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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.

FuturesCom
Bi-Weekly Investment Outlook

Saturday, May 17, 1997 1:26:37 PM

Courage in a speculator is merely confidence to act on the decision of
his mind.

On the Frenzied Forex Front
June -Yen:
Selling pressure will be seen near the 8894 to 8902 region where we
recommend sellers initiate their shorts for a position , use a stop close
over 8969 for two days in a row.
More Resistance is near 9021 then 9125. Support is 8585 then 8495 where
buyers can go long for bounce, risk a close under 8425 for two days..
Trade Accordingly.
June Swiss Franc
Early selling pressure is 7095 where would sell for a turn and risk 40
pts. More resistance is near 7171. Good Selling pressure should appear
near 7303 where we would go short for a position, risk a close 7345 for
two days. Support remains near 6995 ,a close under 6990 indicates a
failure and slip to 6919.. where we would buy for a bounce and risk a
close under 6888. Under 6880 indicates new lows shortly.
Pick Your Poison
June British:
We see Support near 161.90 where we would buy for a turn higher and risk
a close under 160.90 for two days. Resistance is near 164.20 above that
165.50 were we would sell for a turn and risk a close over 166.20 for
two days. The inability for the BPM to sustain a rally
above 164.20 is negative for a pullback to 161.50. Near term traders may
wish to sell near 164.20 and risk a close 164.40 over early on during the
next week.
June D-Mark
Position Short 5805 and 5855 Use a stop over 5969 for three days in a
row,
Resistance next week should raise its head near 5969 then 5986 where we
would sell for a turn and risk a close over 6035. Support is near 5919
below that 5886 offers support if that fails the D-Marks fall into a
hole and could move quickly towards 5869 a close under indicates a
wash 5805 then 5775 where we would cover any shorts.
Trade accordingly..
Precious Metals
June Gold
Early Resistance is near 345.3, however if June gold can Rally a little
and hold above the 346 region it will pull itself out of the hole and
move to the 360.00 region rather quickly.
Go long June Gold if it closes over 345.50, use a stop close under 341
for three days in a row to protect . Above 345.50 resistance will be
found near 348.90 then 352.30
Support is near 342.6 then 341. below that we would have buy orders near
335.5. to buy for a position and risk a close under 331.
July Copper
We have been friendly Copper for quite a while and remain that way. Our
near term target is 120 beyond that we see a spurt to 123.20 then
124.60...
We find nearby Support at 115.70 where, we would be a buyer with a stop
close under 113.40 for two days in a row. Additional support is near
112.15 where we would buy for a two day bounce, risk 100 pts. Below
that we would seriously consider buying near 109, use a stop under
107.55. Early Resistance is near 116.40 to 116.90 then 118.35 to 119.20.
Above that 120.30 is likely to trade ...
Still Friendly...
July Platinum:
Nearby Support is 390 where we would buy for a turn higher use a stop
under 386. More support is located near 383.5 to 382, a close under
382 is negative for a slip towards 376 where we would have buy orders for
a position waiting. Protect yourself with a stop close under 370 for two
days.
Resistance is at 394.5, a close over indicates a rally to 403 then 415.
If July Platinum can trade over 392 .5 Early this week we would go long
for a move up \to 403 then 415 , consider buying July platinum 394 stop.
A close over 394.5 augurs for higher ground...
Trade Accordingly
July Silver:
Position: long 1 @ 477 and 1 @ 472
Support should appear near 459, where we would have buy orders waiting,
risk a close under 456 or three days in a row. Resistance is near 473
then 479 and 482. A close over 477 is Bullish for a move back to 508
where we would sell ½ of longs and await a dip to rebuy....Buy this Dip
and be patient we are still Long term still Friendly
The Exciting Energies
Has the Sleeping giant Awakened ? Yes
Is Crude Oil Poised to test $ 35.00 in the Next 12 Months ?? Maybe..
In any Case Buy Dips...
July Crude Oil.
Nearby support should appear at 2196 where we would buy for a bounce
early this week using a stop under 2169. Below that 2143 is likely.
We would have Buy orders at 2143 for a position. Risk a close under
2112 for three days in a row. More support is near 2082/ 2096 where we
would be a buyer for a bounce only. Risk 35 pts. Resistance is near 2270
where we would go short for a quick turn lower and risk a close over
2275, above that augurs for a test of 2330 then contract highs of 2370
set during January of this year.
If July Crude maintains this direction and course 2425 before expiration
is in the ‘Cards’.

Buy Dips ...
July Unleaded
Support is near 6455 where we would buy for bounce and hold using a stop
close under 6335 for three days in a row. More support is near 6355 then 6310 below
that 6290 offers a buying opportunity this week.
Resistance is near 6555 then 6630. A close over 6630 indicates a rally to
6700 then 6900. Above that 7140 is likely to trade, we would exit there
and go short for a quick turn lower , risk 100 pts basis the close.
Buy...Dips
July Heating Oil.
We see Support near 5835 where we would buy for a turn higher and risk a
close under 5750 for three days in a row. More Support is near 5710.
Below that 5635 to 5590 offers good support. Resistance is near 5965, a
close over augurs for a test of 6075 Where we would sell for a turn
,risk 100 pts . Above that 6400 should eventually trade...

The ‘Grande’ Grains
July Beans
Position Long 867 ½ and 889 ½ & long 860 ¾ use a stop close under 834
for three days in a row. Exit excess longs at 906.
Support is near 863 ½ where we would buy to add a long position, use the
same 834 stop close. Additionally go long July Beans if they close over
883.
More Support is near 849 ¾ where we would buy for a bounce risk 4 cents.
Resistance is early near 877 ½ above that 890 is likely.
Current Shorts from this recent break will either throw in the towel at
892 or sell more.
We don’t care ... We would be pleased to see 892 trade....

A close over 877 ¾ indicates to us a test of 906 to 911 beyond that 935.
Which means $10.00 Beans are still a real possibility this year, we
still like to buy the Breaks.
New Crop November Beans continues to paint an interesting picture.
With a expected huge crop this year the November Beans do not look or
feel like a sale.
We expect Weather premium on the New Crop November to cause prices to
exceed 740. Forecasters are predicting a return of ‘El-Nino’.
Weather is something nobody can predict.
Sept Beans should test 850 is this occurs , August will Travel to 10.00
or more. The problem with being Short Beans is What happens if you wake up one day
and for Some reason the open limit up ?? And again , and again.?
With the existing supply / demand situation buyers should appear at
lower prices .
However at some point the sellers may walk away till harvest or 935 July
hits.
A close over 716 in Nov Beans augurs for 724 and a pop to 736.
July Bean-Meal
Support is near 287 where we would buy and use a stop close under 278 for
three days in a row as protection...More support is near 279.5 where we
would seriously consider buy for the pull into July...under that buyers
should appear near 271.. buy there and risk a close under 269 for three
days in a row. Resistance is near 292, a close over augurs for 303.
A rally to 311 is not out of the question near term.
Trade accordingly and Buy Dips
July Bean Oil
Early Support is near 2374 where we would buy for a turn and use a stop
close under 2304 for three days in a row.
We Also would buy the open on Monday for a small position, hold using a
close under 2374 a protection. Resistance is near 2403, a trade over
augurs for a test of 2443 then 2460. A test of 2529 is not out of
the question if it can hold.....
Stay Tuned...
Corn:
Position long from 286 use a stop close under 281 for three days in a
row.
Early Support is near 282 ¾ where we would have buy orders waiting.
Risk a close under 279. Resistance is near 287 then 289. a close over
290 for more than one day is bullish and should cause buying all the way up to resistance
at 295/297.

If July corn opens the week over 284 ¾ go long and use a stop close under
279 to protect.
Trade accordingly.
July Wheat
Support is near 385 where we would begin buying for a position below
that 371 is where we would add longs and hold using a stop under 366
for three days in a row.
Resistance is near 390 then 393 a close over 390 is friendly for a move
to 397.
Eventually we should see 410 trade again. Therefore we advocate buying
dips down to 372 and holding.
July Oats.
Position long at 162 use a stop close under 153 Monday only.
Support is near 155.. Resistance is near 158 ¾.
Add using if it opens over 159 ¾ Monday only.
The Softs...
July Cotton
Go long July cotton at 7265 exit near 7355 if able.
Good Support is near 7215 where we would buy for a position, use a stop
under 7075 basis the close for three days. Resistance should appear near
the 7545 region then 7695
Trade accordingly...
July Sugar
We see Support for July Sugar near 1085 buy there and risk a close under
1056 for three days in a row. Resistance is near the 1102 above that
1116 is likely. More Resistance is near 1136 where we would sell for a
turn and risk 20 pts. or a close over 1151.
July Coffee
Resistance is near 255.30 where we would sell for a quick turn and risk
225 pts .
More resistance is near 261.20 to 262 . Anything beyond that indicates
a test of 274.80.
Where we would sell for a turn and risk 355 points.
Support is near 246.65 where we would buy for a bounce and risk a trade
under 243.90. Below that ,240 offers support as does 235.50 then 231.50
where we would buy for
position, Risk a three day close under 225.20.
Have your Steel ‘Cup’ ready.
July Cocoa
Nearby support is in the 1463. We would buy 1463 for a turn higher,
risk a close under 1453 for three days in a row. More support is near
1427 where we would buy for a position and risk a close under 1405 for
three days.
Resistance is near 19 50then 1526. A close over 1526 augurs for a thrust
to 1569 where we would exit and wait for a dip to rebuy.
Trade Accordingly..
July Orange Juice
Early Support should appear near 8390 where buyers can go long for a
quick bounce and risk 300 pts. More Support is near 8250. Resistance is
near 8745 where we would sell for a turn towards the trend lower, risk a
close over 9005 for three days in a row.
The Lively Livestock Sector
August Cattle
Buy August cattle near the 6402 region if able,ri sk a close under 6325
for three days in a row.
June Cattle
Position Long from 6325 use a stop close under at 64.77 for three days
in a row.
Support should appear near 6532 where we would buy for a bounce, risk 70
pts.
Below that 6477 should hold. Resistance is near 6555 then 6627.
a close over 66.42 augurs for a test of the highs at 6675.

August Feeder Cattle
Support is near 7610 to 7597 where we would buy for a bounce, risk 50
pts.
Resistance is near 7697 then 7737 and 7797.
Alo cse over 7700 augurs for a test of 7772 and 7840 contract highs.

If You don’t have a copy of Our Special Report on PORK, Visit
http://www.futurescom.com While you are there you can pay for a six
month period of our Investment Publications.

Remember Bulls make money , Bears make money and Pigs get slaughtered.
June Hogs
Resistance is near 8162 then 8217 where we would sell for quick turn
lower, risk a close over 8225. Support is near 8067 where we would buy
for a bounce , risk 100 pts and hold on a close over 8017. More Support
is near 8017 then a slip to 7887 where we would Buy for the Pull into
June....Use a three day stop close under 7867.
July Hogs
Resistance is near 8305 then 84.60 where we would sell for a turn lower,
use a stop close over 8527 for three days in a row.
Support is near 8212 then 8177. More Support is near 8017 where we would
buy for a good bounce, risk a close under 7942..
Sell Rallies
July Bellies
Position Short 9005 & 9160 risk a close over 9187 for three days in a row
Resistance is near 9042 sell there above that 9077 offers Resistance sell
there also ,risk a close over 9187 for three days in a row.. A sharp
rally to the 9352 region is a sale in our minds.
Support is near 8895 if broken expect a decline to 8810. Sell July
Bellies 8890 or Better Monday, use a 75 pt Stop. A trade under 8810
augurs for a slip to 8782 then 8747.
Below that 8667 should trade, a close under 8667 means the ‘cats out of
the bag’ and a decline to 8587 then 8347 is likely. We would buy all
shorts and go maybe go long for a quick turn near 8347 while looking to
re-short and exit longs on a rally, risk 75 pts.
Re-short on a failure to close back over 8347.
Stay Tuned..
Any Sustained break under 8347 indicates a test of 7980.

‘Only Traders with ‘Ice Water in their Veins‘ should Trade Bellies.
Sell Rallies 1-2 days if able
Bonds
June Bonds
Early Resistance is near 110-09 sell there if able, risk a close over
111-04 for three days in a row.
Above that 110-29 to 111-04 offers resistance sell at 111-04, risk a
close over 111-04 for three days in a row. Beyond that we would eagerly
sell into the 111-29 region for a turn lower risk a close over 112-12.
Go Short June Bonds on a close under 109-29 then stay tuned...
Support is 109-29 then 109-04 with good buyers near 108-29 which
probably won’t hold. Below that 108-04 offers support, we would cover or
buy there using a stop under 107-21 as protection.
Trade Accordingly.
SP 500
June SP500
On the Downside, we see support at 823.10 then 819.40. Below that 817.90
is where we would be a buyer for a turn higher, risk 200 pts. Any trade
under 817.90 augurs for a pullback to 811.65 where we would also probe
the long side use a 250 pt stop.
Below that 802.10 is likely. We would buy at 802.10 for a bounce, risk
150 pts, hold only on a close back over 804.90. If 802.10 fails then
792.65 is likely.
On the Upside, Resistance is near 833.90 then 839.10 where we would sell,
use a stop over 841.40. Above 841.40 augurs for a thrust to 844.10.
Anything beyond 844.60 augurs for a test of 848.40 to 849.90 then 866 25
where we would sell for a position, risk 300 pts.
Make a plan and Follow it..
Happy Trading
Bill