FuturesCom Investment Publications
Morning Comments (MC) May 12, 1999
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 Traders World Wide since 1988
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Wed. May 12, 1999

05:45 AM

On the Frenzied Forex Front

June Japanese-Yen

Nearby Support is at 8300. A close under 8300 is negative and augurs for a test of 8260 to 8240 then 8223 to 8194 where BW traders can buy at 8223 and hold for higher prices.

Resistance is at 8359 and 8372 then 8391 to 8406,a close over 8352 is friendly and augurs for an eventual touch of the 8484 to 8499 region.

BW Traders should go long if a close over 8352 occurs.

June D-Mark

Support is at 5430 to 5418

Resistance is at 5484 to 5491 and 5504

June Swiss

Support is at 6654 and the 6604 to 6591 region.

Traders can buy at 6577 and Hold for higher prices.

Resistance is at 6704 to 6707 beyond that sellers should appear near the 6753 to 6765.

June British Pound

Nearby Support should appear near 1.6150 to 1.6090, BW traders can buy at 1.6150 and hold for higher prices. Under that support is at 1.5936. Below that 1.5760 to 1.5690 should contain weakness.

Resistance is at 1.6286 then 1.6386 and 1.6420 then 1.6486. Beyond that sellers should appear near 1.6550 and 1.6720

June Canadian Dollar

Support should appear at 6851 then 6836 to 6820. BW Traders can buy at 6820 for a bounce, risk a close under 6809 for three days in a row. Below that support is at 6755 and 6741

Resistance should appear near the 6909 to 6919 region. BW Traders can sell at 6920 a turn lower, risk a close over 6955 for three days in a row. Above that sellers should appear near 6990 to 7003.

Stay tuned for Forex flashes

 

Precious Metals

June. Gold

Support is at 278.3. Under that buyers should appear near 275.4.

Resistance is at 280.2 and 281 3 then 282 to 282.90.

Trade accordingly

July Copper

Support is at 7165 and 7115 and 7075.

Resistance is at 7245 to 7255, a close over 7255 augurs for a test of 7315 and 7345. A close over 7345 is friendly and augurs for a test of 7500 and the 7585 to 7605 region. BW Traders can sell at 7605 for a turn lower, risk a close over 7690 for three days in a row.

BW Traders should go long if a close over 7345 occurs.

July Platinum

Support is at 353.5 and 353, BW Traders can buy at 353 and hold for higher prices.. Below that support is at 349 to 346

Resistance is at 355.9 and 359. A close over 358.90 is friendly and augurs for an eventual test of 363 to 364 and the 366 to 368 region.

BW Traders should go long if a close over 358.90 occurs. .

July Silver

On the DownSide: Support is at 538 to 535. BW Traders can buy at 535 and hold for higher prices. Under that buyers should appear near 526.5 and 520 to 516.

Traders should buy at 516 and risk a close under 512 for three day in a row. . Under that support at 507 should hold.

 

On the Upside. Resistance is at 547.5 Beyond that resistance is at 548 and 554, a close over 554 augurs for a test of 580.

BW Traders should go long if a close over 543 occurs.

 

The Exciting Energies

June Crude

Support is at 1738 to 1724, BW traders can buy at 1738 and hold for higher prices.

Resistance is at 1759 and 1780 to 1784 Beyond that resistance is at 1809.

June Unleaded Gas

Nearby Support is near the 5065 to 5035 region and should contain a decline today

Resistance is at 5165 and 5265.

June Heating Oil

Support is at 4205 to 4175. Under that Buyers should appear at 4120 to 4110 which should contain a decline. A close under 4110 is negative and augurs for a test of the 3992 to 3982 region..

Resistance is at 4222 then 4295.

 

The Grand Grains

July Soybeans

Support is at 476 1/2 and 471 1/2 to 469. BW Traders can buy at 471 3/4, risk a close under 465 for three days in a row.

Resistance is at 479.5 and 484 to 486.

 

November Beans

Support is at 487 1/.2 to 485 BW Traders can buy at 485 and hold.

Resistance is at 491 3/4 and 493 , a close over 493 is friendly and augurs for a test of 503 1/3

BW Traders should go long if a close over 493 occurs.

July Soybean Meal

Support is at 129.60 to 127.4 below that 125.5 and the 123.8 to 123.2
region should hold. Traders can buy at 127.40 and hold for higher prices. .

Resistance is at 133.4 and 134.60. Beyond that resistance is at 137.7 to 138.3

and 141.

July Soybean Oil

Support is at 1855 under that 1822 to 1815 should hold

Resistance is at 1882 then 1909 to 1922, a close over 1882 is friendly and augurs for a test of 1922

July Corn

Support is at 219 3/4 then 218 under that 213 should hold.

Resistance is at 223 beyond that sellers should appear near 228 to 229

July Wheat

Nearby Support is at 262 1/2. Under that buyers should appear near 259 1/2 and 256 to 254.

Resistance is at 268 1/2, A close over 268 is friendly and augurs for a test of 274 to 278. Beyond that sellers should appear near 280 and the 282 to 283 region.

BW Traders should go long if a close over 268 occurs.

 

The Satisfying Softs

July Cotton

On the Upside resistance is at 6035, a close over 6035 is friendly and augurs for a test of the 6092 and the 6101 to 6113. A close over 6113 is friendly and augurs for an eventual test of 6192 and the 6255 region.

BW Traders should go long if a close over 6113 occurs.

On the DownSide support is at 5957 to 5945 then 5895 to 5877 and 5855.

July Sugar

Support is at 476 Below that support is at 471 to 468 and 455

Day traders can buy at 455 , risk 25 pts.

Resistance should appear near the 490 to 493 region. Beyond that sellers should

appear near 505 to 515 and 530.

July Coffee

On the DownSide, support is at 107.10, Below that support is at 106.80 and 105.80 to 105.40 , day traders can buy at 105.40 and hold. Under that support is at 104.00 to 103.60 and 103.20. Below that BW Traders can buy at 102.65 and hold for higher prices.. under that support is at 101.80 and 101.25

On the Upside, Resistance is at to 107.90 to 108.10 and 109.00 to 109.60 and 110.10 to 110.40 ..Beyond that sellers should appear near 113.00 to 113.60 and 114.50

July Cocoa

Support is at 979 and 971 to 968. Under that BW traders should buy at 941 and hold.

Resistance is at 990 a close over 990 is friendly and augurs for a test of 1005

The Lively Livestock

June Cattle

Support is at 6112 to 6102 and 6035 to 6022 below that buyers should appear near

5957 to 5942 and 5882 to 5855.

Resistance is at 6165 to 5180 and 6212 . Above that sellers should appear near 6257 to 6272. A close over 6272 is friendly and augurs for an eventual test of 6332 to 6352 and eventually 6417.

June Hogs

Support is at 5992. A close under 5992 is negative and augurs for a test of 5902 to 5892. Day traders can buy at 5892 for a bounce, risk 100 pts.

Resistance should appear near the 6087 and 6107 day traders can sell at 6107 for a turn lower, risk 100 pts. Beyond that BW Traders can sell at 6162 for a turn lower, Risk a close over 6272 for three days in a row.

Stay Tuned for Flashes in the Pork Complex.

From the Frying Pan into the Fire--

July Bellies

Support is at 5882 to 5852, below that /buyers should appear near the 5797 region

Day traders can Buy at 5797 for a bounce only.. Sat Tuned...Under that support is at 5677 to 5642 and 5607.

Resistance is at 5947 to 5957 and 6097 then 6192.

Stay Tuned for Flashes the Pork Complex.

The Sensational Stock and Bond Markets

June Bonds

On The DownSide nearby support is at 117-29 to 117-26 then 117-07

BW Traders can buy at 117-12 and hold for higher prices

.

On the Upside: Resistance is at 118-19 and 118-29 Beyond that resistance is at 119-07. Beyond that sellers should appear near 119-29 BW traders can sell at

119-27, risk a close over 120-11 for three days in a row.

June SP 500
Support
1356 and 1349.90 under that support is at 1346 to 1344.90, below that support is at 1340 to 1339.90 Under that buyers should appear near the 1334 to 1331 region. BW Traders can Buy at 1334 and Hold for higher prices. Beneath that buyers should appear near 1329.10 and 1323.60 to 1322

Resistance is at 1361.50, beyond that resistance is near 1367.10. and 1372 then 1376.50 to 1377.

Stay tuned for Flashes ...

Dow Jones Industrial Avg.
Support
is at 10979 and 10960 under that buyers should appear near 10,932 and 10,891.9. Below that 10,820 should contain a decline today.

Resistance is at 11,031 and 11,080 beyond that sellers should appear near the 11,155 to 11,171 region.

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

Happy Trading

Bill

May 12 1999 7:42 AM

B W Recommended Open Pos.

Short June D-Marks at 5527 and 5490

Long June Gold at 277.5

Long July Copper at 7105

Long June Crude at 1850 and 1785

Long June Unleaded Gas at 5397 and 5265

Long June Heating Oil at 4249 ( last Eve)

Long July Soy Meal at 132.4

Long July Bean oil at 1909

Long July Wheat at 262

Long July Cotton at 5957

Long July Sugar at 468 and 488

Short July Bellies at 6087

Long June SP500 1358.20

MC Recommended Open Pos.

Long June SP500 at 1358.0

Short July Bellies at 5792

Short July bellies at 5922

 

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