"What the Wise do in the Beginning,
Fools do in the End."
Warren Buffett
Sunday, Feb. 28, 1999
1:30 PM
On the Frenzied Forex Front
June Japanese-Yen
Support is at 8507, a close under augurs for a test of 8421 and 8407 to 8391, traders should buy at 8407, risk a close under 8391 for two days in a row. Below that 8223 and 8194 offer support , traders can buy at 8224 and hold for higher prices.
Resistance is at 8521 and 8557. Beyond that resistance is at 8628 and 8689 then 8762. Above that resistance should appear near 8856 / 8871 and the 8891 region.
Traders should sell at 8871, risk a close over 8965 for two days in a row.
Beyond that resistance is at 9044 to 9060.
June D-Mark
Support should appear near the 5662, a close under 5653 augurs for a test of 5610 and the 5590 to 5577 region where traders can buy at 5590 and hold for higher prices.
Risk a close under 5553 for three days in a row. Below that Buyers should appear near
55504 to 5492.
Resistance is at 5690 and 5710 to 5716/ 5729. Traders should sell at 5716 ,, risk a close over 5729 for two days in a row.. Beyond that a test of 5777 to 5792 is likely.
Traders should sell at 5792 , risk a close over 5805 for three days in a row.
June Swiss
Nearby Support is at 6975 and 6961 to 6957 then 6940. Traders can buy at 6957 for a turn higher, risk a close under 6940 for three days in a row. Below that 6919 to 6906 should contain the break
Resistance is at 6990 and 7003 region. Beyond that resistance is at 7040 to 7075. Where sellers should appear, Traders can go short at 7074, risk a close over 7090 for two days in row. Beyond that resistance is near 7130 and the 7143 to 7170 region.
Traders can sell at 7143 and hold for lower prices.
June British Pound
Support is near 1.5936, a close under augurs for a slip towards 1.5840 and 1.5760 traders can buy at 1.5760 , risk a close under 1.5690 for three days in a row.
Resistance is at 1.6002, a close over 1.6002 is friendly and augurs for a test of resistance near 1.6090 to 1.6150. Beyond that resistance is near 1.6420 to 1.6550. Traders can go short at 21.6420 for a turn lower, risk a close over 1.6550 for three days in a row.
Traders should go long if a close over 1.6002 occurs.
June Canadian Dollar.
Nearby support should appear at 6591 to 6577 and 6565. A close under 6577 augurs for a test 6509 to 6482. Traders can buy at 6482 for a turn higher risk a close under 6430.
Traders should sell short if a close under 6577 occurs.
Resistance is at 6627 beyond that Resistance is at 6659 to 6677. Traders should sell at 6677 for a turn lower, risk a close over 6715 for two days in a row. Beyond that resistance at 6741 to 6755 should cap a rally...
Precious Metals
April Gold
Support at near 287.6 and 285 traders can buy at 285 and hold for higher prices..Below that support is at 282 where it should hold. A close under 282 augurs for a test of the 277.5 to 275 region. Traders can buy at 277.6 risk a close under 274. for three days in a row.
Resistance is at 289.5 and 292.8 to 295 and Beyond that resistance is at 304.
Traders should go long if a close over 292.8 occurs.
May Copper
Support is at 6315 to 6285 and 6255 . Below that 6190 to 6155
should contain the decline.
Resistance is at 6335 to 6350. A close over 6350 is friendly and augurs for a test of 6415 to 6430. Beyond that good sellers should appear near 6515 Beyond that sellers should appear near 6670 to 6740. Traders can go short for a turn lower at 6735, risk a close over 6755 for three days in a row.
April Platinum
Nearby Support should appear near 379.5 to 377.8. Traders should buy at 380.10 Risk a close under 372 for three days in a row. Below that support is at 368 and 362.
Resistance is at 386.7 and 388. A close over 386.7 augurs for a test of 395 and 399
Beyond that resistance is at 405.6 then 411 to 412 and 416.3 to 418.3 Traders can sell at 416.3 for a turn lower. Risk a close over 423.8 for three days in a row.
Traders should go long if a close over 386.7 occurs.
May Silver
On the DownSide: Nearby Support is at 561 to 557 and 552, traders can buy at 561.5 and hold for higher prices... Below that support is at 552. A close under augurs for a test of 535 Traders should buy at 535.5 and hold.
On the Upside. Resistance should appear near the 572 to 577.5 region. A close over 577 is friendly and augurs for an eventual test of 591.5 with a likely touch of 623 if it can hold.. Traders should go long if a close over 573.0 occurs.
Buy Dips
The Exciting Energies
April Crude
Nearby Support is at 1218 to 1213 and 1202 where it should hold,
Below that 1188 should contain a break. Traders can buy 1192, risk a close under
1164 for three days in a row.
Resistance should appear near the 1232 to 1238 region.. However close over 1235 is friendly and indicates another test of the 1268 to 1274 region. Beyond that resistance is at 1304 to 1319 and 1334.
Traders should go long if a close over 1235 occurs.
Trade Accordingly
April Unleaded Gas
Support is at 3743 to 3734 Traders can buy at 3744 for a good turn higher, risk a close under 3659 for three days in a row. Below that buyers should appear near the 3623 to 3613 region. Below that Traders can buy at 3564 and hold for higher prices...
Early Resistance is at 3870 and 3930. A close over 3930 is friendly and augurs for a test of 3992 and 4150 beyond that 4295 offers good resistance
Traders should go long if a close over 3930 occurs.
April Heating Oil
Support is at 3213 to 3194 Below that support should appear near 3110 and 3040 Traders can buy at 3045, risk a close under 2970 for three days in a row. Below that 2883 offer support and should stop a decline.
Resistance is at 3245 and 3345, a close over 3270 is friendly and augurs for a test of 3345 and the 3377 to 3386 region..Beyond that resistance is at 3430 and 3490 to 3505... Trade Accordingly.
The Grande Grains
May Soybeans
Support is at 453. Below that 445 should hold. Traders can buy at 445 and hold for higher prices...
Nearby Resistance is at 464 1/4 and 467 A close over is 464 1/4 is near term friendly . Traders should go long if a close over 464 1/4 occurs. Beyond that
Resistance is at 472 and 478 to 481...
July Soybean Meal
Support is at 126.5 and 124.5 ..Under that the 120.3 to 119.2 region should contain the decline.
Resistance is at 128.4 and 130.4 then 133.0 to 134.6 . A close over 134.6 is friendly and augurs for a test of resistance near 138.
July Soybean Oil
Support is at 1780 to 1774 Below that Buyers should appear near 1738 and 1717
Below that 1696 to 1689 should stop the break...
Resistance is at 1822 and 1855, a close over 1858 is friendly and augurs for a test of 1894 to 1902 and 1909. . Beyond that an eventual test of 1982 to 1996 is likely..
A close over 1996 is indicates a test of 2123.
May Corn
Support is at 208 3/4 and 204 3/4 Below that 198 3/4 should hold.
Resistance is at 212. A close over 212 is friendly and augurs for a test of 215 and
222 regions . Traders can go short at 222 for a quick turn lower, risk a close over 227 1/2 for two days in a row.
July Wheat
Support is at 256 3/4 and 250 1/4. Below that 247 and 244 to 240
offers support and should bring out buyers.
Resistance is at 261 3/4, A close over augurs for a test of 268 to 270
Beyond resistance is near the 279 region. Trade accordingly.
The Satisfying Softs
May Cotton
Resistance should is near 5805, a close over augurs for a test of 5865 Beyond that a test of 5945 to 5967 is likely to occur..a close over 5960 is friendly and augurs for a test of 6100 and 6165 to 6190.
Support is at 5765 to 5750 and 5729. Traders can go long at 5755 and hold for higher prices. Below that buyers should appear near 5670 and 5615.... Below that 5555 should contain the decline...
May Sugar
Support is at 609 to 601.. Below that 586 should hold.
Traders can Buy at 586 and hold for higher prices...
Resistance is at 630 to 634 and 641.. A close over 641 is friendly for a test of 659 Beyond that a test of the 682 to 686 region is likely . Beyond that resistance is at 704 to 712...
Traders should go long if a close over 641 occurs.
Trade Accordingly..
May Coffee
On the DownSide, support is at 102.40 and 101.25 . Below that support is at 99.90
and 98.40 . Traders can buy at 98.40 and hold for higher prices.
On the Upside, Resistance is at 103.20 to 103.80 and 104.15 then 104.90.
A close over 105.10 augurs for a test of 106.80 which appears likely to occur.
Beyond that 109.60 10 110.10 offers resistance.
Traders should go long if a close over 104.15 occurs...
Trade Accordingly.
May Cocoa
Nearby Support is at 1274 to 1268, traders can buy at 1268 for a turn higher, risk a close under 1252 for three days in a row. Below that support is at 1238 to 1232 and 1211 to 1202.
Resistance is at 1279 and 1289 a close over 1279 is friendly and indicates a test of 1304 and 1319 then 1352 . Beyond that resistance is at 1377 to 1383
Traders should go long if a close over 1279 occurs..
The Lively Livestock
April Cattle
Support is at 6767 to 6742. A close under 6737 is negative and augurs for a test of 6692 to 6672. Below that buyers should appear at 6637 and 6592. To 6562...
Resistance is at 6842 and 6892 to 6917 / 6932...Where traders can sell for a quick turn lower, risk a close over 7002 .A close over 7002 is friendly and augurs for a test of
resistance near 7072 to 7087
April Hogs
Resistance is at 4307 and 4407 then 4477 to 4487. Traders can sell at 4487 for a turn lower, risk as close over 4517 for three days in a row. Beyond that resistance is at 4570 to 4582 which should cap a rally.
Support is at 4287 and 4207... Below that Traders can buy at 4112 and hold for higher prices. Under that buyers should appear near 3992 and 3867.
Stay Tuned for flashes...
From the Frying Pan into the Fire--
March. Bellies
Support should appear near the 4932 to 4917 region. Below that support is at 4857 and 4782 to 4717...Traders can buy at 4787 and hold for higher prices...
Resistance is at 5017, and 5067 to 5082. A close over 5077 is friendly and augurs for a test of 5172 and 5232 Beyond that sellers should appear near 5377.
May Bellies
Traders should buy at 5067 and Hold...
The Sensational Stock and Bond Markets
June Bonds
On The DownSide nearby support is at 120-28 and 120-19,
A close under augurs for a test of 119-19 and 119-04 traders can buy at 119-04 for a turn higher, risk a close under 118-19 for two days in a row. Below that support is at 117-28.
On the Upside: Resistance is at 121-13 and 121-19 to 121-24 traders can go short at 121-19 for a quick turn lower risk a close over 121-24 for three days in a row. Beyond that resistance is at 122-19 and 122-28. Aggressive traders can sell at 122-24, and hold for lower prices Beyond that good resistance is at 123-28.
March SP500
On the DownSide
Support is at 1235 and 1232 and 1224.. Below that an eventual test of the 1218 and 1216.70 is likely. Traders can buy at 1216.70 for a bounce only..
Stay tuned for a stop... A close under 1218 is negative and indicates a test of the 1205 and 1203 to 1192 region where good buyers should appear and hold the mkt. for a bit.
On the Upside, Resistance is at 1238 to 1238.70. Aggressive traders can sell at 1237.90 and hold for lower prices.. beyond that resistance is at 1246.90 and 1253.
Traders can short at 1253. for a turn lower, put your own risk on it and stay tuned..
Beyond that resistance is at 1268 and 1271 then 1274. A close over 1274 is friendly and augurs for a test of 1285 and 1304.
Stay tuned for Flashes
June SP 500
Support is at 1238 / 1237.10 and
1235 to 1232 a slip under augurs for a test of 1227.20 and 1222 then 1218.
Traders can buy at 1218 for a good turn higher stay tuned... Below that
1203 to 1192 should contain a break for a bit...
Resistance is at 1253 and 1259.20, beyond that sellers should appear near 1268 to 1274. Traders can sell at 1268, risk a close over 1274 for two days in a row.
Beyond that resistance is at 1281 and 1289. A close over 1289 is friendly and augurs for a test of 1304... Traders Who have Ice Water running through their veins can sell at 1304 and hold for lower prices...
Dow Jones Industrial Avg.
Support is at 9223
to 9194 and the 9156 to 9140 region. Below that support is at 9111 and
the 9060 to 9044 region. Below that 8964 should hold. ..If not a decline
to 8871 to 8856 and eventually 8777 is likely to occur.
Resistance is near 9316 and 9347 then 9372.. However a close over 9347 is friendly and augurs for a test of 9429 to 9445 and 9489.. 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.
Sunday Feb. 28 1999
6:39 PM
Happy Trading
Bill
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