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 Morning Comments   (MC)  Aug. 6 1999

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

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Friday Aug. 6, 1999

5:31 AM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support  is at  8762. Under that support is at 8722 then 8699

and the 8683 to 8668 region.  

Nearby Resistance is at 8777 and 8799  Beyond that sellers should appear near 8817 and 8837 and the 8856 to 8871 region. BW traders can sell at 8871 and hold for lower prices. 

A close under 8777 is negative

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 then 5553 and 5577  to 5589. BW  Traders can sell at 5553 and hold for lower prices, risk a close over 5577 for three days in a row..

A close under 5512 is negative..

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

Sept. Swiss

Nearby Support  is at   6723. Under that support should appear near 6707 to 6704.. Below that a test of 6673 is likely..

Nearby   Resistance is at 6741 and 6755 then  6777 above that sellers should appear near the  6809 to 6836 region  Day traders can sell at 6809 and hold for lower prices...

A close under 6741 negative

BW Traders should go short if a close under 6707 occurs

Sept. British Pound

Support should appear near 1.6150 and 1.6090 under that  buyers should appear near 1.6012 and 1.5986

Resistance is at  1.6178 and 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  near the 6673 to 6659 region and stop a decline for now.

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 7615 and 7545  Under that good support should appear near the  7430  region. Day traders can buy at 7430 and risk 100 pts  

Nearby Resistance is at 7765 to 7780 beyond that sellers should appear near 7815 to 7835  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 350.5 under that 348 to 347 should hold. Below that buyers should a

appear near 344.3.

Resistance is at  354.5 and 357 beyond that a test of 360 is likely.  

Sept. Silver

On the DownSide support is at 535.5 below that support is at 527.5 and 518

Day traders can buy at 517 and hold for higher prices..

On the Upside resistance is at  548. A close over 548 is friendly and augurs for a test of  558 to 563  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 2072   Beyond that  resistance is at  2080 to 2088 and 2126 to 2134.

Sept. Unleaded Gas

Nearby Support is at 6394 then 6356 and  6326 under that good buyers should

appear near 6245. 

Resistance should appear at 6482 to 6509 beyond that 6577 to 6591 should cap a rally today..

Sept. Heating Oil

Nearby Support is at 5257 and 5211  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 487 3/4 to 489 and 496

Support is at  472 3/4 and 468 1/4 under that 461 should hold.

Dec. Soybean Meal

Resistance is at 148.5 and 152.3 

Support is near 143.5 and 140.4

Dec. SoyBean Oil

Resistance is at 1731 to 1738  and  1774 to 1780. 

Support is at  1689 then 1664 and the 1642 to 1637. Day traders can buy at 1637 and risk 40 pts.    

Dec. Corn

Resistance is at 233 3/4 then 235 3/4 to 236 1/4. Beyond that a test of 240 1/2 is likely.

Support is at  230 3/4 then 226 1/2 

Sept. Wheat 

Support is at  274 1/2 and 271 1/4. Day Traders can buy  271 3/4 and hold for higher prices. Below that support is at 267 1/2 under that 265 should stop a break.

Resistance is at 277 and 279 1/2   Beyond that good sellers should appear near the 283, a close 283 over augurs for a test of  290 to 292.   

The Satisfying Softs

Dec. Cotton

On the DownSide support is at  5211 to 5200 and 5156.

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 613 to 609, day traders can buy at 609 and risk 15 pts.  Under that buyers should appear near 603 to 601 and the  586 to 582 region.  BW  traders can buy at 586, risk a close  under 582 for three days in a row. 

Resistance should appear at 625 to 628 and the 630 to 634 region. Beyond that a test of 643 is likely..  

Sept.  Coffee 

On the Upside, Resistance is at 9445 to 9475.. 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 9390 and 9315 then 9230, below that buyers should  appear near 9025 and 8965.

Sept. Cocoa

Support  is at 979 and 968  Below that good buyers should appear at 961 and 954

Resistance is at 997 and 1005 to 1008. Beyond that sellers should appear near 1032 to 1036 and 1054. Trade accordingly

The Lively Livestock

Oct. Cattle

Support is at 6507 to 6487,m day traders can buy at 6507 and hold for higher prices.. under that support is at 6457 and the 6432 to 6417 region. Below that Buyers should appear near support is at 6387.

.Resistance is at 6537  Beyond that sellers should appear near 6577 and 6607 to  6622,  BW 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 4462 and 4427.  Under that buyers should appear near 4382 and 4362 then 4332. Day traders can buy at 4362 for a bounce and hold for higher prices...

Resistance is at should appear near 4532 and 4562. Beyond that resistance is at  4662.. Day traders can sell at 4662 and hold for lower prices.

Stay Tuned for Belly and Hog Flashes.  

The Sensational Stock and Bond Markets

Sept. Bonds

On The DownSide nearby support is at 115-09  under that buyers should appear near 115-01. Below that 114-09 to 114-07 should contain a decline  below that 113-11 to

113-08 should hold

On the Upside Nearby  Resistance is at 115-22 and 115-29  beyond that sellers should appear near 116-09 and 116-15. A close over 116-09 is friendly and augurs for an eventual test of 117-09

Trade Accordingly.

Sept. SP 500

On the DownSide Nearby Support is at 1322 and 1311.60 and 1310 under that buyers should appear near 1307.50 to 1307 and 1304  Where it should hold on a decline basis the close. Below that support is at 1299.30 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 1325.70 region.  Above that sellers should  appear near 1330 and the  1334 to 1336.00 region.  Beyond that good a test of 1340 is likely. A close over 1340 is friendly and augurs for a test of 1356.10 and eventually 1361.50

* BW Traders  should go long if a close over 1340 occurs

Stay tuned for Flashes ...

Dow Jones Industrial Avg.
Support is at 10,680 to 190,676 and 10,630 to 10,614. Under that buyers should appear near the 10,580  region.  Below that support is at 10,475 to 10,464  and the 10,360 to 10,320 region.

Resistance should appear near 10,820  to 10,845 beyond that resistance is at 10,908 then 10,960 and 11,010. 

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

Happy Trading

Bill 

Aug. 6 1999
6:31 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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