FuturesCom Investment Publications

Dedicated to Excellence in Analysis of Futures Markets
Morning Comments 2-22-1999

Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs

Featuring Bi-Weekly Investment Outlooks, Special Reports, Morning Comments and More

Experienced Since 1979 & Serving Professional and Individual Futures Traders World Wide since 1988

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Monday Feb. 22 1999

6:30 AM

On the Frenzied Forex Front

March Japanese-Yen

Support is at 8198 and 8163 to 8158 Below that 8134 to 8119 offers support.

Resistance is at 8223 and 8298 to 8318.

March D-Mark

Support should appear near 5620 and 5603. Below that Buyers should appear near 5553

Nearby Resistance is at 5670 and 5693 to 5703 .

March Swiss

Support is at 6868 and 6815 then 6755.

Resistance is at 6918 . Beyond that resistance is at 6955.

March British Pound

Support is near 1.6150 where BW Traders can buy at 1.6150, risk a close under 1.6090 for three days in a row.

Resistance is at 1.6226 and 1.6328.

BW Traders should go long if a close over 1.6358 occurs. Eventually we see a rally to 1.6550 ....be long.

March Canadian Dollar

Support should appear at 6700 and 6696 Below that 6673 to 6659 should hold .

Resistance is at 6743 and 6762.. Day Traders can sell at 6746, risk 30 pts. However a close over 6755 is friendly and augurs for a test of 6809 to 6836 then 6906.

BW Traders should go long if a close over 6755 occurs.

 

Precious Metals

April Gold

Support is at 287.60 then 285.5 and 283 where it should hold. A close under 283 augurs for a test of 279 to 276. BW Traders can buy at 277.6 risk a close under 275.7 for three days in a row.

Resistance is at 291.3 However a close over 291.5 augurs for a test of 296.8 and 299. where good resistance remains. Beyond that resistance is at 309.

BW Traders should go long if a close over 293.7 occurs.

May Copper

Support is at 6245 and 6115 Below that 6080 should contain the decline...

Resistance is at 6360, a close over 6365 augurs for a test of 6565 beyond that sellers should appear near 6730. BW Traders can sell at 6730, risk a close over 6755 for three days in a row.

April Platinum

Support is at 375 and 372. Below that support is at 369.5.

Resistance is at 382.5 and 385.

May Silver

On the DownSide: Nearby Support is at 555 and 541. Day traders can buy at 541 for a bounce stay tuned... On the Upside. Resistance is at 568 A close over 568

is friendly and augurs for an eventual test of 582

BW Traders should go long if a close over 572.5 occurs.

Buy Dips

The Exciting Energies

April Crude

Nearby Support is at 1179 and 1155 Day Traders can Buy at 1155 , risk 20 pts.

Resistance is at 1204 and 1229 to 1236 However close over 1217 is friendly and indicates a test of 1268 to 1274 then 1304 to 1319. Beyond that traders can go short at 1334, risk a close over 1347 for three days in a row.

Traders should go long if a close over 1217 occurs.

 

 

BW Traders should go long if a close over 1217 occurs.

Trade Accordingly

April Unleaded Gas

Support is at 3655 to 3613 where it should hold.

Early Resistance is at 3699 and 3745 then 3815 , beyond that resistance is at 3858 and 3889. BW Traders can go short at 3870 for a turn lower, risk a close over 3930 for three days in a row. Beyond that resistance is at 3992 and 4150.

April Heating Oil

Support is at 3055 and 2975 then 2920, BW Traders can buy at 2920, risk a close under 2870 for three days in a row. Below that 2775 offer support and should stop a decline.

Resistance is at 3173 then 3223. Beyond that resistance is at 3325 and the 3430 region... BW Traders can sell at 3430 for a turn lower ,risk a close over 3445 for three days in a row.

Trade Accordingly.

The Grande Grains

May Soybeans

Support at 479 to 477 should hold today

Resistance is at 487.5 A close over is 487.5 friendly and augurs for an eventual test of 511 and most likely 523.

Stay Tuned for Flashes...

July Soybean Meal

Support is at 130.4 and 129.5. Below that 127.5 and should hold.

BW Traders can buy at 127.5 risk a close under 123 for three days in a row.

Resistance is at 132.9 to 133.6 beyond that resistance is near 136.70 to 138.

BW Traders should go long if a close over 133.6 occurs. Risk a close under 130.4 for two days in a row.

July Soybean Oil

Support is at 1928 and 1909.

Resistance is at 1953 and 1974 a close over 1974 is friendly.

May Corn

Support is at 219 and 216 BW Traders can go long at 216 for a turn higher, risk a close under 211 for two days in a row.

Resistance is at 222 and 226. A close over 226 is friendly and augurs for a test of the 229 to 231 region. Traders can go short at 230 for a quick turn lower, risk a close over 232 3/4

July Wheat

Support is at 274 3/4 to 272 1/2. Below that 269 offers support

Resistance is at 280 1/2 and 284. Beyond resistance is near the 292 region.

BW Traders should go long if a close over 279 1/2 occurs.

Trade accordingly.

The Satisfying Softs

May Cotton

Resistance should appear near 5750 and 5825 to 5850 . Beyond that 5935 offers resistance.

Support is at 5745 and 5655. BW Traders can go long at 5680, risk a close under support at 5535 for three days in a row..

May Sugar

Support is at 634 to 630 and 625.. Below that 615 to 609 should hold.

Resistance is at 658 and 664,a close over 664 is friendly for a test of 704 to 712

May Coffee

On the DownSide, support is at 104.25 and 103.80 to 103.20 then 101.75

On the Upside, Resistance is at 105.55 to 105.80. and 106.80 beyond that a test of 108.10 is likely....

Trade Accordingly.

May Cocoa

Support is at 1310 to 1304 and 1285 below that BW traders can buy at 1268 for a turn higher, risk a close under 1232 for three days in a row.

Resistance is at 1335 and 1346 Beyond that resistance is at 1354 and 1385,

BW Traders can sell at 1377, risk a close over 1383 for three days in a row.

The Lively Livestock

April Cattle

Support is at 6632 and 6602 below that 6527 should Hold.

Early Resistance is at 6677 and 6697 then 6747. Beyond that BW Traders can sell at 6802 for a turn lower. Risk a close over 6882 for two days in a row.

April Hogs

Resistance is at 4672 and 4692 BW Traders can sell at 4692 for a turn lower, risk as close over 4727 for three days in a row.

Support is at 4572 to 4562, a slip under augurs for a test of 4472 .

From the Frying Pan into the Fire--

March. Bellies

Support should appear near 5367 and 5355. Below that support is at 5267 and 5212

Below that 5137 offers support.

BW Traders can buy at 5137 and hold for higher prices.

Resistance is at 5512. Beyond that resistance is at 5652 and 5667. beyond that good sellers should appear near 5682. Traders can sell at 5682 for a turn lower, risk a close over 5802 for three days in a row

 

The Sensational Stock and Bond Markets

March Bonds

On The DownSide nearby support is at 122-17 and 122-08 then 121-16 BW traders can buy at 121-16 for a turn higher, risk a close under 121-06 for two days in a row..

On the Upside: Resistance is at 123-17 Beyond that resistance is at

124-13.

March SP500

On the DownSide

Support is at 1238.00 and 1237.80 below that 1235 to 1232 offers support as does 1228.60 where it should hold. However a close under 1232 is negative and augurs for a test of 1218.40 to 1218.

On the Upside, Resistance is at 1244.50 and 1247.50 then 1253 to 1257.20 and 1268

Stay tuned for Flashes

Dow Jones Industrial Avg.
Support
is at 9316 and 9275 then 9231 . Below that support is at 9184.

Resistance is near 9347 to 9357. A close over 9347 is friendly and augurs for a test of 9429 to 9445.

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

Mon. Feb. 22 1999

8:45 AM

Happy Trading

Bill

Recommended Open Pos.

Long May Silver at 531

Long April Unleaded at 3670

Long May coffee at 106.80 and 103.80
Long July Bean Oil at 2098 and 2043
Long May sugar at 656,

Long May beans at 493

Long May Copper 6335

 

 

Copyright@1999 FuturesCom Investment Publications

All Rights Reserved

FuturesCom is Not Responsible for Transmission Errors and Omissions.

 

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 IS 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 Pos.

Long May Silver at 531

Long April gold at 288.3

Long April Unleaded at 3670

Long May coffee at 106.80 and 103.80
Long July Bean Oil at 2098 and 2043
Long May sugar at 656,

Long May beans at 493

Long May Copper 6335