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FuturesCom's Bi-Weekly Investment Outlook

12/22/96 5:05:34 PM

On the Forex Front:

The DEC Yen was dn 39 pts on the week settling at 8854 Support is just below at 8810/8837 with more located 8809 then 8747. Resistance is near 8968 8871 then 8899 to 8929. Trade the ranges for the next week.

The March Swiss Franc: On the week the SFH was dn 71 pts at 7551A test of 7200 is now likely over the medium term. However a more two sided has developed offering nimble traders a chance to play both sides. Friday’s ability to sustain a higher close is evidence of this. Go long near 7522 for a two to three day rally into the 7622 to 7672 region, use a stop under 7500 for 2 hours. Resistance is near 7568/7572 then 7622 and 7670. Support comes in around 7492 and 7522.

The BPH was up 138 pts on the week to settle at 166.64 Support is near 16666 to 16460 Resistance is near 16710 and 16890-16980 ...Be long until 168.90 trades.

The March D-Mark was up 2 on the week to settle at 64.74 Support is at 6464 then 6435. Expect 6414 to 6429 to hold any major sell off for now. Down the Road into Feb the Dmark may look weaker... Resistance is near 6515 to 6535 then 6564 and higher 6672.

The Precious Metals:

Feb Gold was up 10 cents on the week. Support is near 367 to 364 and resistance is near 373 to 378

March Silver was up .8 cents on the week closing at 485.8 Support is at 482 then 474. Resistance is near 491 then 503.A close over 494 in March silver is Bullish for a move into the 511 price area.

Copper was up 10 on the week. Support is at 9755 then 9680 then 9515. Resistance is near 9970 then 100.70 to 101.40. We see still see Copper trading into the 110 to 114 region during 1997

The Exciting Energies;

Feb Crude was up $ 1.09 on the week.Resistance is near 2553 to 2612. Support is near 2456 to then 2345 then 2353. We are still long term bullish, however a break down in prices into the 2270 region is likely and we are currently advocating shorts or the purchase of puts.

Feb Heating Oil was up 156 pts on the week. Resistance is near 7278 then 7380. Support is at 7080 and 7015 then 6840. We suggest selling near 7270 with stops over 7350..

A Gander at the Grains;

Jan Beans tried to move into a tough price region and failed. On the week the beans were down 2 cents and under the weekly high by 14 cents not good. Sell any rally to flatten any longs you have and walk away. Trade only the range. Support is near 698 and is critical that beans close over not under. More buyers will stand in front near 684 to 677. Resistance is near 705 3/4 and 712. A close Over 712 indicates a sharp upturn in prices to the 738 region. Trade accordingly.

March Corn was up 4 cents on the week. Resistance is near 268 to 269 More at 275 to 278. Support is at 259 to 261.

March Wheat Support is at 378 Resistance is at 397 1/2 trade the range ....

Softs..

March Coffee was up 95 at 112.15. Coffee will Probably moving up to test The 116 region. With an outside chance of 150.00 During the Summer. For next week March Coffee should find Support near the 108.40 then 10600 region where would like to buy. Resistance is near 11380 then 116.25 Trade accordingly.

March Sugar was dn 4 pts on the week. We still see over 1100 shortly.. March has support at 1057 to 1063 where we would buy with both hands, use a 1038 SCO. Resistance is near 1097 and more at 1122.

March Cocoa was up 13 on the week. Support is near 1369 then 13 46. Resistance is near 141`9 to 1433. Trade accordingly

March Cotton is a buy on dips, there is a chance we could be starting a leg up in March Cotton. We still forecast a rally to the 80 cent region. For the week Support is at 7405 to 7450 and Resistance is near 7705 to 7750...

In the livestock Sector

Cold storage on Friday was deemed neutral for bellies. Cattle on Feed was deemed bearish to the back end and neutral to front. Our long Feb short June cattle spreads should now move to over 150... Take profits.

For Monday Feb cattle has support is near 6287 where we would buy for a bounce With a 60 pt stop. What is a bounce? an almost immediate reaction higher to the next Price region. In many cases where it fell from. In this case 6355 where your sell orders should be waiting. Resistance is near 6397 then 6432 and 6507.

We advocate buying July or June hogs on dips and Selling Feb Hogs on Rallies

We hope to see June even with Feb where we would accept profits if able.

The all Important Pig Crop is due out this week

For Monday Feb Bellies have resistance near 7947 to 7952 then 8005 and 8125. Support is near 7780 then 7707 with stops under 7600 ...Trade accordingly.

Feb Hogs rallied sharply in the last minute of trading Friday resistance is near 7617 Then 7717 . Support is at 7522 and 7557 trade accordingly

Bonds and SP500.

The Bond Market is like a yo - yo .

Next week March Bonds have good support at 112-13 to 112-08, under that we would Buy USH at 111-17 for a 2-3 day turn. Resistance is near 113-21 to 114-13 Trade accordingly....

The DEC SP500 has a minor problem, all in at +once or all out at once. We see another test of the lows shortly after a failed attempt at 765.50 to the 767 to the 768.90 region.

Yes, another test of the lows.

For Monday the Monster has support is near 74960/ 751.30 then 742.80. Resistance is near at 75870 to 760.10 More sellers are at 762.30 and 763.70

Happy Trading

Bill

We will be looking into the future with a Special long Term issue in January Stay tuned.

The following are closings for the holidays. All Markets will be very thin past Monday, so be careful.

DEC 24 CME ALL MARKETS CLOSE AT 1:00 p.m. E.S.T EXCEPT EQUITY CONTRACTS WHICH CLOSE AT 1:15 E.S.T

CBOT ALL MARKETS CLOSE AT 1:10 p.m. E.S.T

COFFEE SUGAR COCOA SUGAR CLOSES 11:20 p.m. E.S.T COFFEE CLOSES 11:35 p.m. E.S.T COCOA CLOSES AT 12:00 p.m. E.S.T

COTTON AND OJ ARE CLOSED THE 24 TH.

NY MERC

ENERGIES CLOSE AT 1:00 p.m. E.S.T. THE 24TH

COPPER AND PALLADIUM CLOSE AT 1:00 p.m. E.S.T SILVER CLOSES 1:05 p.m. E.S.T. GOLD AND PLATINUM CLOSE AT CLOSE AT 1:10 p.m. E.S.T.

ALL GLOBEX, ACCESS , PROJECT A AND EVENING PIT SESSIONS ARE CLOSED THE 24 TH. AND THE 25TH

ALL MARKETS ARE CLOSED DEC 25TH

DEC 26TH COFFEE SUGAR AND COCOA ARE CLOSED ALL DAY

These hours are subject to changes.