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Morning Comments (MC) Aug. 12 1999

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

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"Among the hazards of speculation the happening of the unexpected -I might even say the

unexpectable - ranks high. There are certain chances that the most prudent man is justified in taking - chances that he must take if he wishes to be more than a mercantile mollusk--"

Reminiscences of a Stock operator.

Thursday, August 12, 1999

6:25 AM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support is at 8629 and 8589 to 8560.

Nearby Resistance is at 8668 and 8683 Beyond that sellers should appear near 8726 and 8762.

Sept. D-Mark

Nearby Support should appear at 5430 to 5418 region. A close under 5418 is negative and augurs for a test of 5356 to 5344 and eventually the 5282 to 5256 region

Resistance is at 5473 and 5492 to 5504 above that sellers should appear near 5519, day traders can sell at 5519 beyond that resistance is at 5553. 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 6659 and 6650 a close under 6659 is negative and augurs for a test of 6618 and eventually Below that 6591 to 6577 offers support...BW Traders can buy at 6591 for a bounce, risk a close under 6577 for two days in a row..

Resistance is at 6673 and 6707 to 6718 beyond that sellers should appear near 6741 and 6755

Sept. British Pound

Support should appear near 1.6012 and 1.5986 Below that 1.5886 should contain a decline. Traders can buy at 1.5886 and risk a close under 1.5760 for two days in a row.

Resistance is at 1.6090 then 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 6707 and 6673 then 6659

Resistance is at 6741 to 6755 and 6773.

Stay tuned for Forex flashes.

Precious Metals

Dec. Gold

Nearby Support is at 261.21. Below that support is at 259.8. and 257.5

Resistance is at 264.2 and 266.3 to 267.1.

Sept. Copper

Nearby Support is at 7800 then 7775 Under that good support should appear near the 7630 region.

Nearby Resistance is at 7835 and 7875 beyond that sellers should appear near 7950 and 8030.

Trade Accordingly and stay tuned.

Oct. Platinum

Support is at 351.5 and 348. Below that buyers should appear near 343.5.

Resistance is at 353 and 354.5 beyond that a test of 359 to 362 is likely.

Sept. Silver

On the DownSide support is at 537 and 532..Under that support is at 520

Resistance is at 546 and 552

Trade Accordingly and Stay tuned for Flashes...

The Exciting Energies

Sept. Crude

Nearby Support is at 2134 and 2126 under that support is at 2088 to 2080

Resistance is at 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 6555 Under that good buyers should appear near 6512 and 6482

Resistance should appear near the 6659 to 6673 region and 6765

Sept. Heating Oil

Nearby Support is at 5411 to 5385 and 5356 to 5344 under that support is at 5256.

Resistance is at 5590 to 5610 and 5642 then 5695 beyond that sellers should appear near 5716 and 5725

Trade Accordingly.

The Grand Grains

November Beans

Nearby Resistance is at 490 to 492 and 505 1/2.

Support is at 482 and 477 1/2 then 463 1/2 to 462 1/4.

Dec. Soybean Meal

Resistance is at 149.2 and 151 then 152.9

Support is near 145.9 to 145.3 and 142.1 to 141.5

Dec. SoyBean Oil

Resistance is at 1751 and 1774 to 1780. Beyond that sellers should appear near the 1808 to 1822 region

Support is at 1738 to 1331 Under that 1696 to 1689 should hold.

Dec. Corn

Resistance is at 237 and 241 1/2 is and 242 and 243 3/4.

Support is at 233 1/2 and 232 then 227.

Sept. Wheat

Support is at 272 below that buyers should appear near 266 1/2 and 264 3/4.

BW Traders can go long at 261 1/2 and hold for higher prices.

Resistance is at 276 1/2 and 278 3/4 beyond that sellers should appear near 284 1/2..

The Satisfying Softs

Dec. Cotton

On the DownSide support should appear near 5244 below that 5211 and 5185 offer support.

Resistance is at 5283 and 5344 to 5356.then 5383.

Oct. Sugar

Nearby Support is at 601 to 597 and 586 to 582. BW traders can buy at 586, risk a close under 582 for three days in a row. Below that 577 to 572 should hold..

Resistance should appear at 617 to 619 and the 630 to 634 region.

Sept. Coffee

On the Upside, Resistance is at 9780. Above that resistance should appear near the 9825/ 9835 and 9920 to 9935 and 100.00 to 100.50

On the DownSide, support is at 96.20 and 95.45 to 9530 under that support is at 9445 and 9425, below that buyers should appear near 9345 and 9285.

Sept. Cocoa

Support is at 941 to 932 under that buyers should appear near 925 and

the 912 to 907 region

Resistance is at 968 to 975 a close over 975 is friendly and augurs for a test of 994 and the 1000 to 1005 region.

The Lively Livestock

Oct. Cattle

Support is at 6542, under that support is at 6507 and 6472

Resistance is at 6617 to 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 6657 and 6692

Oct. Hogs
Support is at 4517 and 4492 to 4472. Below that support should appear near the 4447 to 4427 region Below that buyers should appear near 4392.

Resistance is at should appear near 4572 to 4592 Beyond that sellers should appear near 4637 and 4677 to 4687. Day traders can sell at 4677 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 113-20 and 113-13 below that support is at

113-00 and 112-26.

On the Upside Nearby Resistance is at 114-09 and 114-14 beyond that sellers should appear near 115-00 top 115-02 and 115-14.

Trade Accordingly.

Sept. SP 500

On the DownSide Nearby Support is at 1304 and 1298.00 below that support is at 1294.60 and 1289 Below that 1277 and 1274 Under that 1268 should contain a

decline..

Nearby Resistance is at 1307 and 1308.60 beyond that a test of 1310 to 1313.40

is likely. A close over 1310 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 1310 occurs

Stay tuned for Flashes ...

Dow Jones Industrial Avg.
Support is at 10,713 and 10,680 under that support is at 10,648 to 10,630 and 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 10,793 and 10,820 beyond that resistance is at 10,845 to 10,861 and 10,908. Beyond that a test of 10,960 to 11,010 is likely.

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

Happy Trading

Bill

Aug. 12 1999
7:23 AM

BW recommended Open Pos.

Long Sept. Bonds at 116-09

Long Sept. SP500 at 1399.

Long Sept. Silver at 543.5

Long Dec. Gold at 256.8

Long Sept. Wheat at 282 3/4

Long Dec. Cotton at 5301

Short Sept. Yen at 8725

Long Oct. Platinum at 351.1

Long Oct. sugar at 611
Short Sept Swiss at 6679

Short Sept copper at 7835

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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