Saturday August 22nd 1998
6:00 PM

"What the Wise do in the Beginning, Fools do in the End."
Warren Buffett 

Sept. Japanese-Yen

Nearby Support is 6919 to 6906 then 6895. Below that 6868 to 6855 should stop a break early this week. Traders should buy at 6868 and hold for higher prices. Below that support is at 6836 and 6809. A close under 6791 augurs for a slip towards 6755 to 6741. Where day traders can buy at 6755 for a bounce only, risk 50 pts.

Resistance is at 6968 and 6990 to 7003. A close over 7003 augurs for a likely push towards 7077 to 7088. Beyond that resistance is at 7143 to 7170.

Sept. D-Mark Recommended Position long at 5610 and 5535

Resistance is at 5577 then 5586 and 5603. A close over 5610 augurs for a pop to 5629 then 5640 to 5657 where good resistance remains. Traders should go long if a close over 5610 occurs. A close over 5653 indicates likely test of 5716 to 5729. Beyond that good resistance is at 5792 to 5805 then 5855 then 5880. Traders can sell short at 5880 and hold for lower prices.

Support is at 5557 and 5553. Below that support is at 5533 Day traders can buy at 5533 for a bounce. A close under 5529 is negative for a slip towards the 5507 to 5490 region. Where hearty traders can go long at 5505 and hold for higher prices.

Buy Dips

Sept. Swiss Recommended Position long 2 avg. 6724

Nearby resistance 6673, a close over augurs for a test of resistance at 6707 to 6709. An extended trade over 6707 is friendly for a touch of 6741/6743 beyond that resistance is at 6755/6758. A close over 6758 is friendly for another test of 6809 and 6823. Beyond that resistance is at 6836/ 6840. A close over 680 augurs for a test of 6906 and 6919. Above that Traders can go short for a quick turn lower at 6990.

Risk a close over 7003 for two days in a row.

Support is at 6659/ 6658 and 6643. Below that good support is near 6608 and 6591 to 6577. Day Traders should buy at 6591 for a bounce, risk 25 pts.

Trade Accordingly

Sept. British Pound:
Support is at 16282 and 1.6180 to 1.6150. Traders should buy at 1.6150 and hold for higher prices, risking a close under 1.6090 for three days in a row. Below that support is at 1.5990 and 15760 to 1.5690.

Resistance is at 1.6390 and 1.6420. Traders can sell at 1.6420 for a turn lower, risk a close over the resistance at 1.6550 for three days in a row.

Trade accordingly

Sept. Canadian Dollar Recommended Position Long at 6533

Support is near the 6486 to 6483 region. Below that Support is at 6465 and 6431 to 6417. Which should contain the break for now.

Resistance is at 6496 and 6507 to 6509. A close over 6509 augur for a test of 6536 and 6547 then 6577 to 6591. A close over 6591 is friendly for a test of 6619. Above that Traders should sell at 6659, risk a close over 6673 for two days in a row. Beyond that resistance is at 6741.

Traders should go long or add if a close over 6509 occurs.

Dec. Gold Recommended Position Long 3 at avg. 289.8

Support is at 287.30 and 286.20. Beneath that support is at 280.3 and 277.0 then 273
Resistance is at 289.90 and 293. A close over 293.00 augurs for a test of 300.30 where good sellers should appear.

Traders should go long/ add if a close over 293.00 occurs. Be long, our eventual target is still 314.80

Dec. Copper:

Nearby Support is at 7340 and 7300. Below that traders should go long at 7255, risk a close under 7190 for three days in a row. Under that support is at 7090.

Resistance is at 7445 and 7485 to 7505. A close over 7445 augurs for a test of 7645.

Beyond that good resistance is at 7705 and 7760. A close over 7770 indicates a trade higher towards resistance at 7845 to 7890. Above that resistance is at 8120, traders should go short at 8120 and hold for lower prices. *Traders should go long if a close over 7445 occurs.

Oct. Platinum Recommended position long at 372.5 and 379.5

Nearby Support is at 366 and 364. Below that support is at 356/ 355 and 350.30 and 349.30.

Resistance is at 373 and 376. A close over 376 is friendly for a rally towards 387.5. Beyond that resistance is near 389.5 and 391. A close over 391 augurs for a test of 399 to 403 Traders should Go Short at 399 for a quick turn lower. Risk a Close over 406 for two days in a row.

Bullish long term.

Dec. Silver Recommended Position long at 4 at 521

On the Downside: Nearby Support is at 517.5 and 513.5 Below that good buyers should appear at 502, Well Heeled traders can buy at 502.5 for a good 2 to 3 day bounce. Risk close under 491 for three days in a row.

On the Upside. Resistance is at 527. A close over 527 augurs for a test of 542.5 and beyond to 554.

* Well Heeled Traders and Traders who are not long go long or add if a close over 527 occurs.

Buy This Dip..

Oct. Crude recommended position long at 1364

Nearby Support is at 1334 and 1310 to 1304 . Under that 1289 to 1274 should hold. Traders can buy at 1297, risk a close under 1289 for three days in row.

Resistance is at 1346 then 1360 to 1372. and 1377 to 1383. A close over 1383 augurs for a test of resistance is at 1415 to 1421. A close over 1421 indicates a test of the 1453 to 1459 region.

* A trade over 1346 is friendly, traders should go long / add at 1347 Stop. Initially plan on risking a close under 1274 for three days in a row.

Oct. Unleaded Gas recommended position long 2 at 4070

Nearby Support is at 4055 and 4040. A close under 4040 augurs for a test of 3992 to 3982 and 3968 to 3910 where it should hold.

Resistance is at 4095 and 4110 to 4120 ,. Beyond that Resistance is at 4170 and 4240. A close over 4255 augurs for a test of the resistance at 4315 to 4350
Above that resistance is near 4505 to 4515. Traders can go short at 4505 risk a close over 4585 for two days in a row.

Trade Accordingly.

Oct. Heating Oil Recommended Position long at 3544

Early Resistance is at 3630. A close over 3635 augurs for a rally to 3715 with a likely test of 3805 to 3815. Beyond that 3825 offers resistance. A close over 3880 is friendly for a rally to the 4070 /4110 region.

Support is at 3505 and 3490 Below that 3460 to 3425 should contain a break. Traders can buy at 3445. Risk a close under 3370 for three days in a row.

November Soybeans Recommended Position Long 3 avg. 565.5 and 1 at 540

Support is at 517 and 498. A close under 497 augurs for a test of 491 which should stop any further Break in the mkt.

Early Resistance is at 530 3/4. A close over 530 3/4 is friendly for a rally to the 549 and 560 region.

Dec. Soybean Meal Recommended long 3 at 141.60 avg.

Support is near 134.90 and 132.5 . Below that 127 should hold.

Resistance is at 137.60 to 139 A close over 139 augurs for a test of 144 to 148.

Trade Accordingly.

Dec. Soybean Oil recommended position long 2376

Support is at 2399 and 2392. A close under 2392 augurs for a test of 2370 to 2366. Traders should Buy at 2366 and Hold for higher prices. Risk a close under 2354 for three days in a row. Below that 2322 to 2315 should contain the break for now.

Resistance is at 2411 and 2419 . A close over 2419 is friendly for a test of 2466. Beyond that Resistance is at 2511 and 2519.

*Traders should go long /add if a close over 2419 occurs.

Dec. Corn Long at 219 1/2

Support is at 214 1/2 and 212. Below that a test of 207 to 205 is likely.

Resistance is at 217 and 220 1/2. A close over 220 1/2 augurs for a short covering rally to 229. Beyond that resistance is at 231.

Dec. Wheat long at 272 3/4

Resistance is at 270 3/4 and 275 3/4 . A close over 273 augurs for a rally to 277 and 279. Beyond that resistance is at 284.

On the Downside Support is at 2681/2 and 263 1/4 Below that support should appear at 260 1/4 then 257 1/2 to 255 region.

Trade Accordingly.

Dec. Cotton Recommended Position Long 2 at avg. 7190 and 1 at 7385

Support is at 7448 and 7414, beneath that 7387 and 7220 offer good support. Below that 7010 should hold basis the close on any real sell-off.

Resistance is 7485 and 7510. A close over 7515 augurs for a test of resistance at 7760 to 7770 . Beyond that Resistance is near 7835 to 7865 and 7955. Traders should add/go long if a close over 7515 occurs.

Oct. Sugar

Support is at 814 and 812 to 806. A close under 814 augurs for a test of 796 to 791.Traders can buy at 814 risk a close under 791 for three days in a row. Below that support is at 772 and 767 to 763 which should hold.

Early Resistance is at 823 to 827. A close over 827 is friendly for a test of 847 to 852. Beyond that good resistance is at 877 to 882. A close over 882 augurs for a test of 932 to 941. Traders should sell at 938 , risk a close over 941 for three days in a row.

*Traders should go long if a close over 823 occurs.

Dec. Coffee:

On the downside, Early support is at 110.10 and 109.60. Beneath that support is at 108.00 and 107.25 to 106.80 / 105.80. Traders can buy at 110.10 for a good turn higher, risk a close under 105.80 for three days in a row.

On the Upside, Resistance is at 112.30 and 113.00 to 113.80. A close over 113.80 augurs for test of 116.40 to 116.90. Beyond that resistance is at 119.20 to 120.30. Above that 125.50 and 126.80 to 127.40 / 128.05 offer good resistance. Traders can go short at 127.40 for a quick turn lower , risk a close over 128.90 for three days in a row.

Dec. Cocoa Recommended Position Long at 1560

Support is at 1572 and 1569 /1568. A close under 1568 is negative and augurs for a test of 1554 then 1535 to 1529 , below that 1518 to 1504 should hold. Below that support is at 1537 to 1529 and 1509. Traders should Buy at 1569 for a turn higher , risk a close under 1535 for three days in a row.

Resistance is at 1576. A close over 1576 is friendly for a test of 1592 to 1604 . Beyond that resistance is at 1609 to 1618. A trade over 1618 is friendly for a rally towards 1642 to 1655. Beyond that 1689 offers resistance. Traders can go short for a turn lower at 1689, risk a close over 1696 for two days in a row.

Trade accordingly.

October Cattle Recommended Position long at 3 @ 6210.

Support is at 5880 and 5855 to 5835. Traders can buy at 5855 for a turn higher, risk a close under 5805 for three days in a row. Under that 5742 should bring out a few buyers.

Early Resistance is at 5890 and 5972 to 5990 / 6002. A close over 5990 augurs for an eventual test of 6210.

A close Monday over 5890 is friendly , traders should add / go long if a close over 5890

October Hogs Recommended Position Long 3 at 4302 avg. and 1 at 4327

We expect another week of sloppy to weak action.

Resistance is now at 4232 to 4267. A close over 4267 is friendly for a test of 4367 to 4382. Beyond that 4512 and 4645 offer good resistance.

Support is at 4162 and 4092 to 4057. Hearty traders can buy at 4057 and hold for higher prices. Trade accordingly.

Dec. Hogs

Support is at 4152 4130. Below that 4067 to 4057 should Hold.
Traders can Go long at 4057 and hold.

Resistance is at 4252 and close over 4272 augurs for a test of 4352 and 4527.

Feb. Bellies recommended position long at 5500

Early Support is at 5652 to 5640, traders should buy at 5652 for a turn higher, risk a close under 5492 for two days in a row. Below that support is at 5432 and 5357.

Resistance is at 5717 to 5732. A close over 5732 is friendly for a test of 5792 to 5805.. If a close over 5805 occurs a thrust towards 6022 is likely . Beyond that good resistance is at 6257. Stay tuned for Updates...

Sept. Bonds

On The Downside, Nearby Support is 124-07 to 124-04. Day traders can buy at 124-04 for a good bounce, risk 15 pts. A close under 124-04 is negative and augurs for a slip to 123--03. Traders can buy at 123-03, risk a close under 122-18 for three days in a row.

On the Upside: Resistance is at 125-03 and 125-25. traders can sell short at 125-25 risk a close over 126-08 for two days in a row. Above that resistance is at 126-13 which should cap a rally.

Sept. SP500

On the DownSide, Support is at 1082.00. Below that Support is at 1075.40 , under that 1068 to 1067.10 / 1066.20 and 1064.20 to 1063 should hold. A close under 1164 is negative for a drop to 1059.90 / 1058 and eventually 1054.30 to 1152.00 where traders can buy and hold for higher prices. Below that 1048.10 to 1047.00 should hold basis the close, If not a test of 1042.40 and the 1036 to 1032 region is likely. If that fails a test of 1018.50 is likely.

On the Upside, Resistance is at 1096 and 1098 to 1099.10. Beyond that 1101 is likely to trade. Above that good sellers should show up at 1107.40. Beyond that resistance is at 1113.00 and 1115.50 then 1119.30 and 1128.80 to 1130 . Which should cap a rally, Traders should sell at 1130 and Hold

* traders who have 'Ice Water Running through their Veins.' Should Go Long for a bounce at 1082.

The Dow Jones Industrial Average

Early Support is 8529.5. Below that, the 8499 to 8484 region should hold basis the close. If it does not an eventual break down towards 8335 is likely. Under that support is at 8223 and 8194 which should stop a decline for now.

Resistance should first appear at 8560 to 8589, beyond that resistance is at 8328 to 8635 and 8668 to 8683. A close over 8683 augurs for a rally to 8746 and 8762 to 8777 and the 8856 to 8871 region which should cap a rally for now.

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

Happy Trading
Bill

Sunday Aug. 23 1998
08:25 AM

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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.