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Morning Comments July 10 th 1998

Friday July 10, 1998

05:24 AM

On the Frenzied Forex Front

Sept. J-Yen

Support is 7140 and 7115, Below that Support is 7089. Day traders can buy at 7088 for a bounce, risk 30 pts. Below that support is at 7077 and 7002

Resistance is at 7170. Beyond that resistance is 7215 and 7242 to 7256. Day traders can sell at 7242, risk 30 pts. Beyond that resistance is at 7315.

Sept. Swiss Recommended Position Long at 6695, 6755, 6628 and 6540 (3)

Support is 6513 and 6509 to 6483 region which should contain a break.

Resistance is at 6547 and 6565. day traders can sell at 6563 for a turn lower. however a close over 6547 is friendly for a rally back to 6577 to 6590 and eventually a test of 6741.

Sept. British Pound: Recommended Position long at 1.6380

Support is at 1.6210 and 1.6150 to 1.6090. Buy at 1.6090 for a bounce, risk 100 pts.

Resistance is at 1.6308 then 1.6360 to 1.6420 and 1.6550. A close over 1.6430 augurs for a test of 1.6550.

Sept. D-Mark Recommended Position long at 5593 and 5490 (3)

Support is at 5478 and 5465, below that day 5452 should hold, if not Day traders can buy at 5430 for a bounce, risk 20 pts.

Resistance is at 5502 to 5504 and 5513 then 5526. Beyond that sellers should raise their heads near the 5552. Day traders can sell at 5552 for a turn lower. However a close over 5497 is friendly and augurs form a test of 5577.

Sept. Canadian Dollar Recommended Position long at 6836,6856 and 6847

Support is at 6786 and 6745 which should hold today. Resistance is at 6809 and 6836. Trade Accordingly.

A close over 6786 is friendly.

Precious Metals

August Gold Recommended Position Long at 298.10 and 293.10

Nearby Support is at 291.80 to 291.0 below that 289 to 288 should hold.

Day traders can buy at 289 for a bounce and risk $4.00

Resistance is at 293.5 and 297.20.

Sept. Copper: Recommended position Long at 7480

Support is at 7075 A close under indicates a test of 7015 to 6990. Traders can buy at 7015 for a turn higher, risk a close under 6990 or two days in a row.

Resistance is at 7200 and 77240. Above that resistance is at 7330.

A close over 7200 is friendly.

Oct. Platinum Recommended Position Short at 377

Support is near 383.5 and 380 then 377.0 and 375

Resistance is at 385.5 and 392

Long Term Friendly

Near Term Negative, a close under 383.5 augurs for a pull back

towards 375 and 367

Sept. Silver

On the Downside: Support is at 530 and 521.5 Traders can buy at 521 and hold.

Below that support is at 511/509 where day traders can buy at 510.5 for a good bounce, risk 7 cents

On the Upside. Resistance is at 541, a close over 541 augurs for a test of 550.5

Trade Accordingly.

The Exciting Energies

August Crude

Support is at 1383 then 1377 and 1369 below that 1350 offers good support.

Day traders can buy at 1377 for a bounce, risk 40 pts

Resistance is at 1400 and 1419 to 1425 day traders can sell at 1425

for a quick turn lower, risk 20 pts.

August Unleaded Gas

Support is at 4654. Below that support is near 4580. Day traders can buy at 4582 for a bounce, risk 100 pts.

Resistance is at 4782 and 4855 then 4915

August Heating Oil Recommended Position long at 3910

Resistance at 3805 and 3960 to 3970, day traders can sell at 3970 for a turn lower , risk 50 pts.

On the Downside Support is at 3770 and 3680 then 3590

A close over 3805 is friendly.

The Grande Grains

August Soybeans Recommended Position long at 646 3/4

Support is at 636 3/4 Below that support should appear near the 623 to 618 region.

Day traders can buy at 623, risk 10 cents.

Resistance is at 645 1/2, Beyond that resistance is at 651 and 665

Day Traders can sell at 664 1/2 for a quick turn lower, risk only 6 cents.

Trade accordingly.

August Soybean Meal

Support is 162.7 and 159.8 Day traders can buy at 162.8, risk 5.00

Resistance is at 167.8 Beyond that resistance is at 168.60 and 172 then 175.0

August Soybean Oil

Support is 2568 and 2552 then 2522

Resistance is at 2618 to 2620. A close over 2620 augurs for a test of another test of 2663 and 2680.

Trade accordingly.

254.8 249.8 244.8 239.8 250.9 240.9

Dec. Corn Recommended Position long at 258 1/2 and 257 1/2

Support is at 244 3/4 and 240 3/4

Day traders can buy at 245, risk 6 cents.

Resistance is at 249 1/2 and 251 above that 254 offers resistance

Day traders can sell at 254, risk 4 cents

Sept. Wheat Recommended Position Long at 290 3/4

Resistance is at 2841/2 and 287

On the Downside Support is at 281 1/ 2 and 277

Trade Accordingly

The Satisfying Softs

Dec. Cotton

Support is at 7650 then 7590 and 7565 Beneath that Traders can buy at 7513 and hold for Higher prices.

Resistance is at 7725 and 7770, above that resistance is at 7820 and 7865.

Try to Buy This Dip.

Oct. Sugar

Support is 831 and 827 and 818. Traders can buy at 823, risk a close under 814 for three days in a row. Below that 795 to 785 should hold.

Resistance near at 847/ 852 then 858/ 867

Day traders can sell at 867 for a turn lower, risk a trade over 885

114.72 112.22 109.72 107.22 110.28

September the Monster Coffee: Recommended Position Long at 121.95

On the DownSide, support is at 110.25 and 110.10, below that 109.70 to 109.60

should hold. Under that support is 107.20 to 106.80

On the Upside, Resistance is at 112.20 and 113.00 to 113.60, above that resistance is at 114.70 and 115.60 a trade over 115.70 augurs for a test of the 116.40 to 116.90

region.

Sept.Cocoa

Support is at 1583 to 1576 and 1569. Day traders can buy at 1583 and risk 30 pts.

Resistance is at 1605 and 1609/1615 then 1623 and 1633, beyond that resistance is at 1655 and 1661 to 1676. Traders can go short for a turn lower at 1662, risk a close over 1689 for two days in a row.

The Lively Livestock

August Cattle Recommended Position Long at 6665,6532 and 6437.

Support is at 6350 to 6325 where it should hold today. Day traders can buy at 6337, risk 30 pts. Below that 6250 should hold.

Resistance is at 6400 and 6407 Above that resistance is at 6475 and 6525.

Long term Friendly

A close over 6407 is friendly

August Hogs

Support is at 5262 and 5247

Resistance is at 5352 and 5367 beyond that 5452 offers resistance

 

October Hogs

Recommended Long Oct. at 5370 from the spread Hold.

Resistance is now at 4932 and 5032, day traders can sell at 5032 for a turn lower,

risk 50 pts.

Support is at 4877 and 4832 Day traders can buy at 4832 for a bounce, risk 70 pts.

A close over 4932 is friendly

July Bellies Recommended Position long at 5807. HOLD

Support is 56.77 and 5552 resistance is at 57.67 and 5827 to 5855

August Bellies 55.73 54.23 52.73 54.42

Support is at 5442 and 5422, below that support is 5272.

Resistance is at 5572 and 5642 above that 5717.

-Stay tuned for updates during today's trading Session-

Recommended Spread Long 2 July Short 2 August at 225 July over Aug.

Hold.

-From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Sept. Bonds

On The Downside, Nearby Support is 123-16 and 123-10 to 123-07. Below that support is at 123-01 which should hold today, Day traders can buy at 123-07 for a bounce.

Risk 10 ticks

On the Upside: Resistance is at 124-01 Beyond that Resistance is at 124-13.

Sept. SP500 Recommended Position Short at 1123.80,1125.80.1136 and 1143 at 1164. risk a close over 1169 for three days in a row.

On the DownSide, Support is at 1164 and 1161.50 then 1158.90, a close under 1158.90 indicates a test of 1150.

A close under 1167.30 is negative, under 1164 augurs for an eventual test of 1150.

On the Upside, Resistance is at resistance is at 1166 and 1169 then 1174.90 and

1177.20

 

 

The Dow Jones Industrial Average

Support is at 9060 and 9044. A slip under or close under 9044 is negative for an eventual test of 8965.

Resistance is at 9115 and 9140 to 9156, above that resistance is at 9224 and 9236 to 9247 beyond that resistance is 9316 to 9347.

This Newsletter is dedicated to Risk, without risk there is no reward.

Happy Trading

Bill

Friday July 10 1998

6:32 AM

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