"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."--Jesse Livermore--

6:19 AM

Sept. J-Yen
We believe that down the road the Yen will move higher , probably into august. However with the volatility now present in the Yen , traders should consider this market a trading affair.

Next Week early Support is 7116 and 7088 to 7074. Below that buyers should appear near 7061 to 7055. Traders should go long at 7116, risk close under 7050 for three days in a row. Beneath that support is 7002 to 6990. A close under 6990 augurs for a slip to 6919 to 6906. A close under 6906 indicates a test of 6836. Traders can buy at 6836 for a bounce only, risk 40 pts.

Resistance is at 7143 and 7161 to 7170. A close over 7170 augurs for a test of 7220 and 7242 to 7256. Beyond that resistance is 7328 to 7342 . Traders should be prepared for another rally to the 7328 to 7342 region. A close over 7342 indicates a test of 7513 and 7665. Traders can go short at 7675 , risk a close over 7690 for three days in a row.

Sept. Swiss Recommended Position Long at 6755 and 6695

Early support is at 6591 to 6577, below that support is at 6523. A dip to the 6509 to 6483 region should contain a break. Nearby Resistance next week is at 6615, a close over augurs for a rally to 6673 to 6683. A close over 6673 is friendly for a test of the 6741 region. Beyond that resistance is near 6809.

*Traders should Go long / Add on a close over 6615.

Sept. British Pound:

Support is at 1.6550 and 1.6420 Traders should Go long at 1.6420 risk a close under 1.6290. For two days in a row. Below that support is at 1.6150 to 1.6090 . Buy at 1.6090 for a bounce , risk 100 pts.

Resistance is at and 1.6612 and 1.6686. A close over 1.6720 augurs for a test of 1.6890. Beyond that a rally to the 1.6960 region is likely. Traders should sell short at 1.6960, risk a close over 1.7140 two days in a row.

*Traders should Go long on a close over 1.6720

Sept. D-Mark Recommended Position long 5593.

Early support is at 5525 and 5509 to the 5504 /5492 region. Below that Traders can buy at 5490 for a turn higher. Risk a close under 5470. Below that support is at 5430 to 5418. Day traders can buy at 5430 for a bounce, risk 20 pts.

Early Resistance should be evident at 5553 to 5577. A close over 5577. However close over 5577 is friendly for an eventually rise to 5605. Beyond that sellers should raise their heads near the 5625 / 5640 region. However a trade over 5641 augurs for a test of 5653 beyond that a rally to 5688 is likely, Traders should go short at 5688 for a turn lower. Risk a close over 5729 for two days in a row.

Sept. Canadian Dollar Recommended Position long at 6836 and 6856
 

Early Support 6811 / 6809 and 6765 . Below that support is 6755 with more at 6741. We still think the Canadian Dollar has suffered enough at this point a good short covering rally is over due.

Resistance is near 6836. A close over 6836 is friendly and

indicates a test of 6861. A close over 6861 augurs for a thrust towards 6894 and the 6906 to 6914 where traders should sell at 6906 , risk a close over 6922 for three days in a row.

Go long or Add on a close over 6836.

Trade Accordingly.

August Gold

Nearby Support is at 293.70 to 292.8, Traders should buy at 293.10 and hold. Below that support is at 288.30 to 287 and 282.9 to 281.

Resistance is at 297.20 and 299. A close over 298.60 augurs for a test of 301 to 302.50 and most likely to 307 region. Beyond that resistance is at 312 to 316.

In the short term a close over 297.20 is friendly. Traders should add or go long on a close over 297.20 the initial target is 303.60

Sept. Copper: Recommended Position Long at 7480

Support is at 7345 /7335. A close under indicates a test of 7215 below that 7015 to 6990 should hold. Traders can buy at 7015 for a turn higher , risk a close under 6990 or two days in a row.

Resistance is at 7430 and 7490. Above that resistance is at 7550 and 7615.Beyond that 7770 and 7820 offer good resistance. A close over 7815 augurs for a test of 8025.

Trade Accordingly,

Oct. Platinum Recommended Position Long at 358.

Early Support is near 350.30 to 349.5 and 343. below that 338.7 and 331 should hold.

Resistance is at 358 and 361 Beyond that a rally to 365 and 374 is likely to occur. Beyond that 377 offers good resistance. Traders should Go Short at 377 , risk a Close over 383 for two days in a row.

Long Term Friendly

Sept. Silver

On the Downside: Support is at 524.5 and 521. Traders can buy at 521 and hold. Below that good buyers should appear at 501.5 and 498.5 traders should go long at 502 for a good 2 to 3 day bounce. Risk close under 491

On the Upside. resistance is at 536.5 and 541. A close over 541.5 augurs for a test of 556 beyond that good resistance is at 564. If Silver begins another rally a move to 604 is likely.

Trade Accordingly.

"The possession of GOLD has ruined fewer men than the lack of it". -----Thomas Bailey

Aldridge"

August Crude

Support is at 1397, traders should go long at 1397 and hold. Below that support is 1372 below that the 1346 to 1335 region should hold. A slip under augurs for test of 1310. Traders should buy at 1310 for a bounce , risk 20 pts.

Resistance is at 1422 and 1447. A close over 1447 indicates a test of the 1484 to 1496 region. Beyond that a thrust towards the 1569 /1576 region is possible. Beyond that traders should sell at 1689 and hold for a turn lower.

A trade over 1423 is friendly , traders should go long at 1423 Stop.

August Unleaded Gas

Support is at 4655 and 4637. Below that support is 4582 and 4530.

Traders should buy at 4635, risk a close under 4520 for two days in a row. Below that support is near 4503 and 4450.

Resistance is at 4695 to 4725 and 4775 to 4786. A close over 4730 augurs for a test of 4890. A close over 4927 is bullish for a test of the 5085 /5125 region. Beyond that resistance is 5230 , traders can go short at 5255 for a turn lower , a close over 5285 for two days in a row.

*Traders should go long on a close over 4717

August Heating Oil

Resistance at 4065 and 4110. Above that 4170 offers resistance. Beyond that a test of 4400 is likely. Traders should Go Short at 4400 for a quick turn lower, risk a close over 4447 for three days in a row.

On the Downside Support is at 3930 to 3910 and 3865. Below that 3790 offers support. Traders should Buy at 3910 and hold. Below that 3745 and 3660 should contain the break.

August Soybeans Recommended Position Long 646 3/4 and (2) 601

Next week Support is at 637 3/4 and 631 to 629 1/2. Day traders should buy at 632 , risk 9 cents Below that support should appear near the 617 to 615 region.

Resistance is at 645 1/2 , a close over 646 is friendly for a test of 657 to 659. Beyond that resistance is at 673 1/2. Beyond that an eventual test 707 is not out of question.

Trade accordingly.

Spread Long August Short Nov. at 24 cents over Hold

August Soybean Meal

Support is 166.70 and 164.50. Traders should go long at 166.70, risk a close under 159 for three days in a row. Below that support is at 158.80 and 156.90.

Resistance is at 173.10 and 174.70, a close over 174.80 is bullish for a test of 179.10 and 181. Beyond that resistance is at 185.80 A close over 186.20 augurs for a test of 192.30.

Trade Accordingly.

August Soybean Oil

Support is at 2594, below that support should be evident in the 2568 to 2552 region with more at 2537. Traders should buy at 2594 for a bounce. Risk a close under 2535 for two days in a row. Below that support should appear at 2519 to 2511 and the 2469 to 2461 region . Traders should Buy at 2469 and Hold.

Resistance begins at 2612 to 2620. Beyond that 2643 and 2663 / 2672 to 2694 offer resistance. A close over 2694 augurs for a test of 2716 to 2724. Beyond that Traders should sell at 2758 for a turn lower. Risk a close over 2776 for two days in a row.

Dec. Corn

Support should appear near 262 1/4 and 257 1/4 to 256 3/4. Traders can buy at 262 3/4 for a bounce, risk 3 cents. Below that Traders should go long at 257 1/2 and hold. Below that support is near 252 3/4 and 249.

Resistance is at 266 3/4 and 2671/2. Beyond that resistance is at 272 1/4 and 275 3/4 to 278 sand 284, beyond that A thrust to 292 is likely. Hearty traders can sell at 292 , risk a close over 299 for two days in a row.

Sept. Wheat

Resistance is at 297 and 301 1/2 to 303. Beyond that 309 and 314 offer good resistance. Traders should go short at 314 for a turn lower. Risk a Close over 322
for two days in a row.

On the Downside Support is at 291 1/2 and 289 1/4 Below that support should appear at 285 1/2 Traders can go long at 291 1/2 for a turn higher risk a close under 285 for three days in a row.

A close over 297 is friendly , go long if a close over 297 occurs.

Trade Accordingly

Dec. Cotton

Support next week is at 7625 and 7580, beneath that 7493 offers support. Traders can buy at 7513 for a turn higher and hold for higher prices. Below that support is at 7475 then 7350 and 7275. Traders can go long for a the pull at 7275.

Resistance is 7670 and 7725. A close over 7725 augurs for a test of resistance at 7763 to 7775. A close over 7840 indicates a move towards 8050.

Trade Accordingly

Oct. Sugar Recommended Position Short at 877

Support is 880 and 878, below that 852 to 847 and 840 to 835 offer good support beneath that traders can buy at 823, risk a close under 814 for three days in a row. Below that 795 to 782 offer some support.

Resistance near at 882 and 897 to 907. Beyond that 915 and 920 offer resistance. A close over 920 augurs for a test of 932.

A close under 877 is negative for a pull back towards 840 /835

Sept. Coffee: Recommended Position Long at 121.95

On the DownSide, Early support is at 111.15 and the 110.10 to 109.60 region. A close under 109.60 augurs for a test of support at 108.65 and 106.80 . Below that 105.80 should hold. Day Traders can buy at 111.15 for a bounce , risk 125 pts.

On the Upside, Resistance is at 112.55 and 113.00 to 113.60, a close over 113.60 augurs for a test 115.45 and most likely 116.15 to 116.40 to 116.90 Beyond that a test of 117.60 and the 119.20 to 120.30 region is likely to occur.

Sept. Cocoa

Support is at 1576 to 1569 and 1562. Traders can Buy for a turn higher at 1569 risk a close under 1561 for two days in a row. Below that support is at 1535 to 1529 and 1511 which should hold. Day traders can buy at 1511 , risk a trade under 1480.

Resistance is at 1609 and the 1611 to 1615 region. A close over 1619 is friendly for a test of 1642 to 1655 and 1661 where traders can go short for a turn lower at 1662 , risk a close over 1689 for two days in a row.

A trade through 1619 is friendly, traders should go long using a 1620 stop, risk a close back under 1609.

The Lively Livestock

August Cattle Recommended Position long at 6665

Support is at 6437, day traders can buy at 6437 for a turn higher , risk 100 pts. Below that 6402 to 6362 should hold.

Resistance is at 6457 and 6512. A close over 6457 augurs for an eventual test of 6582. Beyond that good resistance is at 6612.

*Traders should go long or add on a close over 6457.

Long term Friendly

The USDA Hog Report was deemed Neutral to Slightly bearish by floor traders.No real Surprises, except some analysts now think some bear spreading will occur Such as Long Oct. Short August or July. A trading strategy we suggested a while back.

Traders should stay tuned for updates.

July Hogs Recommended Position Long at 6035.
Initially risk a close under 5852 for two days in a row.

Support is 6032 to 6022, below that 5977 and 5937 should bring out a few buyers. Under that 5882 to 5855 should hold.

Resistance is at 6037 and 6067 to 6087. Beyond that 6110 and 6137 to 6177 offer good resistance. If a close over 6177 occurs a rally to 6282 is likely.

October Hogs Recommended Long Oct. at 5370 from the spread Hold.

July Bellies Recommended Position Long at 6117 (2)

On the DownSide Support is at 6035 and 6022, below the traders should buy at 5957 for a good bounce , risk a close under 5805 for two days in a row. Below 5957, support is at 5880 to 5855 and 5805. Under that Day Traders can buy at 5807 for a good bounce, risk 100 pts. Below that support is 5657 which should hold for a bit. Under that buyers should appear at 5497. Traders can buy at 5497 for a good bounce, risk a close under 5417 for two days in a row.

On the Upside Resistance is at 6102 and 6117 A close over 6117 augurs for a test of 6162 to 6190 and the 6247/6257 to 6270. An extended trade or close over 6257 augurs for a test of 6407 to 6432. Beyond that Beyond that resistance is at 6507. above that a test of 6732 is likely.

Recommended Spread Long 2 July Short 2 August at 225 July over Aug. Hold.

Stay tuned for Updates in the Pig complex --From the Frying Pan into the Fire--

Sept. Bonds

On The Downside, Nearby Support is 123-10 and 123-02. Below that 122-24 and 122-30 offer good support. A close under 122-24 is negative and augurs for an eventual slip to the 121-25 region. Where traders can buy for a turn higher , risk a close under 121-13 for two days in a row. Below that 121-02 should hold.

On the Upside: Resistance is at 123-24/123-25 , sell there for a turn lower , risk a close over 124-00 for two days in a row. Beyond that Traders should sell short at 124-24 and hold. Above that resistance is at 125-20 which should cap a rally.

Sept. SP500 Recommended Position Short at 1123.80 ,1125.80 and 1136

On the DownSide, Support is at 1146.90 to 1144 and 1141.90 under that support is at 1139.80 to 1138.70 and 1136. A trade under 1136 augurs for a test of 1133 and 1130. Below that support lies at 1126.20 and 1122.20. A close under 1122.20 augurs for a test of 1115 and 1110.40.

On the Upside, Resistance is at 1150 and 1151.10 . Beyond that good sellers should show up at 1154.20 and 1158.40. Stay tuned. If the sharp advance continues 1164 to 1169 should Cap a Rally. Sell Short at 1164 and Hold. Initially risking a close over 1169 for three days in a row.

* A close under 1146.90 is negative, if this occurs, traders who have 'Ice Water

Running through their Veins.' Should Go Short.

The Dow Jones Industrial Average

Support is at 8934 and 8871 to 8856, under that support is at 8805.5. A Slip under 8798 is negative and augurs for a pullback towards the 8777 to 8762/ 8859 region. Below that a test of 8719 and 8683 to 8668 is likely. Below that 8539 should hold, if not a slip towards 8262 is likely.

Resistance should first appear at 8954 and 8964. Above that sellers should raise their heads at 8993 and 9004. Beyond that 9044 to 9060 offers good resistance as does 9100 and 9140 to 9156 which should contain a rising mkt. If not a touch of 9236 to 9247 is likely.

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

Happy Trading
Bill

Saturday June 27 1998
1:45 PM

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