"If a man is both wise and lucky , he will not make the same mistake twice. But he will make any one of the ten thousand brothers or cousins of the original. The mistake family is so large that there is always one of them around"
--Reminiscences of a Stock operator--
Sun May 09, 1999
10:29 PM
On the Frenzied Forex Front
June Japanese-Yen
Nearby Support is
at 8314 to 8300. A close under 8300 is negative and augurs for a test of
8223 to 8194 where traders can buy at 8223 and hold for higher prices.
Resistance is at 8352 ,a close over is friendly and augurs for a touch of the 8484 to 8499 region. Above that resistance is at 8560 to 8589 and 8629. A close over 8629 augurs for an eventual test of the 8668 to 8683 and the 8762 to 8777 region. 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.
Traders should go long if a close over 8352 occurs.
June D-Mark
Support is at 5491
to 5477. A close under 5491 augurs for a test of 5430 to 5418 under that
support is at 5344. Traders can buy at 5344 for a bounce, risk a close
under 5282 for three days in a row.
Traders should go short if a close under 5491 occurs.
Resistance is at 5527. Traders can sell at 5527 and risk a close over 5577 for three days in a row. A close over 5577 is friendly and augurs for an eventual test of 5640 to 5653 beyond that resistance is at 5671 and 5682.
June Swiss
Support is at 6691. Below that support is at 6673 and the 6591 to 6577 region. Below that support is at 6509 to 6482. Traders can buy at 6577 and hold for higher prices
Resistance is at 6707 region A close over 6707 is friendly and augurs for a test of 6741 to 6755, Traders can sell at 6741 and hold for lower prices. Risk a close over 6755 for three days in a row.
June British Pound
Nearby Support should appear near 1.6150 to 1.6090, 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 to 1.6420 then 1.6486. Beyond that sellers should appear near 1.6550 and 1.6720
June Canadian Dollar
Support should appear
at 6857 and 6836 to 6820. 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. Below that support is at 6707.
Resistance should appear at 6870 and the 6909 to 6919 region. 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 281.9 and 278.3. Under that buyers should appear near 277.5 traders can buy at 277.5 for a turn higher risk, a close under 275 for three days in a row
Resistance is at 285.5 and 289 . A close over 289 is friendly and augurs for a test of the 292.80 to 293.70 region.
Traders should go, long if a close over 289 occurs.
Trade accordingly
July Copper
Support is at 7195 to 7175 and 7105 . Traders can buy at 7105, risk a close under 7075 for three days in a row.
Resistance is at 7305 and 7345. A close over 7345 is friendly and augurs for a test of 7500 and the 7585 to 7605 region. Traders can sell at 7605 for a turn lower, risk a close over 7690 for three days in a row.
Traders should go long if a close over 7345 occurs.
July Platinum
Support is at 353.5 and 353 , Traders can buy at 353 and hold for higher prices.. Below that support is at 349 to 346 under that 343 should hold.
Traders can buy at 344.5 and hold.
Resistance is at 358, a close over 358.90 is friendly and augurs for an eventual test of 363 to 364 and the 366 to 368 region. Beyond that good sellers should appear near 372.
Traders should go long if a close over 358.90 occurs. .
July Silver
On the DownSide: Support is at 535. 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 541 to 543. Beyond that resistance is at 548 and 554, a close over 554 augurs for a test of 580.
Traders should go long if a close over 543 occurs.
The Exciting Energies
June Crude
Support is at 1806 and the 1785 to 1781, aggressive traders can buy at 1785, risk a close under 1756 for three days in a row. Below that buyers should appear near 1738 to 1724, traders can buy at 1738 and hold for higher prices.
Resistance is at 1830. A close over 1835 is friendly. and augurs for test of 1858 to 1869. Beyond that resistance is at 1902 to 1909 and the 1946 to 1953 region. A close over 1953 augurs for a test of 1996 and the 2034 to 2042 region.
Traders should go long if a close over 1835 occurs.
June Unleaded Gas
Nearby Support is at 5282 and 5262. Traders can buy at 5265 , risk a close under 5200 for three days in a row. Below that support near the 5065 to 5035 region should contain a decline in the near future.
Resistance is at 5345 to 5356. A close over 5356 is friendly and augurs for another
test of the 5645 to 5653 region. Beyond that sellers should appear near 5792 to 5805.
Traders should go long if a close over 5356 occurs.
June Heating Oil
Support is at 4318 to 4304 under that support is at 4249 to 4230 and 4205 to 4175.
Traders can buy at 4249 and hold ..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 4405 to 4450. A close over 4405 is friendly and augurs for a test of 4580 and eventually 4695 to 4717.
Traders should go long if a close over 4405 occurs
The Grand Grains
July Soybeans
Support is at 473 and 471 1/2 to 469 .Traders can buy at 471 3/4 , risk a close under 465 for three days in a row.
Resistance is at 479 a close over 479 is friendly and augurs for
a test of 485 to 487 beyond that sellers should appear near 499. A close
over 499 augurs for a test of 521 to 525. Traders should go long if a close
over 499 occurs.
November Beans
Support is at 485 to 482 and 473 ...
Traders can buy at 485 and hold.
Resistance is at 493 , a close over is friendly. And augurs for a test of 503 1/3
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 130.7 a close over 130.7 is friendly and augurs for a test of 132.7 to 133.4 and 134.60. Beyond that resistance is at 137.7 to 138.3 and 141.
Traders should go long if a close over 130.7 occurs.
July Soybean Oil
Support is at 1909 to 1902. C Traders can buy at 1909 and hold for higher prices. Below that support is at 1869 to 1855 under that 1831 to 1815 should hold
Resistance is at 1915, a close over 1915 is friendly and augurs for a test of 1946 to 1953. A close over 1956 is friendly and augurs for a test of the 1982 to 1996 region. Beyond that resistance is near 2034 to 2042 and 2080 to 2088.
Traders should go long if a close
over 1956 occurs.
July Corn
Support is at 217 and 212 to 210.
Resistance is at 220 and 222, beyond that sellers should appear near 227
A close over 227 is friendly and augurs for a test of the 235 region.
July Wheat
Nearby Support is at 262, traders can buy at 262, risk a close under 261 for three days in a row. Under that buyers should appear near 259 and 256 to 254.
Under that buyers should appear near 251 and 247.
Resistance is at 266 1/2 to 268, 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. Beyond that a test of 287 is likely.
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 , beyond that sellers should appear near 6335 to 6350 and the 6415 to 6430 region. Beyond that resistance is at 6577 to 6591 and 6670. Traders can go short for a turn lower at 6655, risk a close over 6680 for three days in a row.
Traders should go long if a close over 6113 occurs.
On the DownSide support is at 5992 and 5957 to 5945, traders can buy at 5957 for a turn higher, risk a close under 5855 for three days in a row. Below that buyers should appear near 5880 to 5855 and the 5805 to 5792 region. Under that support is at 5650 to 5640 and 5577 to 5553.
July Sugar
Support is at 469 and 461. Traders can buy at 468 risk a close under 449 for three days in a row. Under that 446 to 440 and the 428 to 421 region should contain a decline in the near term.
Resistance is at 471. A close over 471 indicates a test of the 486 and the 490 to 493 region. Beyond that sellers should appear near 507 to 515 and 534 to 538.
Beyond that resistance is at 559 to 562.
Traders should go long if a close over 471 occurs.
July Coffee
On the DownSide, support is at 102.55. Traders can buy at 102.65 and hold for higher prices.. Below that support at 101.80 and 101.25. and the 100.50 to 100.00 /99.60 region. Traders can buy at 100.00 and hold for higher prices.
Below that support is at 95.40 and 9495 then 9445 to 9425 and 9345 to 9305 where it should hold over the near term..
On the Upside, Resistance is at 103.20 to 103.60 then 104.60 .
Beyond that sellers should appear near 105.10 to 105.80 and 106.80 to 107.40
A close over 106.80 augurs for a test of 109.60 to 110.10 . above that sellers should appear near 113.00 to 113.60 and 114.50
A close over 103.60 is friendly and augurs for a test of 106.80.
Traders should go long if a close over 103.60 occurs.
July Cocoa
Support is at 1000 and 993 to 983. Below that 972 to 968 offers support. Under that traders should buy at 941 and hold.
Resistance is at 1032 to 1036 and 1044, a close over 1044 is friendly and augurs for a test of 1058 and 1068 to 1074.. Beyond that sellers will appear near 1083 and the 1096 to 1101 region.
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 5972 and 5937. A close under 5937 is negative and augurs for a test of 5882 to 5852 below that support is at 5712 to 5697 and 5677. Traders can buy at 5717 and hold for higher prices. Below that buyers should appear near 5612 and the 5512 to 5492 region.
Resistance should appear near the 6165 to 6180 region. 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
Nearby Support is at 5947 and 5907. A close under 5942 augurs for a test of 5882 to 5855 and eventually the 5787 region Below that 5677 to 5642 and 5607 offer
support. Under that support is at 5505 to 5492 and 5462.. Below that Buyers should appear near 53\57 Traders can buy at 5357, risk a close under 5257 for three days in a row.
Resistance is at 6022 to 6037 and 6087 to 6112. Traders can sell an early rally to 6087 and hold for lower prices. Beyond that resistance is at 6162 to 6190 and 6207. Beyond that sellers should appear near 6257 and 6337 to 6352.
Traders should sell at 6237 and hold...
Stay Tuned for Flashes the Pork Complex.
The Sensational Stock and Bond Markets
June Bonds
On The DownSide nearby support is at 118-16 to 118-03, below that good support should surface at 117-26 to 117-12. Traders can buy at 117-12 and hold for higher prices...Below that support is at 116-27 and the 116-12 region. Under that 115-27 should contain the decline.
On the Upside: Resistance is at 118-28 and 119-12. Beyond that resistance is at 119-27, traders can sell at 119-27, risk a close over 120-11 for three days in a row. Beyond that resistance is near 120-14 and the 120-27 region. Beyond that sellers should appear near 121-27.
June SP 500
Support 1346 and 1340 to 1339.70 Under that support should appear
near the 1334 to 1331 region. Traders can Buy at 1334 and Hold for higher
prices. Beneath that buyers should appear near 1329.10 and 1323.60 to 1322
. Below that support should appear near the 1310 to 1306 / 1304 region
should hold..
Resistance is at 1355.70 and 1359.60, extended trade over 1355.70 augurs for a touch of 1361.50. Above that resistance is near 1367.10. Beyond that sellers should appear near 1370.80 and 1377. A close over 1356 augurs for an eventual test of 1376.50. to 1377.
Traders should go long if a close over 1356 occurs.
Stay tuned for Flashes ...
Dow Jones Industrial Avg.
Support is at 11030
and 11010 under that buyers should appear near 10,960 and 10,820. Under
that support is at 10,756.20 and 10,680 to 10,630 where it should hold
on a hard decline.. A close under 10,630 is negative and augurs for a test
of 10,470. Below that 10,360 to 10,320 offers support.
Resistance is at 11,045 and 11081. Beyond that resistance is at 11,171 and
12,.000 to 12,005 which should cap the rally for a bit..
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
May 10 1999 8:25 AM
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