FuturesCom Investment Publications
Morning Comments , Jan 26,1999
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"Among the hazards of speculation the happening of the unexpected -I might even say the unexpectable - ranks high. There are certain chances that the most prudent man is justified in taking - chances that he must take if he wishes to be more than a mercantile mollusk--"Reminiscences of a Stock operator.

Monday, Feb. 1, 1999
08:50 PM

On the Frenzied Forex Front

March Japanese-Yen Recommended Position short at 8718

Support is at 8721 then 8710 to 8704, a slip under 8704 augurs for a test of 8689 to 8668 below that 8603 and 8589 to 8560 Should hold.

Resistance is at 8762 to 8777 and 8810. A close over 8777 is friendly and augers for a test of the 8856 to 8871 region. Beyond that sellers should appear at 8934, traders should sell at 8934, risk a close over 8964.

March D-Mark recommended position long at 5865 and 5805

Support is at 5792 to 5773. Below that 5756 should hold. A close under 5756 augurs for a test of 5729 to 5716 where traders can buy at 5729 and hold for higher prices.

Nearby Resistance is at 5830 and 5842 a close 5842 over augurs for a test of 5873 to 5880 region. A close over 5862 is friendly and augurs for a test of 5904 and 5923 where good sellers remain. Beyond that a test of 5945 to 5957 is likely

Traders should go long if a close over 5862 occurs.

Trade Accordingly.

March Swiss recommended position long at 7170 and 7074

Support near the 7071 region should continue to contain the break.

Below that support is at 7016 to 7003 and 6991 to 6971.

Early Resistance is at 7088 and 7116 to 7119/ 7121. A close over 7121 is friendly and augurs for a test of the 7141 to 7170 region. Where early sellers should appear, above that a trade towards the 7206 and 7216 to 7221 regions is likely. Beyond that resistance is at 7242 to 7256.

 

March British Pound recommended position long at 1.6420

Support is at 163.52 then 1.6284. Below that support is near 1.6150 and 1.6090.

Resistance is at 1.6420 and 1.6482 . Beyond that 1.6550 offers resistance,

March Canadian Dollar recommended position short at 6627.

Support should appear at 6602 and 6591 to 6577. A close under 6577 is negative and augurs for a test of 6555 and 6542. Below that 6509 to 6486 offers support.

Traders can buy at 6509 for a bounce, risk a close under 6486 for three days in a row.

Resistance is at 6655 to 6670. Traders can sell at 6655, risk a trade over 6675. A close over 6673 is friendly and augurs for a test of Resistance at 6708 then 6742 to 6755.

 

 

Precious Metals

April Gold

Support is near 287.4 and 286.50 to 285, under that buyers should appear near 282 where it should hold. Resistance is at 292 where good resistance remains. A close over 292 is friendly and augurs for a test of 301. Traders should add/ go long if a close over 301 occurs.

March Copper: recommended position long at 6510 and 6405

Support is at 6415 to 6405.. Below that 6345 should contain the decline...

Resistance is at 6485 to 6510. A close over 6510 is friendly and augurs for an eventual test of 6740 to 6755

April Platinum

Support should appear near 346.8 to 345.5, traders should buy at 346.8 or better,

Risk a close under 342.5 for two days in a row. Below that support is at 340.5 and 338.5 then 335 to 332.

Resistance is at 350.3, a close over 350.3 is friendly and augurs for a test of the

352 /355 region. Beyond that resistance is at 361.

 

March Silver recommended position long at 531

On the DownSide: Nearby Support is at 526, below that aggressive traders can buy at 519.5. Below that support is at 512 to 510.5 Traders can buy at 511 for a good bounce, Risk a close under 505.5 for two days in a row on either..

On the Upside. Resistance is at 535 then 541. Beyond that resistance is at 550.5 then 558 to 567, which should stop the rally for a bit.

Buy Dips

The Exciting Energies

March Crude recommended position long at 1246 and 1238

Nearby Support is at 1232 where it should hold below that support is at 1214 and 1203 to 1192 and 1172 to 1164 where it should hold.

Resistance is at 1268 to 1274 and 1290 then 1304 to 1319. A close over 1306 is friendly and indicates a test of 1334 to 1346

Traders should go long if a close over 1290 occurs.

Trade Accordingly

March Unleaded Gas recommended position long at 3745

Support is at 3640 then 3565 to 3555. Traders can buy at 3555 for a turn higher risk a close under 3480 for 2 days in row.

Early Resistance is at 3745 and 3850 to 3865 then 3919 to 3940. Beyond sellers should appear near 4055 and 4110 to 4120. Traders can go short at 4120 for a turn lower, risk a close over 4185 for three days in a row.

March Heating Oil recommended position long at 3245

Support is at 3203. Below that 3115 and 3035 offer support.

Resistance is at 3348 then 3377 to 3391. A close over 3391 is friendly and augurs for a test of 3435 then 3490 to 3503. Beyond that resistance is at 3555 and the 3613 /3623 region. Trade Accordingly.

The Grande Grains

March Soybeans recommended position long at 514

Support is at 503 3/4 and 501 to 499 3/4. Below that 493 to 487 should hold.

Resistance is at 507 1/2 to 509 1/2 and 512 A close over is 512 friendly and augurs for a test of 521 and most likely 532.

Traders should go long if a close over 512 occurs.

 

March Soybean Meal recommended position long at 132.9

Support is at 129.5 to 128.5. Below that 126.4 and should hold. Traders can buy at 126.5 risk a close under 123 for three days in a row. Under that 116.90 to 116.40 should contain the decline.

Resistance is at 134.6. Beyond that resistance is at 137.7 to 138.3. Beyond that resistance is at 143, above that 145.3 to 145.9 should cap a rally, traders can go short for a turn lower at 145.3. Risk a close over 148.4 for three days in a row.

March Soybean Oil

Support is at 2134 to 2125 where it should hold. Traders can go long at 2126 for a turn higher, risk a close under 2080 for three days in a row.

Resistance is at 2185 to 2193. A close over 2193 is friendly and augurs for a test of 2242. Traders should go long if a close over 2193 occurs..

 

March Corn

Support is at 212 3/4 and 209 3/4 then 205. Traders can go long at 211 for a turn higher, risk a close under 204 for two days in a row. Below that 198 3/4 should hold.

Resistance is at 219 3/4 Beyond that resistance is at 223. Traders can go short at 223 for a quick turn lower, risk a close over 227 3/4 beyond that a test of 231 1/2 is likely.

March Wheat recommended position long at 272 1/2

Support is at 265 and good offers support which should bring out buyers

Resistance is at 272 1/2, A close over augurs for a test of 277.

 

The Satisfying Softs

March Cotton

Resistance should appear near 6115 then 6165 to 6190. Traders scan go short for a turn lower at 6165, risk a close over 6190 for two days in a row. Beyond that 6257 to 6270 should cap a rally.

Support is at 5970 to 5940. Traders can buy at 5970 for a turn higher, risk a close

under 5940. Below that buyers should appear near 5870 to 5855, traders can buy at 5855 for a bounce, risk 90 pts.

 

March Sugar recommended position long at 699

Support is at 672 to 656 and it should hold.

Resistance is at 681 and 699 then 712 .

 

March Coffee: recommended position 112.15 and 103.75

On the DownSide, support is at 104.75 and 103.80 to 103.30. Aggressive Traders should go long at 103.55 and hold for higher prices. Below that 102.25 and the 101.05 to 100.50 region should contain an early break.

On the Upside, Resistance should appear near the 105.80 to 106.80 region.

A close over 106.80 augurs for an eventual thrust towards 108.25 then 109.20 to 110.10 which appears likely to occur.

Trade Accordingly.

March Cocoa recommended position long at 1319 and 1314

Nearby Support is at 1304. Below that support is at 1274 to 1268.

Resistance is at 1319 and 1334 to 1346, above that resistance is at 1358.

The Lively Livestock

April Cattle

Support is at 6487, Day Traders can buy at 6487 for a good bounce Below that support is at and 6427 to 6402 where it should hold.

Early Resistance is at 6577. ?Beyond that sellers should appear near 6627 and 6672. Traders can sell at 6677 for a quick turn lower. Risk a close over 6757 for two days in a row.

 

Feb. Hogs

Support is at 4237. Day Traders can buy at 4237 for a bounce.. Below that support is at 4137. Resistance is at 4272. A close over 4272 is friendly and augurs for another test of 4337. Beyond that a trade to 4432 is likely.

45.33 44.33 43.33 42.33 44.09 42.09

April Hogs recommended position short at 4422

Resistance is at 4407 to 4432. Day Traders can sell at 4432 for a turn lower.

Beyond that resistance is at 4532 which should cap a rally.

Support is at 4332, a close under is negative and augurs for another test of 4232 to 4407 and eventually a slip towards 4127 and the 4057 to 4047 region,

From the Frying Pan into the Fire--

Feb. Bellies

Nearby Support should appear near 5472 and the 5342 to 5322 region. Traders can buy at 5322 for a bounce, risk a close under 5297. Below that traders can buy at 5172 and hold for higher prices. Resistance is at 5577 to 5590 and 5627 to 5642 then 5687. Beyond that sellers should appear near 5772.

Recommended Spread: 4 Long Feb. Bellies/ 4 Short March Bellies

at 75pt Feb. under March HOLD

The Sensational Stock and Bond Markets

March Bonds recommended position long at 127-14

On The DownSide nearby support is at 126-02 where it should hold.

Traders can buy at 126-04 for a bounce. Risk 15 pts. A close under 126-04 augurs for a test of the 125-05 to 124-24 region. Traders can buy at 125-04 for a good 2-3 day bounce, risk a close under 124-24 for three days in a row.

On the Upside: Resistance is at 126-15 then 127-12 to 127-15. A close over 127-15 is friendly and augurs for a test of 128-02 to 128-15.

March SP500 recommended position short at 1286.30

On the DownSide

Support is at 1274 then 1271 and 1268.30 to 1268 and 1265.30

A close under 1268 augurs for a test of 1255.50 then 1253. An extended trade under 1253 is negative and augurs for a test of 1249.80 and eventually the 1238 to 1235.80/ 1235 regions.

On the Upside, Resistance is at 1282.20 and 1285.90. Beyond that 1289 should Cap a Rally... Beyond that resistance is at 1304. Traders Who Have Ice Water Running Through Their Veins can go short at 1304 and hold for lower prices, initially plan on risking a close over 1311.5 for three days in a row. Beyond that 1319 should bring put sellers.

Stay tuned for Flashes

Dow Jones Industrial Avg.
Support
is at 9343, a slip under is augurs for a test of 9316 and 9302. A close under 9316 is negative and indicates a test of 9279 then 9232 to 9195 and eventually the 9156 to 9140 region.

Resistance is near 9348 to 9353 and 9394 beyond that sellers should appear near 9444. A close over 9445 is friendly and indicates a test of 9526 to 9542 beyond that 9625 to 9642 offers good resistance. A close over 9642 augurs for a test of 9707 to 9737 Above that, 9821 to 9837 should Cap a Rally for a bit.

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

Happy Trading

Bill

02/1/1999 9:25 PM

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