Subject: Morning Comments 11-20-1998
From: "FuturesCom" <[email-masked]>
To: "FuturesCom" <[email-masked]>
Date: Thu, 19 Nov 1998 23:42:01 -0500

FuturesCom Investment Publications
Morning Comments, November 20,1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
Featuring Bi-Weekly Investment Outlooks, Special Reports, Morning Comments 
Experienced Since 1979 & Serving Professional and Individual Futures Traders World Wide since 1988
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Thursday, November 19, 1998

10:00 PM

On the Frenzied Forex Front

Dec. Japanese-Yen

Early Support is 8320 and 8314 to 8300. Day traders can buy at 8320, risk 65 pts. Below that buyers should appear near 8271 and 8223 

Resistance is at 8370 then 8391 to 8406 beyond that 8484 to 8499 Traders should sell short at 8484 for a turn lower, risk a close over 8499 for three days in a row. Beyond that resistance is at 8560 to 8589, traders should sell short at 8572, initially plan on risking risk a close over 8611. 

Dec. D-Mark Recommended position long at 5998 and 6002

Resistance is at 5947 and 5957 then 5982 to 5998 A close over 5998 is friendly and indicates a test of 6072 then 6101 to 6113. Traders should sell short at 6113 for a quick turn lower. Risk a close over 6165. 

Support is at 5930 and 5908 then 5898 to 5880. Below that support is at 5855. Hearty traders can buy at 5880 and hold for higher prices. 

* Traders should note that an extended trade over 5932 augurs for a test of 5980.

Dec. Swiss recommended position long at 7342 and 7303

Resistance is at 7242 to 7255 then 7298. Day Traders can sell short at 7298, risk 40 pts 

Support is at 7206 then 7198 to 7190 under that 7177 to 7170. Hearty traders can Buy at 7170, risk a close under 7143 for two days in a row. Below that support is at 7128. Traders can buy at 7128 for a turn higher, risk a close under 7088 for two days in a row. Trade Accordingly 

Dec. British Pound 

Support is at 1.6550 Traders should buy at 1.6550 and hold for higher prices, risking a close under 1.6420 for three days in a row.

Resistance is at 1.6656 and 1.6720. A close over 1.6720 augurs for a test of 1.6890 to 1.6960, traders can short at 1.6960, risk a close over 1.7110 for two days in a row..

Dec. Canadian Dollar 

Nearby Support is at 6439 then 6427 and 6417. Traders can buy at 6418 for a bounce. Risk a close under 6402 for three days in a row.

Resistance is at 6477 then 6509 and 6527. A close over 6517 is friendly and augurs for a test of 6577 to 6591. Traders should go long if a close over 6517 occurs. 

Trade accordingly.

Precious Metals

Dec. Gold recommended position long at 298.20

Support is at 294.60 and the 293.20 to 292.80 region. A close under 292.80 augurs for a test of 290.60. Traders can Buy at 290.40 and risk a close under 287.40 for three days in a row.

Resistance is at 296.70 and 299.00. A close over 297.20 is friendly and would indicate a test of 301.80 and 303.60 if it holds. 

Dec. Copper: Recommended position long at 7115

Nearby Support is at 7090. Below that support is at 7020.

Resistance is at 7225 to 7240. 

Pick Your Poison

Trade accordingly.

Jan. Platinum

Support is at 362 and 359.9, day traders can buy at 359.9,risk $5.00 under that support is at 356 and 352 where it should hold basis the close.

Resistance is at 367 and 372.5 Traders can go short for a turn at 373, risk a close over 380.6 for two days in a row.

Dec. Silver recommended position long at 502.5 and 513.5

On the DownSide: Support is at 491.5, day traders should buy at 492,risk 8 cents. Under that support is at 487.5 to 485.5 Traders can go long at 487.5 risk a close under 478 for three days in a row. Below that good buyers should appear at 469. On the Upside. Nearby Resistance is at 496.5 to 498.5 and 511, a close over 511 is friendly for an eventual test of the 531 region..

Trade Accordingly.

The Exciting Energies

Jan Crude recommended position long at 1357 and 1319 

Nearby Support is at 1264 and 1253 then 1235 Day traders should buy at 1264, risk 40 pts. Resistance is at 1289 and 1304 then 1314 Day traders can sell at 1314, risk 30 pts. Trade Accordingly 

Jan Unleaded Gas recommended position long at 4060

Support is at 3865 to 3855. Under that Traders can buy at 3815 and hold for higher prices. Early Resistance is at 3955, a close over augurs for a test of 4050 and 4101.

Jan Heating Oil recommended position long at 3865 and 3685

Support is at 3610 to 3580 and 3503

Early Resistance is at 3700 and 3741. A close over 3700 augurs for a test of 3855. 

The Grande Grains

January Soybeans recommended position long at 582

Support is at 580 1/2 below that good buyer should appear at 578 1/2 and 574. 

Traders can buy at 573 1/2, for a good bounce, risk a close under good support at 568 for three days in a row. 

Resistance is at 584 and 588 then the 595 to 598 region. 

Dec. Soybean Meal recommended position long at 146.5

Support is at 144.8 then 143.2 and 141.5 Resistance is at 149.1, a close over 149 is friendly and augurs for a test of 158 *

Traders should go long /add if a close over 149 occurs..

Dec. Soybean Oil Recommended position long at 2469

Support is at 2469 and 2461 then 2442. Below that Support should appear near the 2419 to 2411 region. 

Resistance is at 2492 and 2511 to 2519. Beyond that a test of 2536 is likely.

Dec. Corn. Recommended position long at 219 3/4

Support is at 218 below that support is at 215 1/2. Below that support is at 213 1/2.

Resistance is at 222 3/4 and 224.. Beyond that 226. 

Dec. Wheat recommended position long at 287 1/4 

Support is at 2881/4 Below that support is at 286 1/4 Day traders should Buy at 289, risk 5 cents under that support is at 281 where a break should contain itself.

Nearby Resistance is at 294 1/4. A close over 293 1/4 augurs for a test of 298 1/2 then the 299 to 301 region.

Try buy a dip this week *Traders should go long if a close over 293 1/4 occurs.

The Satisfying Softs
March Cotton recommended position long at 6510 

Support is at 6315 and 6270 

Resistance is 6435 and 6502 Day traders should sell at 6432, risk 50 pts. 

March. Sugar 

Support is at 832 then 826 to 819. Traders can buy at 823, risk a close under 907 for two days in a row.

Resistance is at 847 then 852 to 859. Beyond that sellers should appear near 867 

March Coffee:

On the downside, Early support is at 109.60 then 109.20 and 107.10. Day traders can buy at 109.60 and put your own risk on it...Below that support is at 106.80 and 105.80, Below that 103.60 to 103.00 should hold. Traders should buy at 103.60 and Hold...

On the Upside, Early Resistance is at 111.90 to 112.00 then 113.00 to 113.60. A close over 113.60 augurs for a test of the 116.40 to 116.90 region. Beyond that a push to the 119.20/ 120.30 region is likely.

March Cocoa recommended position long at 1504

Support is at 1491 to 1484. Under that support should appear near the 1477 region and 1459. Where it should Hold. 

Resistance is at 1504 then 1524 to 1535. A close over 1535 augurs for a test of 1561

**Traders should go long if a close over 1535 occurs.

The Lively Livestock

Dec. Cattle Recommended position long at 6417 and 6297

Support is at 6182 and 6152, day traders can buy at 6152, risk 50 pts.

Resistance is at 6267 and 6307 ... Day traders can sell at 6302 risk 50 pts. 

As a close over 6302 is friendly and indicates an eventual test of 6447. 

Dec. Hogs recommended position long at 3102

Support is at 3037. Below that 2990 to 2972 should hold.

Resistance is at 3097 and 3162 to 3177 A close over 3177 augurs for a test of 3262 and eventually 3482

Recommended Spread Long 5 Feb. Hogs, Short 5 April 
--135 Feb. under April.

Feb. hogs Recommended position long 4 at 4302 avg.

Support is at 3790 and 3747 where it should hold. Resistance is at 3875 then 3900 and 3967.

April Hogs 

Resistance is at 4202 then 4252, day traders can short an early rally at 4252 risk 50 pts.

Support is at 4152, under that buyers should appear near 4077 then 4047 .

--From the Frying Pan into the Fire--

Feb. Bellies recommended position long 4 at 4845 and 4 at 4435 

Support is at 4347 and 4327 then 4287 and 4187. Day traders should Buy at 4292 put your own risk on, 

Resistance is at 4437 then 4487 and 4587. A close over 4437 is friendly and augurs for an eventual rally to 4727. * Traders should go long / add if a close over 4522 occurs, 

Patience...-Stay tuned for Updates in the Meat Complex.- 

The Sensational Stock and Bond Markets 

Dec. Bonds 
On The DownSide, support is at 127-18 and 127-13, day traders can buy at 127-13 , risk 10 pts. Below that support is at 126-13 to 126-07

On the Upside: Resistance is at 128-04 Beyond that resistance is at 128-13.

Beyond that Resistance is at 129-09 to 129-10 and 129-16 Traders can go short at 129-16 ,risk a close over 130-20 for three days in a row. 

Dec. SP500 recommended position short at 1137.20 and 1150

On the DownSide, Support is at 1152.80 and 1150 to 1148.70 a close under 1148.70 augurs for a slip to 1137.60, under that support is at 1133.50 and 1132.20. Below that 1130 is likely to trade. 

On the Upside, Resistance is at 1164 and 1169.5 Traders should sell short at 1168.50 and hold for lower prices... Beyond that 1182 to 1203 should bring out sellers...traders with Ice Water running through their veins should go short at 1194.60 and Hold..Stay Tuned for SP500 Updates and Flashes . 

** A close under 1148.70 is negative, traders should sell short if a close under 1148.70 occurs. 

The Dow Jones Industrial Average 

Support is 9044 and 9017.8 and 8964 to 8934. A slip under 8934 augurs for a test of the 8871 to 8854 region, below that 8833 needs to hold basis the close for upward momentum to continue. A close under 8833 is negative and indicates a slip towards the 8777 to 8762 region.

Resistance should first appear at 9060 and 9083, a close over 9083 augurs for a test of 9140 to 9156 where good sellers should appear.. Beyond that 9254 and 9316 to 93347 should cap a rally..

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

Happy Trading

Bill 

Thursday Nov. 19 1998

11:37 PM

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