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Morning Comments (MC) Aug. 5 1999

Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs

Featuring Bi-Weekly Investment Outlooks, Special Reports, Morning Comments and More

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Thur Aug. 5, 1999

4:45 AM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support is at 8777 and 8762 to 8754. Under that support is at 8683.

Nearby Resistance is at 8792 Beyond that sellers should appear near 8817 and the 8856 to 8871 region. BW traders can sell at 8871 and hold for lower prices.

Sept. D-Mark

Nearby Support should appear at 5504 to 5492. Below that support is at 5456 and the 5430 to 5418 region.

Resistance is at 5532 and the 5553 to 5577 region. BW Traders can sell at 5553 and hold for lower prices, risk a close over 5577 for three days in a row..

BW Traders should go short if a close under 5459 occurs.

Sept. Swiss

Nearby Support is at 6755 then 6741 and 6726. Under that 6707 to 6701.

Nearby Resistance is at 6782 and 6801.Beyond that sellers should appear near the 6809 to 6836 region and 6851 Day traders can sell at 6809 and hold for lower prices...

BW Traders should go short if a close under 6707 occurs

Sept. British Pound

Support should appear near 1.6150 a close under 1.6150 is negative and augurs for a test of 1.6090 and the 1.5986

Resistance is at 1.6286. BW Traders can sell at 1.6286 for a turn lower and risk a close over 1.6420 for two days in a row....

Sept. Canadian Dollar

Support should appear at 6691 and 6673 then 6659

Resistance is at 6707 and the 6741 to 6755 region Beyond that resistance is at 6809. Stay tuned for Forex flashes.

Precious Metals

Dec. Gold

Nearby Support is at 256.70. Below that support is at 254.

Resistance is at 259.3 a close over 259.3 is friendly and augurs for a test of 262.

Sept. Copper

Nearby Support is at 7610 and 7545 Under that support should appear near 7430

Nearby Resistance is at 7685 and 7765 to 7780. /beyond that sellers should appear near 7810 to 7845 BW Traders can sell at 7835 for a turn lower, risk a close over 7875 for two days in a row.

Trade Accordingly and stay tuned.

Oct. Platinum

Support is at 352.10 349.5 under that 347 should hold.

Resistance is at 358 to 359.5

Sept. Silver

On the DownSide nearby support is at 543.. Day traders can buy at 543 and risk 10 cents below that 527.5 should hold..

On the Upside. Nearby resistance is at 553 to 556 A close over 556 is friendly and augurs for a test of 565 and eventually 593 ... if it holds...

Trade Accordingly and Stay tuned for Flashes...

The Exciting Energies

Sept. Crude

Nearby Support is at 2042 and 2034 then 2020 and 1996 to 1982. A close under 1992 is negative and augurs for a test of the 1953 to 1946 region Trade accordingly

Resistance is at 2061 and 2070 Beyond that resistance is at 2080 to 2088 and 2126 to 2134.

Sept. Unleaded Gas

Nearby Support is at 6356 to 6340 under that good buyers should appear near 6245.

Resistance should appear at 6430 and 6482 to 6509 beyond that 6549 should cap a rally today..

Sept. Heating Oil

Nearby Support is at 5285 and 5230 under that support is at 5160.

Resistance is at 5418 to 5430 and the 5492 to 5504 region BW Traders can sell at 5492, risk a close over 5504 for three days in a row.

Trade Accordingly.

The Grand Grains

November Beans

Nearby Resistance is at 497 3/4 to 502 1/4 and 516.

Support is at 488 to 487 under that support is at 474 1/2 and 469 3/4.

Dec. Soybean Meal

Resistance is at 155.9 and 161

Support is near 147.8 and 146.2

Dec. SoyBean Oil

Resistance is at 1748 and 1774 to 1780 beyond that sellers should appear near the 1808 to 1822 and 1834.

Support is at 1734 and 1723 under that support is at 1709 and the 1696 to 1689

Dec. Corn

Resistance is at 235 3/4 and 237 1/4 beyond that a test of 240 1/2 is likely.

Support is at 233 1/2 and 230 1/2 then 227

Sept. Wheat

Support is at 272 3/4. Day Traders can buy 272 3/4 and hold for higher prices. Below that support is at 270 3/4 and 268 1/2 under that 265 should stop a break.

Resistance is at 280 1/4 and 282 3/4 Beyond that good sellers should appear near the 288 3/4 and 292.

The Satisfying Softs

Dec. Cotton

On the DownSide support is at 5211 to 5200 and 5149.

On the Upside Resistance is at 5259 and 5285. Beyond that sellers should appear near the 5344 to 5356 region. A close over 5356 is friendly and augurs for a test of 5492 to 5504.

Oct. Sugar

Nearby Support is at 609 and 601 under that buyers should appear near 586 to 582. BW traders can buy at 586, risk a close under 582 for three days in a row.

Resistance should appear at 618 then 625 and the 630 to 634 region.

Sept. Coffee

On the Upside, Resistance is at 9425 and 9445 to 9465.. Beyond that resistance is at 9545 and 9625 to 9640. Beyond that sellers should appear near 9705 to 9735.

On the DownSide, support is at 9315 and 9215, below that buyers should appear near 9025 and 8965.

Sept. Cocoa

Support is at 976 and 968 Below that good buyers should appear at 961.

Resistance is at 1000 and 1005 to 1008. Beyond that sellers should appear near 1032 to 1036 and 1048. Trade accordingly

The Lively Livestock

Oct. Cattle

Support is at 6552 and 6417 below that support is at 6392 to 6377.. BW traders can buy at 6367 for a turn higher, risk a close under 6287 for three days in a row.

Resistance is at 6527 and 6542 Beyond that sellers should appear near the 6557 to 6572 region. Beyond that resistance is at 6602 and 6622, traders can sell at 6622 for a turn lower, risk a close over 6707 for two days in a row.

Oct. Hogs
Support is at 4457 and 4427. Under that buyers should appear near 4352. Day traders can buy at 4352 for a bounce and hold for higher prices...

Resistance is at should appear near 4547.. Day traders can sell at 4552 for a quick turn lower risk 60 pts.. Beyond that resistance is at 4577 and 4652.

Stay Tuned for Belly and Hog Flashes.

The Sensational Stock and Bond Markets

Sept. Bonds

On The DownSide nearby support is at 114-19 under that buyers should appear near 114-08. Below that 113-11 to 113-08 should contain the decline for a while..

On the Upside Nearby Resistance is at 115-08 to 115-11 and 115-22... A close over 115-11 is friendly and augurs for a test of the 116-05 to 116-08 region..

Trade Accordingly.

Sept. SP 500

On the DownSide Nearby Support is at 1307.50 to 1307. Under that support is at 1304 Where it should hold on a decline basis the close. Below that buyers should

appear near 1299.40 and 1294.70 Day traders can buy at 1299.40 and hold for higher prices.. put your own risk on it and stay tuned. Under that support should appear near 1289.

Nearby Resistance is at 1310 then 1318 and the 1322 to 1323.50 region. Above that sellers should appear near 1334 and 1336.80. Beyond that good a test of 1340 is likely.

* BW Traders should go long if a close over 1322 occurs

Stay tuned for Flashes ...

Dow Jones Industrial Avg.
Support is at 10,630. Under that buyers should appear near the 10,580 to 10,567 and the 10,555 region. Below that support is at 10,475 to 10,464 then 10,411.90 and the 10,360 to 10,320 region.

Resistance should appear near 10,680. A close over 10,680 is friendly and augurs for a test of 10,742 then 10,780. Beyond that a move towards the 10,820 to 10,845 region is likely.

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

Happy Trading

Bill

Aug. 5 1999
6:09 AM

BW recommended Open Pos.

Long Sept. Bonds at 116-09

Long 1 Sept. SP500 at 1399.

Short Sept. Unleaded Gas at 6337

Short Sept. Heating Oil at 6259

Long Sept. Silver at 543.5

Long Dec. Gold at 256.8

Long Sept. Wheat at 282 3/4

Long Dec. Corn at 230

Long Dec. Cotton at 5301

Long Sept. Cocoa at 1000

Short Sept. Yen at 8725

Long Oct. Platinum at 351.1

Long Sept. C$ at 6701

Long Oct. sugar at 611

MC recommended Open Pos.

NONE

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.

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