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FuturesCom Investment Publications
Morning Comments, Thusday November 21st, 2002
Experienced Since 1979 - Serving Professional and Individual Traders World Wide since 1988
7690 Rockport Circle, Lake Worth, Florida 33467 Tel: 1-561-433-2995 http://www.futurescom.com

If all our misfortunes were laid in one common heap whence everyone must take an equal portion,
most people would be contented to take their own and depart. --Socrates-

Wednesday November 20th, 2002
8:00 PM eastern standard time

The ‘Frenzied’ Forex Front
December Yen
The recent down grade by the BOJ of the Japanese's economy forced traders to rethink holding Yen positions, the BOJ said it fears an anemic global recovery will hurt Japan's exports and domestic production.
This is the first time in eleven months that the BOJ has issued a downgrade. Along with the down grade it planned to leave monetary policy steady but will print more yen.. This all has led to pressure on the
Yen which many traders feel will most likely remain range bound to weak...However it appear a bit overdone for now, so expect a nice bounce.
Support should appear near 8134 to 8119 and should contain the decline for a bit.. Below that buyers should appear near 8044 to 8029.
Resistance should appear near 8194 to 8223 , a level we expect to be tested again.. Beyond that sellers should appear near 8262 and the 8300 to 8314 region , which should cap a sharp advance.

Pick Your Poison..

December Euro Currency (EC)
Moody's downgrade of Allianz and the subsequent worries about European banks gave reason for traders to sell Euros down to parity with the dollar in addition is has been a lot of babble over the Euro zone Stability and Growth pact and whether it will be modified or not.

This is the same talk that has caused traders to get short the Euro time and time again over the last year to no avail as just this week it posted it's highest levels since July and is essentially at highs not seen since
Feb of 2000.. In addition the strength of the U.S. Stock market also has made traders turn a bit bullish on the Dollar Versus the Euro.

Generally speaking the U.S Stock market although very robust looking Still remains at or just under the Sell off low for Sept of 2001 (which was supposed to be THE bottom at the time) and down on the year.
All the while the busiest workers in America are munition plant employees working 12 hour shifts 6 days a week the U.S is conducting war games on the border of Kuwait and Iraq..

We remain friendly to Euro and it's partners and favor buying the pullbacks for now.. Swiss Franc and Sterling appear resisliant at these levels.

Recommended Open BW Position Long at 10041
Support should appear at 9979 and 9937 to 9921 Resistance is at 10021 to 10037 and 1.0079

December Swiss Franc
Recommended Open BW Position Long at 6868
Resistance should appear near 6836 and 6872..Support should appear near 6809 and 6782.

December British Pound
Recommended Open BW Position Long at 1.5728
Support should appear near 1.5690 and 1.5612 and 1.5586 Resistance should appear near
1.5734 and 1.5760..A close over is freindly and augurs for an eventual test of 1.5912..

December Canadian Dollar
Longer term see the Canadian dollar moving higher .. but first it has to start holding again . Recently
Canadian 'Senior' Industry Minister Allen Rock made some comments about the undsiribilty level of weakness of it's Fiat currency..It's good to hear a government official take a stand .. but neverthelessthe Canuck is having problems getting out of it's own way. However we see no reason to press the shortside at these levels and desire to continue poking at the long side.

Support should appear near 6270 to 6257 and should contain a decline… A close under is negative and augurs for a test of 6190 to 6165.
Resistance is at 6337 to 6350 , a close over augurs for a test of 6417 to 6430..

December Aussie Dollar
Recommended Open BW Position Long at 5582
Support is at 5577 to 5553
Resistance is at 5607 and the 5640 to 5653 region..

The Sensational Stock and Bond Markets

Dow Jones Industrial Average
Resistance should appear near 8668 to 8683 where sellers should appear attempt to Cap an early rally.
Beyond that resistance is at 8762 to 8777
Support should appear near 8689 to 8560 and 8499 to 8484 ..

December SP500
Recommended Open BW Position Short at 891.50
Resistance is at 923.60 and the 931.60 to 934.70 region. Support should appear near 915.60 to m914.00 and 906.00 to 904.40.

Nasdaq Composite
Resistance is at 1421and the 1453 to 1459 region. Support should appear near 1415, a slip under augurs for a test of 1399 .. below that buyers should appear near the 1383 to 1377 region

December Mini Nasdaq 100
Resistance is at 1096 to 1101 and 1130 to1136
Support is at 1068 to 1058.

March Ten Year T-Notes
Resistance should appear near 112-07 and 112-23..
Support is at 111-23 and 111-05.

Precious Metals

December Gold
Recommended Open BW Position Long at 321.7
Support should appear at the 315.7 to 314.8 region.
Resistance is at 319.4 to 321.3

December Copper
Support should appear near 7485 to 7515 and 7585 to 7605
Resistance should appear near 7430 to 7415 and 7345 to 7325.

December Silver
Recommended Open BW Position Long at 4.55
Support should appear near 451.5 to 450.0 and 444.5 to 442.5
Resistance is at 457.0 to 458.5 and 463.5 to 465.0

The Exciting Energies

January Crude Oil
Support should appear near 2612 and 2568 to 2552
Resistance is at 2662 to 2673 and 2716 to 2724

January Unleaded Gas
Recommended Open BW Position , long at 6995
Support should appear near 7005 to 6990 and 6920 to 6905
Resistance is at 7075 to 7090 and the 7140 to 7170 region

January Heating Oil
Resistance is at 7485 to 7515 and 7585 to 7605.
Support should appear near 7430 to 7415 and 7340 to 7325

January Natural Gas
Resistance is at 4.370 to 4.381 and 4.425 to 4.446
Support is at 4.315 to 4.304 and 4.249 to 4.238

The Lively Livestock
December Live Cattle
Resistance should appear near 7427. Beyond that sellers should appear near 7487 to 7512.
BW traders can sell at 7482 for a turn lower and risk a close over 7522 for three days in a row
Support is at 7342 to 7327

Stay tuned for updates

December Hogs
Recommended Open BW Position, short at 2 at 4342 avg
Support is at 4587 to 4572 and 4517 to 4507 .
Resistance is at 4637 to 4652 and 4692 to 4717

Feb Hogs
Support is at 5357 to 5342 and 5282 to 5257
Resistance should appear near 5417 to 5432 and 5492 to 5507

February Pork Bellies
Support should appear at 8317 to 8297 and 8227 to 8192
Resistance is at 8392 to 8407 then 8482 to 8502 and 8557 to 8587

-Stay tuned for Livestock and Belly Updates and Flashes-

The Grande’ Grains

Jan Soybeans
Resistance is at 579 1/4 to 580 1/2
Support should appear near the 572 3/4 to 571 3/4 and 565 1/4 to 564

December Soymeal
Recommended Open BW Position, Long 166.1
Support should appear near 165.5 to 164.2
Resistance is at 168.9 to 169.6

December Soybean Oil
Recommended Open BW Position, Long 2236
Resistance is near 2267 to 2275
Support should appear near 2226 to 2219 and 2185 to 2179
BW Traders should go long if a close over 2278 occurs.

Dec Corn
Resistance should appear near 251 1/4 to 252 .
Support is at 247 to 246 1/4 and 244

December Wheat
Recommended Open BW Position, Long 2 at 402 1/2 avg
Support should appear at 374 1/2 to 373 3/4 and the 368 1/4 to 366 1/4 region.
Resistance is at 379 1/2 to 380 3/4 and 385 2/3 to 386 3/4

March Wheat
Support should appear at 368 1/4 to 366 1/4
Resistance is at 379 1/2 to 380 3/4

The Satisfying Softs
March Cocoa
Recommended Open BW Position Long at 1753
Support is at 1738 to 1731 and 1696 to 1689
Resistance should appear near 1774 to 1780 and the 1808 to 1822 region.

March Coffee
Recommended Open BW Position Long at 7240
Support is near the 7170 to 7140 and the 7005 to 6990 region .. Below that buyers should appear near 6835 to 6805 and the 6755 to 6740 region .
Resistance should appear near 7325 to 7345 and the 7415 to 7430 region.

March Sugar
Recommended Open BW Position, Long 2 at 737 avg
Support should appear near 712 to 704 .
Resistance should appear near 735 to 739

March Cotton
Support should appear near the 5065 to 5035 and 4995 to 4975 .
Resistance is at 5125 to 5140 and 5200 to 5215, a close over augurs for a test of 5345 to 5355 ..
BW Traders should go long if a close over 5155 occurs .

Ship in Harbor is Safe.. But that is not what ships are built for –

Happy Trading!
Bill
bill@futurescom.com 1-561-433-2995

Wed , November 20th, 2002

9:05 PM , South Florida Beach Time

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 ARE 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.