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FuturesCom

Bi-Weekly Investment Outlook

“A loss never bothers me after I take it. I forget it overnight. But being wrong - not taking the loss- that is what does the damage to the pocket book and to the soul”. - Jesse livermore-

04/20/97 9:56:57 AM

June Yen: Selling pressure will be seen near to 8029-8044 . Aggressive bears can sell and risk a close over 8047, Above that Resistance is
near 8119 to 8134 Where we would sell for a continuation of the
trend lower. Use a stop close over 8142. Above that 8194 to 8225
offers good sellers... Support is near 7983 below that a wash is likely to 7864 then 7794 where we would cover Buy for a 2-3 day bounce, risk a close under 7757. Trade accordingly...

The June Swiss Franc Selling pressure should be evident early this week near 6927 to 6939 and again near 7025 then 7063 where we would sell for a turn lower and risk a close over 7092.. Failure to move above and maintain posture over 6906 to 6927 region early this week indicates a resumption of the trend lower to test Downside objectives near 6725 to 6500. A close under 6860 would tempt us to sell short for a slip lower...stay tuned... Early support next week is near 6860 then 6827, below that new lows are likely with 6743 likely to trade...a close under 6740 augurs for full blown wash to the 6500 region.... Trade Accordingly.

June British: Position Long at 162.18 use a stop under 161.50 for two days in a row to protect. Exit near 164.20 MIT is able... Nearby Resistance should appear near 16334 early this week then 163.80 and our target of 164.20. Above that 165.50 offers resistance and a place to short for a turn, risk 80 pts or a close over 166.20. Early Support is near 162.72 and 162.24 with more near 161.50 Where we would be a buyer for a turn and risk a 150 pts. or a close under 160.20.

June D-Mark Resistance next week should raise its head near 5871 to 5880 then 5921 to 5930 where traders can sell short with a stop close over 5982. ** If the Marks and Swiss rally to these level we would consider selling May Calls as a way of putting yourself short ..stay tuned..** Support is near 5830 to 5821 buy there for a bounce only with a risk of 15 pts. A close under 5821 indicates a test of Contract lows near 5780 and 5771. The downside target is still near 5500 for June... Trade accordingly..

June Gold Early Resistance is near 346.30 above 351.8 to 352.30 is likely and where we would sell for turn and risk $ 4.00. Support is near 341.8 buy there for a position and risk a close under 338.30 for three days in a row...

May Copper Position Long from 104.15 use a stop close under 103.20 for two days to protect.. Exit near 110.70 if able. Early Support is near 106.70 then 106.60 and 105.05 where we would buy for a bounce only use a 150 pt stop More support is near 104.85 and 104.35 Below that 102.80 Early Resistance is near 107.75 . Sellers will appear near 108.35 to 108.76. A close over 108. 35 augurs for a test of 109.60 to 110.75. Still Friendly...

July Platinum: Position long from 377.8 and 368.5 Use a stop under close 376 for two days to protect any longs. Exit 1/2 near 385.80 then look for a move to sell all remaining longs near 393 if able.... Nearby Support is near the 372.9 where we would buy for a turn higher. More support is located near 370 Resistance is near 378.8 and 380 a close over 380 augurs for a test of 386 ... Trade Accordingly

May Silver: Go Long May silver on a close over 475.5 risk a close
under 462 for three days in a row... Early Support is near 467.5 then 462.5 where we would seriously consider buying for a position.
Risk a close under 455. Additional Support is near 458 where we would have buy orders waiting risk a trade under 449. Early Resistance is near 475 then 479 and 487/490 region, above that 494 offers good resistance, a close over 494 augurs for a test of 503.5 then 510.5 where we would exit longs and sell for a quick turn and risk 6 cents. More Resistance is near 524 where we would sell for a turn lower and risk 12 cents. Long term still Friendly

June Crude Oil.. We would look upon a drop into the 1865 region as a buying opportunity for June Crude. Buy there if given the chance . Risk a close under 1858...However if 1954 to 1946 holds.... a pop into the 2015 region is likely... Resistance is near 1969 and 1994. Above that we would sell near 2015 for a turn lower and risk 20 pts. Support is near 1944 where we would Buy for a Position and risk a trade under 1917... More support is near 1877.... Trade Accordingly...

May Unleaded Position : long 6117 use a Risk a close under 6105 for three days in a row... Exit at 6400 MIT if able.. Support is near 6105 where we would buy for a turn higher ,Risk 60 pts . More support is near 5945. Resistance is near 6205 to 6215 with more near 6270, Bears will raise their heads near 6305 to 6336 above that 6400 should trade... A close over 6215 is friendly and augurs for a thrust to 6310 Resistance and beyond to 6400 to 6440 Stay Tuned...

June Heating Oil. We see Support this week near 5200 where we would buy for a turn higher and risk a close under 5135 for three days in a row... Resistance is near 5435. Where we would sell for a turn ,risk 100 pts . Above that 5695 is likely where we would sell and risk 80 pts. Trade Accordingly.

May Soybean Resistance is near 850 3/4 A close over and the Shorts are in trouble and we would be long if the beans are under 858 with a stop under 846. More Resistance will appear near the 864 3/4 to 869 region Where we would sell out and go short using tight stop 8 cent stop.

July Beans : Support is near 839 1/2 where we would buy for a Position and risk 5 cents initially . Go long July Beans if they close over 854 risk a close under 845 initially... More Support is near 828 1/2 to 825 3/4 then near 818 below that 800 1/2 is where we would seriously consider Buying for a position. Risk a close under 792. Resistance is near 853 3/4 a close over 854 augurs for a test of the 867 to 873 region... Above that 881 is likely as the bears run. A close over 884 augurs for a test of 902.

$10.00 Beans are still a real possibility this year and we still like to buy the Breaks.

With 500 yr. floods in some parts of the U.S. and a 200 yr. Drought in Britain who knows what will happen by July or August

Remember, “it’s not over till the fat lady sings” In our opinion she has not even started.

Spreaders can buy Sept and Sell November Beans or Jan Long Term Traders ...

New Crop November Beans paint an interesting picture. With a expected huge crop this year the bears are in full advancement The problem is we are still in April....

.At some point the market will put some weather premium on the New Crop ..Buy breaks in anticipation of this. We would consider a dip into the 677 to 682 region as a buying opportunity use a stop under 665 basis the close for three days. Resistance is near 705, a close over is friendly,

July Bean-Meal: Early Support is near 267 where we would buy a 2.50 Stop. More support is near 258 where we would seriously consider buy for the
pull into July... Risk a close under 253 for three days in a row. Resistance is near 275 a close over augurs for a resumption of the trend higher and test of 282 then 287. Where we would sell any longs accumulated from lower prices and await a dip. Buy July Meal at 276 stop, risk a close under 273 then stay tuned.... Trade accordingly...

July Bean Oil Position Long 2458 use a stop close under 2430 . Exit 2535 Support is near 2435 where we would buy for a bounce higher , use a 30 pt risk, Early Resistance is near 2504 then 2518 to 2535 where we would sell the longs and wait for a dip to 2450 to rebuy. A close over 2504 is friendly, if this occurs Aggressive traders can go long under 2535 for a pop into the 2594.

Corn: Position Long from 302 Use a stop close under 292. Exit near 321 if able... Support is near 297 and 292 then 287 where we would have buy orders waiting risk 5 cents. Resistance is near 302 then 307 above that 312 offers resistance. If Corn goes Crazy to the Upside and holds the 292 region 333 is the likely target by June.. A close under 292 augurs for a test of 287.

Spreaders can Buy Sept Corn and Selling Dec. Add if the spread closes 4 cents Sep over Dec

If July corn closes over 303 the Worst may be over. A close under 292 is negative Trade accordingly.

July Wheat Support is near 438 where we would be a buyer after the open, risk 6 cents. initially .. stay tuned...or a close under 435. Resistance is near 447 then 450 above that 455 is likely. The Contract high is 465.

We were buyers of July wheat near 344 when No Body cared ... Now the weather is real bad, a disaster is upon us. The public is heavily involved and all the world is watching...Remember April 1996 BE CAREFUL.

Support is near 438 and 435 Below that 426 is likely a close under 438 is negative . Trade Accordingly

July Oats. Longs from 173 1/4 use a stop under 164 basis the close. This week Buy dips near 165 3/4 use a 3 cent risk. Resistance is near 171 above that 173 to 175. A close over 172 is friendly for a move to 179 above that 187.

July Cotton Support is near 7155 where we would buy for bounce and a turn higher, use a stop under 7075 basis the close. Resistance should appear near the 7345 region then 7495 where we would sell for a turn lower and risk a close over 7550. Trade accordingly...

May Sugar We see Support for May sugar near 1107, Buy there risk a close under 1096 for two days in a row. Resistance is near the 1147 then 1178 where we would sell for a turn and risk a close over 1205 for two days in a row..

July Coffee Support is near 193.20 then 189.75 below that 185.25 and 182.05 offers support and we would buy for a good bounce risking 300 pt. basis the close ... stay tuned. Resistance is near 196.80 198.20 then 199 and 203.40. Above that we would sell 206.20 for a quick turn lower and risk a trade over 208.60..Look to cover on a dip back down to 196.35..

Have your Steel ‘Cup’ ready

July Cocoa Support is near 1442where we would buy for a turn and risk a close under 14.18. Resistance is near 1479 then 1492 where we would sell for a turn and risk a close over 1496.

The Lively livestock Sector:

June Cattle Position Long from 6325 use a stop close under 6335 for three days in a row. Cattle on Feed was as expected ...which was supposed to be bearish... Support should appear near 6412 then 6335. Below that 6260. Resistance is near 6460 then 6485 then 6477, Above that 6557 then 6600.

June Hogs Resistance early next week is near 8562 then 8727 where we would sell and risk a close over 8777. A close under 8522 or 8480 is negative and we would assume shorts for a pullback into the 8300 region then down to 8250 then 8055 if it gets ugly ... Support is near 8427 and 8327. Below that good buyers should appear near 8057 where we would be buyers for a turn and risk a close under 7927. Trade accordingly.

May Bellies. Sell on a close under 8882. Cold storage was at the high end was deemed unfriendly.. Support is near 8495 then 8426 Below 8400 a slide is likely to 80 cents. where we would cover if able. Resistance is near 9140 where we would sell Use a stop over 9187 basis the close. Bellies are not for Widows and Orphans.... Stay Tuned

Bonds

June bonds Resistance is near 108-10 sell there if able and risk a close over 108-31. Good Resistance will appear near 109-27 to 110-13. Bonds have support near 107-11 to 107-01 then 106-11 and 105-12 where we would buy for a bounce and risk 15 pts. A close under 107-11 augurs for lower levels with a test of 105 if trend down takes hold again... Technically speaking their oversold condition is just about over. If the recent strength fails it should carry the bonds to at least 106-10...A close under 107-00 is negative a close over 108-12 is friendly... Pick your Poison

SP 500

June SP500 Aggressive traders can sell on a stop under 766.40 risk 300 pts. the Look to cover against 756..to 760.. On the Downside we see support near 767.20 then 756. where we would buy for a bounce and risk 150 pts, below that 750.65 is likely. A trade under 749.60 indicates a test of 741.40 Which better hold...below that we see 728.50 as a spot to buy for a bounce.... Resistance Next week begins near 783.40 where we would go short for a turn lower and risk a close trade over 786.55. Above that 793.90 then 799.

Caution is urged on both sides. Stay tuned..

\Happy Trading Bill