5717. Under that support is at 5652 to 5637.

Below that 5602 and 5577 offer support. Aggressive Day traders can buy at 5577 and hold for higher prices.

Resistance is at 5782 and 5792 to 5807. Day traders can sell at 5792 and hold for lower prices Above that resistance is at 5855 to 5882 and 5922.

Day traders who have Ice Water Running through their Veins can sell at 5922 and hold..

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 119-17, below that good support should surface at 118-25.

On the Upside: Resistance is at 120-07 and the 120-25 region. Beyond that resistance is at 121-13 and 121-25

June SP 500
Support
is at 1346... Day traders can buy at 1346 for a bounce, put your own risk on it and stay tuned. Under that support is at 1340 / 1339.50 and the 1336.40 to 1334 region. Beneath that buyers should appear near 1329.20 and 1323.40 to 1322 ... Below that support should appear near the 1310 to 1306 / 1304 region should hold..

Resistance is at 1355.50 and extended trade over 1355.50 augurs for a touch of 1361.50. Above that resistance is near 1367.10. Beyond that sellers should appear near 1370.80 and 1377. A close over 1361.50 augurs for a test of 1376.50. to 1377.

Stay tuned for Flashes

Dow Jones Industrial Avg.
Support
is at 10,916 and 10,865 . under that support is at 10,820. Below that

support is at 10,756.20 and 10,680.

Resistance is at 10,960 to 10,985 and 11,010 beyond that resistance is at 11,045. Beyond that 11,155 should cap a rally

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

Happy Trading

Bill

May 5 1999 9:05 PM

B W Recommended Open Pos.
Long June Yen at 8407 and 8448

Long June Cattle at 6332

Long July Wheat at 265
Long July Bean Oil at 1989

Long July Copper at 7255

MC Recommended Open Pos.

Long 2 June SP500 at 1358.0

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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.