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Morning Comments (MC) Aug. 10 1999
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Tues Aug. 10, 1999
6:00 AM
On the Frenzied Forex Front
Sept. Japanese-Yen
Nearby Support is at 8722 then 8706 with a touch of 8699 likely today. Under that support is at 8683 to 8668.
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 8707 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 5514 and 5533 above that sellers should appear near 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 6707 a close under is negative and augurs for a test of the 6673 to 6659 region. .
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 1.6090 under that buyers should appear near 1.6012 and 1.5986
Resistance is at 1.6150 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 6626 and stop a decline for now. Under that buyers should appear near 6591 and 6577
Resistance is at 6673 Beyond that resistance is at 6707
Stay tuned for Forex flashes.
Precious Metals
Dec. Gold
Nearby Support is at 256.70. Below that support is at 254.
Resistance is at 260.3 a close over 262 is friendly and augurs for a test of 267.
Sept. Copper
Nearby Support is at 7620 then 7545 Under that good support should appear near the 7430 region.
Nearby Resistance is at 7815 to 7835 BW Traders can sell at 7835 for a turn lower, risk a close over 7875 for two days in a row. Beyond that sellers should appear near 7950 and 8015.
Trade Accordingly and stay tuned.
Oct. Platinum
Support is at 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 527.5 and 521
Day traders can buy at 521 and hold for higher prices..
On the Upside resistance is at 535 and 542. A close over 542 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 2080 and 2074 under that support is at 2060 and 2042 to 2034
Resistance is at 2126 to 2134 and 2170 to 2185. Beyond that 2219 to 2226 should cap the rally for a bit. BW Traders can sell at 2219, risk a close over 2267 for two days in a row.
Sept. Unleaded Gas
Nearby Support is at 6518 to 6498 and 6430 to 6415. Under that good buyers should
appear near 6331.
Resistance should appear at 6577 to 6591. Beyond that sellers should appear near the 6659 to 6673 region and 6765
Sept. Heating Oil
Nearby Support is at 5492 and 5411 and 5356 to 5344 under that support is at 5256.
Resistance is at 5535 to 5555 and the 5590 to 5610 region
Trade Accordingly.
The Grand Grains
November Beans
Nearby Resistance is at 489 and 496
Support is at 477 then 472 3/4 and 468 1/4 under that 461 should hold.
Dec. Soybean Meal
Resistance is at 152.3 and 155
Support is near 148 then 143.5 and 140.4
Dec. SoyBean Oil
Resistance is at 1774 to 1780.then 1802
Support is at 1741 and 1734 then 1689 and the 1642 region
Dec. Corn
Resistance is at 236 1/4. Beyond that a test of 240 1/2 is likely.
Support is at 233 3/4 then 230 1/2
Sept. Wheat
Support is at 278 1/2 and 276 1/4. Day Traders can buy 276 1/4 and hold for higher prices. Below that support is at 272 under that 267 should stop a break.
Resistance is at 283, a close 283 over augurs for a test of 290 to 292.
The Satisfying Softs
Dec. Cotton
On the DownSide support is at 5346 and the 5256 to 5244 region.
On the Upside Resistance is at 5492 to 5504.
Oct. Sugar
Nearby Support is at 586 to 582. BW traders can buy at 586, risk a close under 582 for three days in a row.
Resistance should appear at 609 beyond that sellers should appear near 625 to 628 and the 630 to 634 region.
Sept. Coffee
On the Upside, Resistance is at 9490.. Beyond that resistance is at 9545 and 9625 to 9640. Above that sellers should appear near 9705 to 9735.
On the DownSide, support is at 9380, below that buyers should appear near 9255 and 9025 then 8965.
Sept. Cocoa
Support is at 941 to 932 under that 912 to 907 should hold..
Resistance is at 961 then 976 and the 1005 to 1005 region.
The Lively Livestock
Oct. Cattle
Support is at 6487, 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 6532 and 6607 then 6622, BW traders can sell at 6622 for a turn lower, risk a close over 6707 for two days in a row. Beyond that sellers should appear near 6672
Oct. Hogs
Support is at 4517 then 4467 and 4427. Under that buyers should appear near 4367.
Resistance is at should appear near 4577. Beyond that resistance is at 4667..
Day traders can sell at 4667 and hold for lower prices. Beyond that sellers should appear near 4717.
Stay Tuned for Belly and Hog Flashes.
The Sensational Stock and Bond Markets
Sept. Bonds
On The DownSide nearby support is 113-11 to 113-08 and 112-26 then 111-22
On the Upside Nearby Resistance is at 114-01 and 114-24 beyond that sellers should appear near 115-11.
Trade Accordingly.
A Close over 114-01 is friendlly
Sept. SP 500
On the DownSide Nearby Support is at 1292.40 then 1289 . Under that support is at 1277 and 1274.
Nearby Resistance is at 1298.7 Above that sellers should appear near 1304 to 1307 a close over 1307 is friendly and augurs for a test of 1322.
Beyond that good a test of 1334 is likely.
* BW Traders should go long if a close over 1307 occurs
Stay tuned for Flashes ...
Dow Jones Industrial Avg.
Support is at 10,680 and 10,648 to 10,630 and 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 10,743 and 10,796 to 10,820 beyond that resistance is at 10,845 and 10,908 then 10,960 to 11,010.
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Aug. 10 1999
7:59 AM
BW recommended Open Pos.
Long Sept. Bonds at 116-09
Long 1 Sept. SP500 at 1399.
Short 2 Sept. Heating Oil at 5375 avg
Long Sept. Silver at 543.5
Long Dec. Gold at 256.8
Long Sept. Wheat at 282 3/4
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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