Economic and Investment Trend Analysis

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FuturesCom Investment Publications
Morning Comments Wed July 21st,2004
Serving Professional and Individual Traders World Wide since 1988
7690 Rockport Circle , Lake Worth , Florida 33467 - USA and Canada Toll Free : 1-866-409-3890 - Intl : 1- 561-433-2995 http://www.futurescom.com

Tuesday July 20th, 2004
5:35 PM eastern time

Open BW Positions

The Frenzied Forex Front

Sept Yen
Recommended open position short at 9235
Resistance should appear near 9316 to 9347 and 9429 to 9445 BW Traders can sell at 9427 and risk a close over 9488 for three days in a row.
Support should appear near 9156 to 9140 and the 9060 to 9044 region.

Sept Euro Currency (EC)
Recommended open position Short at 12172
Support should appear at 12320 then 12247 and 12175
Resistance is at 12350 to 12380 and 12440

Sept Swiss Franc
Recommended open position Short at 8022
Resistance should appear near 8119 to 8134 and 8194 to 8223
Support should appear near 8044 to 8029 and the 7954 to 7939 region

Sept British Pound
Support should appear near 18400.. below that a test of 18220 to 18150 is likely.
Resistance should appear near 18580 to 18650

Sept Canadian Dollar
Recommended open position Short at 7540
Support should appear near 7601 to 7587 and 7513 to 7487
Resistance is at 7675 to 7690

Sept Aussie Dollar
Support should appear near 7170 to 7143
Resistance should appear at 7242 to 7255 and 7328 to 7342

The Sensational Stock and Bond Markets

Dow Jones Industrial Average
Resistance should appear near 10185 and 10320 to 10360
Support should appear near 10136 to 10104 and 10037 to 10021

September SP500
Recommended open position Long 4 at 1124 80 avg
Resistance should appear near 1115.50 and 1130 to 1136
Support should appear near 1101 to 1096 and 1082.00

Nasdaq Composite
Support should appear near 1909 to 1902 and 1865 to 1858
Resistance should appear near 1946 to 1953

Sept Mini Nasdaq 100
Resistance is at 1453 to 1459
Support is at 1421 to 1415

Sept 10 Year T-Note
Resistance should appear near 110-22 and 111-07.
Support is at 110-07 and 109-22

Precious Metals

August Gold
Recommended open position short 2 at 391.7 avg
Resistance should appear at 404.6 to 405.6 and 411 to 412
Support is at 399.2 to 398.2 and 392.9 to 390.9

Sept Copper
Support should appear near 12740 to 12680 and 12380 to 12320
Resistance should appear near 13040 to 13100 and 113340 to 113460

Sept Silver
Recommended open position short at 633
Support should appear 651 to 648.5 and 627 to 625.5
Resistance is at 657.5 to 659 and 665.5 to 667.5

The Exciting Energies
Sept Crude Oil
Resistance should appear near 4046 to 4056 and 4110 to 4120
Support should appear near 3992 to 3982 and 3929 to 3909

Sept Unleaded Gas
Resistance should appear near 12320 to 12380 and 12500
Support should appear near 12030 to 11920

Sept Heating Oil
Resistance should appear near 10960 to 11010 and 11300 to 11360
Support should appear near 10680 to 10580 and 10360 to 10320 .

                                                   The Lively Livestock
August Cattle
Support should appear near 8302 then 8222 to 8192 and 8137 to 822
Resistance is at 8392 to 8407 and 8482 to 8502

August Hogs
Recommended open position Short at 7550
Support is at 7432 to 7412 and 7342 to 7327
Resistance is at 7487 to 7512 and 7587 to 7602

October Hogs
Support is at 6507 to 6482 and 6432 to 6417
Resistance is at 6577 to 6592 and 6657 to 6672

August Pork Bellies
Recommended open position short at 10920
Resistance should appear near 10817 and 10957 to 11010
Support is 10682 to 10632 and 10577

                                  The Grande’ Grains
December Corn
Support should appear near 241 3/4 to 241 1/4 and 237 to 235 1/2
Resistance is at 246 1/4 to 246 3/4 and 251 1/4 to 251 3/4

November Beans
Support is at 643 to 641 3/4 and 635 to 633
Resistance is at 650 3/4 and 657 1/4 to 659

December Soymeal
Support should appear near 199.6 to 198.2 and195.3 to 194.6
Resistance should appear near 203.4 to 204.2 and 208 to 208.9

December Soybean Oil
Recommended open position Short at 2314
Resistance should appear near 2411 to 2419 and 2461 to 2469
Support should appear near 2354 and 2322 to 2315

Sept CBOT Wheat
Support should appear near 327 to 326 1/4 and the 321 1/4 to 319 1/4   region.
Resistance should appear near332 3/4 then 337 3/4 to 338 3/4 and the 342 1/2 to 344 1/4 region.

The Satisfying Softs

September Coffee
Recommended Open Position Long at 7360
Support is near 7345 to 7324 and 7255 to 7240
Resistance should appear near 7415 to 7430 and 7485 to 7515 .

Sept Cocoa
Recommended open position short at 1452
Support is at 1535 to 1529
Resistance is at 1569 to 1576

October Sugar
Support should appear near 814 and 795 to 791
Resistance should appear near 847 to 852 and 887 to 882.
BW Traders can sell at 876 and risk a close over 917 for three days in a row.

BW Traders should go short if a close under 811 occurs.

December Cotton
Support should appear near 4855 to 4845 and 4785 to 4775.
Resistance should appear near 4970 to 4995 and 5055 to 5065
- A Ship in Harbor is Safe...But that is not what ships are built for –

Happy Trading!
Bill wil@futurescom.com
1-866-409-3890
Tuesday July 20th
5:55 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.

Recommended Open BW Positions
Short Sept Yen 9235
Short Sept EC 12172
Short September Swiss Francs 8022
Short Sept Canadian Dollar 7540
Long 4 Sept SP500 1124.80 avg
Short 2 August Gold 391.7 avg
Short August Hogs 7550
Short August Pork Bellies 10920
Short December Bean Oil 2314
Long Sept Coffee 7360
Short Sept Cocoa 1452

Terms