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Morning Comments  (MC) Thur , August 19, 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  August 19, 1999
6:00 AM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support  is at 8960 then 8939  Below that support is at 8871 to 8864.

Nearby Resistance is at  9018 and 9045 to 9060

Sept. D-Mark

Nearby Support  should appear at 5387 and 5356 to 5344 a close under 5344 augurs for a test of the 5282 to 5256 region and 5211 to 5200..

 

Resistance is at 5418 and 5430 then 5492 to 5504

Trade accordingly

 

 

Sept. Swiss

Nearby Support  is at 6577  If it fails there a test of 6543 and the 6509 to 6482 region is likely... Below that 6430 to 6417 should hold . BW Traders can buy at 6430 for a bounce , risk a close under 6417 for two days in a row.

 

Nearby   Resistance is at 6628 and  6659 to 6673, BW Traders can sell at 6659 risk a close over 6673 for three days in a row.  Beyond that sellers should appear near 6741 to 6755 and  cap a rally..

 

Sept. British Pound

Support should appear near 1.5938  BW Traders can buy at 1.5938 and risk a close under 1.5886 for two days in a row.

Resistance is at 1.6090 a close over 1.6090 is friendly and augurs for a test of 1..6150 and  1.6226  Beyond that is at resistance 1.6286

 

BW Traders should go long if a close over 1.6090 occurs... .

 

Sept. Canadian Dollar

Support should appear at 6707 and contain the decline  A close under 6707 augurs for a test of 6673 to 6659.. Aggressive BW traders can buy a dip to 6673 and risk close under 6659 for three days in a row.

.

Resistance is at  6741 and 6755 then 6773

 

BW Traders should go long if a close over 6809 occurs..

 

Stay tuned for FuturesCom's  Forex flashes 

 

 

Precious Metals

 

Dec. Gold

Nearby Support is at  261.2  Below that support is at 259 and 2556.80 to 255.2 which should hold..

 

Resistance is at  264.4  and 267.20 beyond that sellers should appear near 268.50 to 269 and 272.40  beyond that sellers should appear near 275.80 to 277.50 and cap a rally

 

BW Traders should go long / add if a close over 267.20 occurs we see a test of 271.60 to 272.40

 

Buy Dips

 

Dec. Copper

Nearby Support  is at  7510 to 7490.   BW Traders should guy at 7515 and hold risk a close under 7485 for three days in a row.. Below that support is at 7415 and 7335

 

Nearby Resistance is at  7635 and 7770 then 7895 and 7940 to 7955

 

BW Traders should go long if a close over 7955 occurs.

 

Oct. Platinum 

Support  is at 350 and  345.5  Under that support is at 337..

Resistance is at  355.5 and the 359 region is likely Above that resistance should appear near the 362.3  region A close over 362.30 is friendly ..and augurs for a  test of 366.30 to 368.20

 

 BW Traders should go long if a close over 362.30  occurs..

 

Dec. Silver

On the DownSide nearby support is at 523.to 521 . Below that .support is at  507 to 505.  BW Traders can buy at 505 for a bounce.  Risk a close under 491 for two days in a row. 

 

On the Upside. Nearby resistance is at 533 and 541  to 543

 BW Traders should go long if a close over  543 occurs . 

 

Trade Accordingly and Stay tuned for Flashes...

 

The Exciting Energies

Oct. Crude

Nearby Support is at 2167 then 2126 and the 2088 to 2080 region. BW  Traders can buy at 2088 and risk a close under 2080  for three days in a row , below that support is at 2049 and the 2042 to 2034 region..

 

Trade accordingly

 

Resistance  is at  2197  Beyond that  a test of  2219 to 2226 and the 2267 to 2275  region is likely.  BW Traders can sell at 2267 for a turn lower , risk a close over 2275 for two days in a row. Above that 2315 to 2322 offers resistance. 

 

Oct. Unleaded Gas

Nearby Support is at 6259 and 6145 then 6025 and 5957 to 5945 

Resistance should appear at  6337 to 6350  and 6418 to 6430

 

Oct. Heating Oil

Nearby Support is at 5630 then 5553 and 5504 then 5430 to 5418 region.  BW Traders can buy at 5430 , risk a close under 5418.

Resistance is at  5792 / 5805 and the 5830 to 5855 region.  Traders can sell at 5830 , risk a close over  5880 for two days in a row.. Beyond that sellers should appear near the  6023 to 6035 region aggressive traders can sell at 6023 and hold for lower prices

Trade Accordingly.

 

The Grand Grains

November Beans

Nearby Resistance is at 479 and 484 1/2  to 487   However a close 485 3/4 is friendly and augurs for a  test of 495 and eventually  508 3/4 then 512 1/2 to 514..

Support is at 465 and the 459 to 457 region..

 

Dec. Soybean Meal

Resistance is at 144 to 145.9.  A close  over 145.9 is friendly and augurs for a test of 156. 

Support is near 142.4 then138.2 to 137.7

 

Dec. SoyBean Oil

Resistance is at 1761 to 1774 / 1780 and 1802.

Support is at 1692 to 1686 and 1661

 

Trade Accordingly and Stay tuned

 

Dec. Corn

Resistance is at 232. Above that  sellers should appear near 236 and 239 then 243

 

Support is at 225 3/4 then 223.

 

Dec. Wheat 

Resistance is at 289 1/2 and  293.. A close over 293 3/4 is friendly and augurs for a test of 298 to 301 and eventually 305 where resistance should appear.   Beyond that resistance is at  309 and 318..

BW Traders should go long if a close over 288 3/4  occurs..

Support is at 283 1/2 and 278 to 275 1/2  under that support is at 271 1/2.

 

                      The Satisfying Softs

Dec. Cotton

On the DownSide support is at 5447 then 5405 and 5356 to 5344..

On the Upside Nearby Resistance is at  5492 to 5504. Beyond that resistance is at 5553 to 5577 and  5640 to 5653 a close over 5653 is friendly and augurs for a test of  5729 and 5792 to 5805..

 

Oct. Sugar  

Nearby Support is at  586 to 583.  BW Traders can buy at 583 and risk a close under  568 for three days in a row.

 

Resistance should appear at  609, a close over 609 is friendly and augurs for a test of  623 and the 630 to 634 region. A close over 634 is friendly and augurs for a test of 

656 to 661 and eventually 680.

 

BW Traders should go long if a close over 609 occurs..

 

Dec. 'The Monster'   Coffee 

On the Upside, Resistance is at  9285 to 9300 and 9445 to 9460

On the DownSide,  support is at 9156 to 9140.  Under that 8875 to 8855 should contain a decline... 

Stay tuned...

 

Dec. Cocoa

Support  is at 955 and the  941 to 932 region under that  918 to 907 should hold..

Resistance is at 973 and 1000 to 1005 then 1015. Beyond that sellers should appear near  1032 to 1036 region and  the  1058 to 1068 region..

 

BW Traders should go long if a close over 1005 occurs..

 

Trade accordingly

 

 

The Lively Livestock

Oct. Cattle

Support is at  6565 to 6552 then 6492and 6475

Resistance is at 6627 and 6642 and  6707. Beyond that resistance is at 6742

 

Oct. Hogs
Support is at 4207 . Below that support is at  4122 to 4112 and 4057 to 4047.. 

Resistance is at 4322 and 4402 then 4437

 

Stay Tuned for  Hog and Belly Flashes.  

 

 

The Sensational Stock and Bond Markets

 

Dec. Bonds

On The DownSide nearby support is at 114-20 and 114-09 then 113-24 to 113-21 and 113-09 under that buyers should appear near 112-20 and 112-11 and  contain a decline for a while..Under that 112-00  and 111-17 offer support.. BW Traders can buy at 112-00 and risk a close under 111-17 for three days in a row.

On the Upside Nearby  Resistance is at  115-05 and 115-20 .. Beyond that sellers should appear near 116-12 and 116-27

 

Sept. SP 500

On the DownSide Nearby Support is at 1329 and  1322.  MC Traders can buy at 1322 and hold for higher prices... Below that support is at 1310  BW Traders can buy at 1310 for a turn higher put your own risk on it and stay tuned. Under that support is at 1307 to 1304   Where it should hold on a decline basis the close.  Below that buyers should appear near 1302.20 and 1300. Under that support is at 1289 and the 1274 to 1268 region...

 

Nearby Resistance  is at 1334 and 1340 to 1341 beyond that a test of 1358.70  then 1361.50 is likely . MC Traders can sell at 1361.10 for a quick turn lower.. Put your own risk on it and stay tuned.. Beyond that resistance is at 1363.70 and 1371.20 ..A close over 1371.20  is friendly and augurs for a test of  the 1377 to 1383  region  Beyond that sellers should appear near 1399 to 1402...

 

Stay tuned for Flashes !

 

Dow Jones Industrial Avg.
Support is at 10,960 and 18,878 under that 10,820 should hold.

 Resistance should appear near 11,010 a close over augurs for a test of 11,1155 and 11,189.5 and the  11,300 to 11,360 region.. Which should Cap a rally ...

 

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

 

Happy Trading

Bill 

 

Aug. 19 1999
07:35 AM

 

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.

 

 

BW recommended Open Pos

Long  Dec. Gold at  261.2

Long Dec. Cotton at 5489

Long Dec Bean Oil at 1703

Short Sept Yen at 8723

Long Dec Coffee at 9750

Long 2 Dec Silver 1 at 525 and 1 at 526.5

Long Sept C$ at 6762

Short Oct Cattle at 6622
Long Dec bonds at 114-23
Long Oct Hogs at 4307

Long Nov Beans at 467 1/2

Long Dec Wheat at 287 1/4

 

 

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