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.

Saturday July 26 th 1997
08:00 Hrs EST

On the Frenzied Forex Front

Sept. J-Yen
Good Resistance is near 8876 where traders should sell for a position , risk a close over 8990 for two days in a row. Nearby resistance is at 8651 where short term traders can sell and risk a close over 8683 or 50 pts. However a rally to 8762 should also be sold , risk a close over 8808 . Buy for a bounce at 8566, risk 40 pts. or a close under 8559 where a failure would augur for a slip to 8484 where minor support rests, traders should buy at 8484 for a turn higher , risk a close under 8406. Beyond that augurs for a slip to 8356 where buyers should have orders resting for a long position . Risk a close under 8300.

Trade Accordingly.

Sept. Swiss Franc
Recommended Position Long at 6662
Support should appear at 6623 to 6608,traders can buy an early break at 6591 , risk a close under 6577 for three days in a row. Below that 6520 offers some support. Early Resistance is at 6667 to 6673 , a close over 6673 augurs for a 'pop' to 6708 then 6748 where traders can look exit some longs. Above that 6773 should trade then 6809 and eventually 6848.

Sept. British:
Early Support is near 165.50 then 164.20 where longs can be established for a bounce , risk a close under 163.08 for three days in a row. More support is near 162.66. Resistance is near 167.40, sell there for a turn risk a close over 168.90. for two days in a row.

Sept. D-Mark .
Resistance should appear in the 5496 to 5504 region where short term traders can sell for a turn, risk a close over 5510, A close over 5510 augurs for a thrust to 5549 then 5577 where resistance remains. Eventually a rally back to 5650 should occur. A close over 5505 would indicate this. Support is near 5449 then 5418. Below 5410 a slip to 5373 then 5356 where Buyers should go long for the 'pull' into Sept. Stay tuned and Trade Accordingly.

The Dollar has Had quite a good run , however we would not press the Short side of the DM or SF at this time, a near term reversal is over due.

December Gold
Long term traders should have buy orders waiting to assume longs for the 'pull' at 328.80 risk a close under 317.0 for three days in a row...Resistance is near 337 then 338. a close over 338 augurs for a thrust to 345..Where Sellers can short the 'Yellow Metal' for a turn and risk a close over 349 for two days in a row.

Sept. Copper
Copper had a Big Reversal on Friday , look for prices to head towards 115.40
Resistance is near 112.60 then 112.90 , a close over113.00 augurs for a test of 115.40, beyond that 116.40 should trade. Support is the 110.10 to 109.60 region. Buy at 110.10 for a bounce risk a close under 108. 60 for three days in a row. Below that below that traders should buy at 106.95 for a good bounce risk a close 105.45 for two days in a row.

Trade Accordingly

Oct. Platinum
Support should appear near 408 where aggressive traders can begin to buy, more support rests near 401 where traders should buy for the 'pull' Risk a close under 391 for three days in a row. Aggressive Bulls should consider Buying an open over 419.. stay tuned. Resistance is near 418 then 428 to 431. Beyond that 437 then442 should trade.
If it holds I expect the 430 region to be tested shortly

Buy dips

Sept. Silver
Support should appear near 424 to 419 where long term long term traders can buy for a position, risk a close under 413 for three days in a row. Nearby support comes in at 425 where short term players can buy for a bounce. Resistance is near 435 then 445 beyond that a test of 457 then 469, sell at 469 for a turn, risk a close over 476 for two days in a row.

Be long.

Sept. Crude Oil.
I suggest buying dips into this region for a rally into the fall. Aggressive traders can Buy at 1973 risk 15pts.
More support is near 1948. Good Support is near 1925 where traders can buy for a turn higher. Below that 1877 should hold and be bought, risk a close under 1858 for three days in a row. Resistance is near 1998 to 2001 above that 2023 to 2038 offers Resistance. Short term traders should sell at 2038 risk a close over 2077. More Resistance is near 2088 , a close over 2088 augurs for a thrust to 2170 and beyond.

Sept Unleaded
Support is near 6050 then 5995 where traders should buy for bounce using a stop close under 5870 for two days in a row. More Support is near 5835 where traders should have buy orders resting for a turn higher , risk 100 pts. Below that 5700 is likely to trade Resistance is near 6105 then 6190 where traders should sell for a turn lower risk a close over 6290 for two days in a row. 6335 also offers selling pressure. A close over 6340 augurs for a test of 6500.

A close under 6050 is negative short term

Sept Heating Oil.
Support near 5335 then 5290 where traders can buy for a turn higher and risk a close under 5190 for three days in a row. Near term Resistance is at 55535 then 5590, a close over 5590 early in the week augurs for a 'pop' to 5720 Where traders can sell for a turn, risk 150pts. More Resistance is near 5840. Sell at 5845 for a turn and risk a close over 5930 for two days in a row. Stay Tuned

Trade Accordingly

August Beans

Friday's Close at 754.1/2 in August Beans was Below the Breakout region however an open over 758 is bullish, a close over 766 1/2 is needed to project a rally to 791 where sellers should appear, sell at 791 3/4 for a quick turn lower risk a close over 803 1/2. A close over 804 augurs for a test of 823 then 854.
I smell an End Run coming.
Support is near 744 3/4, buy at 745 for a bounce. More support should appear at 734 to 730, Buy at 734 1/4 risk a close under 722 for three days in a row. If this occurs, a test of 650 is likely.

Pick Your Poison

Spreaders should consider Buying Sept. Selling November Beans at $ .45 Sept. over Nov.

November Beans
"I'll say this again ...,At 587 Nov. Beans should hold value, hedgers should have some patience here, wait for a rally to sell "-- FuturesCom 7-12 -1997-- The Low for November Beans over the last two weeks was 586 on 7-21, by 7-23 November beans were trading at 603 on the close with a 610 high.

For next week Support is near 589 3/4 where traders should Buy for a turn higher, risk a close under 571 3/4 for three days in a row Additionally if November Beans open over 601, but under 610, buy at marktet. One way of placing the trade on Sunday is to Buy at 610, then pray it opens lower. However what will occur is a matter of speculation and that's what this is all about so: On Sunday Buy at 610 or better..Resistance is near 615 , as close over 616 augurs for a pop to 629 then 645, sell short at 645 risk a close over 661 for two days in a row. Stay Tuned and Trade Accordingly.

Dec Soybean Meal
Support is near 190.2, traders can buy at 191 for a turn higher. Risk a close under 186.9. Resistance is near 202 to 204 Above that sell at 208, risk a close over 214 for three days in a row.

Dec Soybean Oil
Recommended Position long at 2216
Good support is at 2143 Buy there to establish longs .
Nearby Support should appear at 2169 where traders should buy for a turn, use a stop close under 2126 for three days in a row. Below that 2088 should hold. Long term traders should buy at 2088 for the 'Pull' Resistance is near 2243 to 2255. Beyond that 2339 should trade. Good selling will appear at 2403, sell short at 2411 risk a close over 2461 for three days in a row.

A close or sustained rally over 2200 is friendly, and traders should add to the long position..

Sept Corn
Buy Sept Corn at 238 1/4 if able, risk a close under 237 for three days in a row. Additional support should start near 233 to 227. Resistance is near 247 then 252. Selling should begin near 252 to 256. Traders should sell at 256, risk a close over 261 for two days in row.

Trade Accordingly

December Wheat
Resistance is near 388 sell there for a turn, risk a close over 393 for three days in a row. Above that 404 should trade. Support is near 370 then 364. Traders are urged to have buy orders waiting for a bounce at 359 then 352, risk a close under 346 for three days in a row on either.

Trade Accordingly

October Cotton Recommended Position Short at 7575.
Support is near 7500 then 7430 below that 7380 is where traders can cover/buy for a bounce, use a stop close under 7305 for 3 days in a row. Resistance should appear near 7635 then 7730, sell there for a turn risk a close over 7775 for two days in a row.

October Sugar
Support is near 1161 then 1149 where traders can buy for a bounce, risk a close under 1136 for three days in a row. Resistance is near 1187 then 1192 where traders can sell for a turn, risk a close over 1203 for three days in a row.

Stay Tuned

September the' Monster' Coffee
Early support is near 173.80 buy there for a bounce,stay tuned. Good Support is near 169.60 then 167.95. Buy at 165.50 for the 'pull', risk a close under 162.05 for three days in a row. Resistance is near 190.20 sell short at 189.30, risk a close over 190.90. More resistance is near 205.10, 'Hearty' traders can sell at 204.20, risk a close over 205.5 for three days in a row.

Have your' Steel Cup' Ready

November Orange Juice
Buy Nov OJ at mkt open on Monday. Resistance is near 7755 then 7845 above that 8090 should trade. Support is near 7595 then 7345.

Friendly

Sept Cocoa Recommended Position Long at 1535
Support is near 1505 then 1496 to 1484, buy at 1484, risk a close under 1455 for three days in a row. Below that a slip to 1424 is likely. Resistance is near 1514 then 1529 to1535. More sellers will show up at 1555 to 1572 Beyond that 1597. Exit longs / Go short for a turn at 1607, risk a close over 1615 for three days in a row.
A close over 1508 is Friendly and augurs for a thrust to 1555

Sept Lumber
Support is near 344.10 to 343.80 then 342.70 where traders can buy for a bounce risk a close under 338.60. More support is near 335.30. Resistance is near 347.70 then 349.10, beyond that 350.30 then 356.10 and 357.20. A rally to 362.10 should bring some sellers out of the Woodwork, sell at 361.30. Risk a close over 362.30 for three days in a row, Trade Accordingly.

August Cattle
Nearby Support is 6727 then 6667 where traders should buy for a bounce risk a trade under 6590. A break to 6607 should encourage buyers to appear. Resisitance is near 6777 then 6817 where one should sell for a turn, risk a close over 6880 for two days in a row.

A close under 6727 is negative

Stay Tuned

August Feeder Cattle
Support is at 8047 where traders should have buy orders waiting to go long, risk a close under 7987 for three days in a row. Nearby support is 8197 then 8142 where medium term traders should have buys waiting. for a bounce,stay tuned. Resistance is near 8290, sell there risk a close over 8357 beyond that a test of 8397 then 8447 is likely.

August Hogs
Nearby support is at 8130 then 8112 a close under augurs for a slip to 8080. Below that Good Support is near 7957 where traders can buy for a bounce, risk 75 pts. Resistance is near 8230, above that 8312 where traders should sell for a turn, risk a close over 8330 for three days in a row.

October Hogs
Nearby Resistance is at 7450 sell there for a turn, more sellers should appear at 7550 sell there for a position risk a close over 7602 for three days in a row. Support is at 7367 to 7350, a close under augurs for a slip to 7237. A close under 7237 augurs for a test of 7007, where traders can go long for a turn higher risk a close under 6927 for two days in a row..

A trade under 7350 is negative and shorts should be intitiated if this happens. Sell at 7340 stop to short.

August Bellies Recommended position Short 4 avg 8105
Support is near 8317 then 8245, a close under 8225 augurs for a slip to 8117. If August Bellies Close under 8122 a wash to 8005 then 7957 is likely.
This would indicate a drive towards 7777 and 7587 is under way. Resistance is near 8395 then 8462 sell at 8402 for a turn lower, risk a close over 8622 for three days in a row. Above that 8870 is likely to trade. Failure early in the next week to close higher than 8485 to 8545 indicates selling pressure on rallies and an impending break , trade accordingly.

-From the Frying pan into the Fire-

Sept Bonds
Recommended Position Short at 115-01

Resistance is near 115-11 above that a test of 115-21 to 115-28 is likely. Sell short at 115-28 risk a close over 115-31 for two days in a row. Above that 116-28 offers heavy resistance.
Nearby Support is 114-28 then 114-23, a close under 114-28 augurs for a test of 114-04 then 113-28 and 113-21. If the Sept bonds close under 113-21 a slip to the 113-07 / 112-26 region is not out of the question. Buy at 112-27 for a bounce risk a trade under 112-16. Good Buyers should appear near 112-02 and 111-22.

Trade Accordingly

Sept SP500 Recommended postion Short at 944.00
On the Downside, Early and critical support is 944.60 , 944.35 and 944.20 to 942.90 Any sustained trade under 942.90 augurs for a pullback to the 939.40/ 938.40 region . With a like;ly target of 934.70.Below that 931.60 should trade. Buy at 928.35 for a bounce higher, stay tuned. A close or extended trade under 928.35 augurs for a pullback to 924.65 then 921.15 where we would probe the long side use a 250 pt stop. Below that 915.60 should hold, if not 906 should trade. If the market falls to 896.40, go long for a good bounce.
On the Upside, Resistance is at 948.60 then 950.35 , beyond that 951.45 offers good selling pressure as does 952.60. a cl;soe over 952.60 augurs for a pop to 954.20 then 962.50 to 965.15 where hearty traders should sell short for a turn lower. Trade Accordingly.

A close under 944.40 is negative. if this happens sell short for a turn lower..stay tuned.

This Newsletter is Dedicated to Risk , Without Risk there is no Reward.

Happy Trading

Bill

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