FuturesCom Investment Publications
Morning Comments, Thursday December 10,1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Thursday, Dec. 10, 1998
5:35 AM

On the Frenzied Forex Front

March Japanese-Yen

Early Support is near 8586 then 8580. Day traders can buy at 8589, risk 65 pts.

Below that support is at 8573.

Early Resistance is at 8673 to 8683 and 8767. Day traders can sell at 8673, risk 65 pts.

March D-Mark

Early Resistance is at 6047 to 6058 An extended trade over 6060 augurs for a test of 6104 to 6113. Day traders can sell at 6108 for a turn lower, risk 30 pts.

Support is at 6008 day traders can buy at 6008, risk 25 pts Below that support is at 5958 and 5948.

March Swiss

Resistance is at 7506 to 7513. Day traders should sell at 7506, for a quick turn lower. Risk 65 pts. Beyond that sellers should appear near 7556.

Support is at 7456 and 7420 Day traders can buy at 7420 for a good bounce. Risk 50 pts. Below that support is at 7360 and 7342 to 7328 Trade Accordingly

A close under 7420 is negative.

March British Pound

Support is at 1.6550 and 1.6470 and 1.6420. Resistance is at 1.6712 Day traders can sell at 1.6712, risk 100 pts. A close over 1.6720 augurs for a test of 1.6890.

March Canadian Dollar

Support is at 6477 and 6454 then 6434 Day traders can buy at 6477, risk 35 pts.

Under that 6406 should hold. Resistance is at 6534 an extended trade over 6534 is friendly and augurs for a test of 6577 to 6591. Day traders can sell an early rally at 6577, risk 35 pts.

Trade accordingly.

 

Precious Metals

Feb. Gold recommended position long at 298.10

Support is at 295.0 day traders can buy at 295.0 or better, risk $ 4.00. Below that support is at 292.6 Resistance is at 297.20 Beyond that 299 offers resistance.

 

March Copper:

Nearby Support is at 68-5 and 6750 and 6675 under that 6590 should hold.

Resistance is at 6990 to 7005 and 7055. Day traders can sell at 7055, risk 100 pts.

Jan. Platinum recommended position long at 349.5

Support is at 349.50 and 344.5 where it should hold basis the close.

Resistance is at 359 to 360.50.

*Traders should go long if a close over 355.5 occurs.

March Silver long 3 at 496.5 and 1 at 487.5

On the DownSide: Support is at 475.5 and 472, Day Traders should go long at 475.5 risk 5 cents. Under that 458 should hold. On the Upside. Nearby Resistance is at 485.5 and 492, a close over 492 is friendly for a test of 508. Trade Accordingly.

The Exciting Energies

Jan Crude

Nearby Support is at 1114 and 1110. Under that support is at 1101 and 1094. Day traders can buy at 1101 below that support is at 1071. Resistance is at 1121 then 1144 and 1164 to 1169,

Jan Unleaded Gas

Support is at 3377 day traders can buy at 3386, risk 80 pts. Below that support is at

3328 to 3317. Early Resistance is at 3490 to 3515 and 3577 then 3613 day traders can sell at 3577, risk 100 pts. Beyond that resistance is at 3612

 

Jan Heating Oil

Support is at 3187. Below that support is at 3076 and 3050 day traders can buy at 3055 risk 80 pts. Resistance is at 3255 and 3368. Day traders can sell at 3368, risk 100pts.

The Grande Grains

January Soybeans recommended position long at 575 1/2

Early Support is at 565.5 and 559. Below that support is at 551.

Resistance is at the 568 1/2 and 579.

Jan Soybean Meal recommended position long at 150.50

Support is near 145.4 to 144.7 Traders can go long at 144.5 Risk a close

Under 140.5 for three days in a row.

Resistance is at 149.5 Beyond that good sellers should appear at 152.9 and 153.4.

Jan. Soybean Oil 

Support is at 2370 where it should hold. Resistance is at 2411 to 2419 and 2442 then 2461 to 2469.

March Corn. Recommended position long at 226

Support is at 221 3/4 and 220 1/4. Day traders can buy at 220 3/4 risk 5 cents.

Below that 217 3/4 should hold. Resistance is at 223 3/4 and 227 1/4 day traders can sell at 227 1/2 for a turn lower, risk 4 cents. A close over 227 1/2 indicates a test of 231.

March Wheat recommended position long 2 at 290 and 288

Support is at 272 1/2 to 271 and 266, Day traders can buy at 273 and hold..

Resistance is at 279. A close over 279 is friendly and augurs for an eventual test of resistance near 290.

The Satisfying Softs

March Cotton recommended position long at 6510

Support is at 6235 to 6150. Traders can Buy at 6237 and hold for higher prices

Resistance is 6355 and 6425. Beyond that a test of 6505 is likely..

March Sugar

Support is at 814 and 795 to 791 Day traders can buy at 814, risk 30 pts. Below that support is 773. Resistance is at 834. A close over 834 augurs for a test of 847.

Beyond that sellers should appear at 859.

March Coffee: Recommended position long at 110.20

On the downside, Early support is at 111.55 and 111.25. Well Heeled day traders can buy at 111.25 Below that support is at 110.10 and 109.60. Hearty Day traders can buy at 109.60, risk 200 pts. Below that support is at 108.65 where it should hold basis the close. Under that support is at 106.80 and 105.80 to 105.40/ 105.05 Below that 103.60 to 103.00 should hold. Traders should buy at 103.60 and Hold.

On the Upside, Early Resistance is at 113.00 to 113.30 and 113.60 to 113.70

An extended trade or close over 113.60 augurs for a test of the 115.95 region and the 116.40 /116.90 region. Beyond that sellers should appear at 118.10

 

March Cocoa recommended position long at 1504

Support is at 1421 and 1415 Resistance is at 1465 then 1491 Day traders can sell at 1465, risk 35 pts. Beyond that resistance is at 1515.

 

The Lively Livestock

Feb. Cattle recommended position long at 6322

Support is at 5870 and 5845 Resistance is at 5990 to 6002 and 6022 then 6062

Feb. Hogs

Support is at 3172 and 3142. Resistance is at 3242 to 3257 and 3342 to 3372.

A close over 3257 is friendly

June Hogs recommended position long 4 at 4790.

April Hogs

Resistance is at 3802 an extended trade over augurs for a test of 3902 to 3912. Support is at 3777, below that buyers should appear near 3712 to 3702 and 3682,

traders can buy at 3682, risk a close under 3612 for three days in a row.

From the Frying Pan into the Fire--

Feb. Bellies recommended position long 4 at 4845, 4 at 4435, 4550

Support is at 4537 and 4397 to 4387.

Day traders can buy at 4397 for a quick bounce, risk 100 pts below that support should appear at 4237. Resistance is at 4687 to 4697 beyond that 4717 offers resistance, a close over 4717 indicates a test of 4845.

 

The Sensational Stock and Bond Markets

March Bonds

On The DownSide, support is at 130-10 / 130-09 Day Traders can buy an early dip at 130-10 for a turn higher. Risk 20 pts, Below that support is at 129-18 and 129-10.

On the Upside: Resistance is at 130-18 and Beyond that resistance is at 131-09 a close over 131-09 augurs for a test of 132-09

 

Dec. SP500 Recommended position short at avg. 1171.10 (3)

On the DownSide, Nearby Support at 1182.60 then 1180.50 to 1179.30. a slip under 1180.50 augurs for a test of 1170.70 to 1169. A slip under 1169 augurs for a test of 1166.50 and 1164 Which appears more likely than not. A close under 1169.00 is negative and augurs for an eventual test of 1156.30 and 1150. Beneath that a test of 1138 to 1130 region is likely.

On the Upside, Resistance is at 1189.70 and 1192 to 1193.70 day traders can sell at 1192.00 for a turn lower. Put your own risk on it. Beyond that resistance at 1202.70 to 1203 should bring out sellers...Day traders with Ice Water running through their veins should go short at 1201.90 and hold for lower prices.. Above that resistance is at 1207.30 and 1217.50. Beyond that the 1232 to 1238 region should Cap a rally.

Stay Tuned for SP500 Updates and Flashes.

 

The Dow Jones Industrial Average

Support is at 8988. A slip under 8988 indicates a pullback towards the 8964 /8955 region. Below that support is at 8934. Under that 8871 and 8856 offer support. Below that 8833 needs to hold basis the close for upward momentum to continue. If it fails a test of 8777 to 8762 is likely.

Resistance should first appear at 9055 to 9060 and 9098 to 9110. Beyond that resistance is at 9144 to 9164 above that 9233 to 9236 should cap a rally.

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

Happy Trading

Bill


Thursday
Dec. 10 1998

6 39 AM

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