FuturesCom Investment Publications
Morning Comments (MC)  Tuesday July 13, 1999
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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'Fortune Favors the Bold'

Tuesday July 13, 1999
04:14 AM EST 

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support is at 8261 and 8249. Under that support is at 8171 to 8164 and 8134 to 8119. BW Traders can buy at 8164 for a bounce, risk a close under 8119 for

two days in a row.

Nearby Resistance is at 8277 and 8300 to 8314. Beyond that sellers should appear near 8343 and 8352. BW Traders can sell at 8307, risk a close over 8352 for three days in a row. Beyond that resistance is at 8391 to 8406 and 8443.

Sept. D-Mark

Support should appear near the 5200/ 5196 and 5148.

Resistance is at 5211 then 5221. A close over 5221 is friendly and augurs for an eventual test of the 5248 and the 5259 to 5282 region... BW Traders should go long if a close over 5282 occurs.

Sept. Swiss

Support is at 6343 to 6338. Below that 6307 to 6293 should stop a decline for a bit..

Resistance is at 6350 and 6378, a close over 6378 is friendly and augurs for an eventual test of resistance is at 6417 to 6430.

Traders Accordingly

Sept. British Pound

Support is at 15532 and 1.5512 then 1.5450.

Resistance is at 1.5606 and 1.5690.

Sept. Canadian Dollar

Support should appear near 6762 and the 6755 to 6741 region. Below that buyers should appear near 6712 to 6707

Resistance is at 6779 to 6782, a close over 6782 is friendly and augurs for a test of 6809 to 6822. Day traders can sell at 6809 for a turn lower, risk 30 pts.. Beyond that resistance is at 6855 and 6871. A close over 6871 augurs for a test of the 6906 to 6919 region BW Traders should go long if a close over 6871 occurs..

Stay tuned for Forex flashes.

 

Precious Metals

August Gold

Nearby Support at 254.6 and 251.9 to 249.

Resistance is at 257 and 259.9

Sept. Copper

Nearby Support is at 7740 to 7735 . Under that support should appear near 7590 and 7540 . Day traders can buy at 7735, risk 80 pts.

Nearby Resistance is at 7835 and 7865. Beyond that resistance should appear near

7935, a close over 7935 augurs for a test of 8005 and the 8045 to 8060 region. Above that Sellers should appear near the 8115 to 8135 region.

Oct. Platinum

Support is at 347.5 Below that support is at 343

Resistance is at 352.6 and 357.5 to 358.6

Sept. Silver

On the DownSide nearby support is at 521.5 to 520 and 518.5. under that buyers should appear near 512.5 and 507. BW Traders should buy at 507 and risk a close under 497 for three days in a row. Under that support at 490 should hold..

On the Upside. Nearby resistance is at 528 and 533.5 to 537.5 A close 537.5 is friendly and augurs for an eventual test of the 546.5 to 552 region.

BW traders can go long if a close over 539 occurs.

Trade Accordingly and Stay tuned...

The Exciting Energies

Aug. Crude

Nearby Support is at 1982 and 1972. Below that 1953 to 1948 should hold basis the close.. Below that BW Traders can buy at 1939 for a bounce risk a close under 1902 for two days in a row.

Resistance is at 1996 and 2022. Beyond that resistance is at 2034 to 2042 and 2056. However a close over 2042 is friendly and augurs for a test of the 2080 to 2088 region.

Aug. Unleaded Gas

Nearby Support is at 5945. Day Traders can buy at 5945, stay tuned and hold for higher prices.. Below that support is at 5880 to 5855 and 5818 then 5782. Below that BW traders can buy at 5751 for a good bounce, risk a close under 5716 for two days in a row.

Resistance should appear at 6018 and 6023 to 6035 Beyond that sellers should

appear near 6101 to 6113 and 6170 to 6190.. BW Traders can sell at 6113 for a turn lower, risk a close over 6190 for two days in a row. Beyond that sellers should appear near 6257 to 6270.

Aug. Heating Oil

Support is at 5067 to 5036.. Day traders can buy at 5041 and hold for higher prices Under that support is at 4995 to 4978 and 4926 to 4915. Below that 4855 to 4845 offers support. BW traders can buy a dip at 4861 risk a close under 4815 for two days in a row

Resistance is at 5153 to 5178. Above that resistance is at he 5344 to 5356 and the 5418 to 5430 region BW Traders can sell at 5430 , risk a close over 5504 for three days in a row Trade Accordingly.

The Grand Grains

November Beans

Nearby Resistance is at 418 3/4 to 420 3/4 A close over 421 is friendly...

Support is at 412 3/4 and 407 Day traders can buy at 412 3/4 and risk 8 cents.

Below that 392 should stop the break...

Dec. Soybean Meal

Resistance is at 125.8 and 126.4

Support is at 123.80 and 119.80

Dec. SoyBean Oil

Resistance is at 1597 and 1609 to 1615 beyond that sellers should appear near

1642 to 1655

Support is at 1576 and 1569 to 1563.

Dec. Corn

Resistance is at 196 3/4 to 198 3/4

Support is at 194 and 191 3/4

Sept. Wheat

Resistance is at 244 1/2 and 246 /4. Beyond that sellers should appear near 249

Support is at 243 3/4 Under that buyers should appear near the 239 to 237 region, which should contain the decline for a while. BW traders can go long at 237 risk a close under 235 1/4 for three days in a row .

Trade accordingly

The Satisfying Softs

Dec. Cotton

Support is at 4926 to 4915 and 4856 to 4845.

Resistance is at 5021 and 5056 to 5067

Oct. Sugar

Support is at 534 to 529 and 515 to 507.

Resistance should appear at 542 and 559 to 563 then 570 .

Day traders can sell at 570 , risk 20 pts.

Sept. Coffee

On the Upside, Resistance is at 9355 and 9425 to 9445 Beyond that resistance is at 9475 to 9490

On the DownSide, early support is at 9235. Below that support is at 9065 and 8980

Sept. Cocoa

Support is at 972 to 968. Under that support is at 950

Resistance is at 982 to 986 Beyond that sellers should appear near the 1000 to 1005 region A close over 986 is friendly

The Lively Livestock

August Cattle

Resistance is at 6397 to 6417. Day Traders can sell at 6397 and initially risk 100 pts.

Support is at 6327 to 6322 under that support is at 6270 to 6257 and 6247

Aug. Hogs
Support
is at 4592 and 4587 under that support is at 4512 to 4497

Resistance is at 4697 to 4717 and 4797.

From the Frying Pan into the Fire--

Aug. Bellies

Support should appear near 3220 and 3122 to 3092 under that 3077 to 3057 should contain the decline for a bit..

Resistance is at 3357 to 3372 and 3452 .

 

The Sensational Stock and Bond Markets

Sept. Bonds

On The DownSide support is at 116-26, aggressive day traders can buy at 116-26 and hold for higher prices.. Under that support is near 116-22 to 116-18 and 116-10

Below that support should appear near 115-22

On the Upside Nearby Resistance should appear near the 117-17 to 117-22 region.

And 117-24 .. BW Traders can sell at 117-22 for a turn lower. Above that resistance is at 118-18 to 118-22 Hearty BW Traders can sell at 118-16 and hold for lower prices...

Sept. SP 500

On the DownSide Nearby Support is at 1402.40 and 1400.30 to 1399. An extended slip or close under 1399 augurs for an eventual test of the 1385.60 to 1383.00 region.

Day traders can buy at 1383 and hold for higher prices. Below that support is near the 1380.00 to 1377.00 region. Under that Buyers should appear at 1369.20 to 1367.50 and 1361.50 Where it should hold on a decline basis the close. BW Traders can buy at 1361.50 for a bounce, put your own risk on it and stay tuned for an exit.

Nearby Resistance is at 1405.10 and 1410.60. Day traders can sell at 1410.60 and hold for lower prices. beyond that sellers should appear near 1415.00 and 1416.30 Above that resistance is at 1417.70 to 1418.00 and 1421 Beyond that resistance is at 1424.80

'One should the SP500 like Porcupines make love .. Very carefully'

Stay tuned for Flashes

Dow Jones Industrial Avg.
Support
is at 11,159 to 11.155 and 11,116 to 11,099 where it should hold basis the close to maintain an upward posture. Under that support is at 11067 to 11,059

Below that good support should appear near the 11,010 to 10,960 region. .

Where it should hold on a good decline.

Resistance is at 11,228 to 11,239 and 11,271 then 11,300 Beyond that resistance is at 11,330 and 11,360 which Should Cap the rally for a bit.. .

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

Happy Trading

Bill

July 13 1999
05:14 AM

B W Recommended Open Pos.

SIU L 7-05 531

COU L 7-06 1025

SFU L 2 7-06 6392 avg.

CDU L 7-12 6755

DMU L 7-12 5211

 

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