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Morning Comments
05/12/97 4:20:04 AM
When In Doubt ..Get Out.
On the Frenzied Forex Front.
June --Yen:
Early Selling pressure will be seen near 8560 to 8589, more Resistance
is near 8624.
Support is 8381 then 8341 and 8247. A close under 8320 is Negative
The June Swiss Franc: position short 6861 and 7063 use a stop close over
7078 today only.
Resistance is near 7078 then 7153 to 7178.
Early support is near 7003 then 6986, a trade under 6990 augurs for a
slip to 6953.
A close under 7050 indicates a break to 6953..
Trade Accordingly.
June British: Position Long at 162.18 use a stop under 161.50 for two
days in a row to protect. Exit near 164.20 MIT
Nearby Resistance should appear near 16272 above that our first target
of 164.20. Where we would sell out. A close over 164.56 augurs for a
test of 166.20.
Early Support is near 160.90 where we would buy for a bounce and risk a
80- pts
June D-Mark Position Short 5805 and 5855 use a stop close over 5955
today only.
Resistance should appear near 5952 then 6002 and 6022.
Support is near 5902 then 5852. A close under 5937 augurs for a pullback
to the 5850 region.
Trade accordingly..
The Precious Metals:
June Gold Position long 341.80 use a stop close under 335 for three
days in a row.
Exit near 351.80
Early Resistance is near 351.90 where we would exit longs.
Support is near 344.5 buy there for a position and risk a close under
332.
July Copper
Early Support is near 110.60 where we would be a buyer with a stop close
under 109.80.
More support is near the 109.85. Early Resistance is near 111.75 then
112.15. A close over 111.75 augers for a test of 113.70
Still Friendly...
July Platinum:
Nearby Support is near the 387 where we would buy for a bounce use a
stop under 382 More support is located near 380 Resistance is near
397
July Silver: position 2 Longs from 477 (roll & BW) & 1 @ * 472
(MAC)Stop is a close under 464 for three days in a row on 2 and a close
under 455 on the last one.
..Exit 1/3 at 496 MIT 1/3 at 504 balance at 535.
Today we see Support near 486.5 then 477.5 where we would have buy
orders waiting risk a trade under 462. Resistance is near 496 sell 1/3
there.. More Sellers will appear near 504 where we would sell 1/3 of the
position...let the balance go near 535 .
Long term still Friendly
The Exciting Energies
June Crude Oil
Support is near 2039 below that 2019 should hold
Resistance is near 2065 where we would or go short for a turn and risk
a trade over 2092.
Trade Accordingly...
July Unleaded
Early Support is near 6125 where we would buy for a bounce and risk 80
pts.
Below that good support is at 5910 where we would buy for a position,
Risk a close under 5770. More support is near 5835 . Resistance is near
6225 a Close over augurs for a test 6315 where Bears will raise their
heads , above that 6400 should trade...
Trade accordingly
June Heating Oil. Short 5510 Risk a close over 5635 today only
We see Support near 5440 then 5345 below that 5270. We would buy near
5195 and risk a close under 5135 for three days in a row...Resistance is
near 5505 Where we would sell for a turn and 150 pts. Or a close over
5635.
A close under 5400 is negative for a pullback to 5350 or so...
The Grande Grains:
July Beans : Position Long 867 1/2 and 889 1/2 use a stop under 871
for three days in a row. Exit 1/2 at 902.
Support is near 888 where we would buy for a bounce and risk 6 cents /
sell out near 896. Resistance is early near 902 above that indicates a
test of 914.
$10.00 Beans are still a real possibility this year and we still like to
buy the Breaks.
Spreaders can continue to buy Sept and Sell November Beans or Jan
July Bean-Meal:
Support is near 292 under that buyers should appear near 289. Resistance
is near
302 .
Trade accordingly...
Buy Dips and be careful.
July Bean Oil Position : long form 2506 and 2469 use a stop close under
2458 Today only
Exit 2556.
Early Support is near 2458 region where we would buy for a bounce
higher, use a 50 pt risk, Early Resistance is near 2486 then 2527 above
that 2556 is where we would exit longs. Stay Tuned...
July Corn: Position long from 286 use a stop close under 281 for three
days in a row. Support is 287 where we would have buy orders waiting.
Resistance is near 290
above that 293. Trade accordingly.
July Wheat Position long at 416 3/4 & 412 3/4 Risk a close under 400
today only
Support is near 412 1/2 buy there after the open, risk 3 cents.
initially ..
Resistance is near 418 above that 424 1/4 . A close over 418 augurs for
a pop to 424.
July Oats. position :long 162 use stop close under 160 for three days
in a row.
Resistance is near 170 Support is near 163.
The Softs...
July Cotton: position long 7155, use a stop under 7075 basis the close
for three days in a row Exit at 7355 MIT
Support is near 7165 is where we would buy for a bounce and risk 40 pts
Resistance
should appear near the 7225 then 7275 above that 7355 is where we
would exit.
Trade accordingly...
July Sugar
We see Support for July sugar near 1056 buy there and risk a close 1028
for three days in a row.. then stay tuned... Resistance is near the 1089
above that 1096 is likely. More Sellers will raise their heads near 1102
where we would sell for a turn and risk 20 pts. or a close over 1101.
Otherwise, if you sell it at 1102 and you do not get stopped for 20 pts
.
Close the positions if the Market closes over 1101.
July Coffee; Resistance is near 220.25 More resistance is near 221.90
to 222.60 then 225.65 is where we would sell for a turn and risk 100
pts. Support is near 215.35 where we would buy for a turn and risk 225
pts. Below that 210.15 offers support, way down at 199.65 is where we
would be a buyer and risk a close under 194.60...
July Cocoa Position short 1425 risk a close over 1462 for two days in a
row...
Exit 1383
Nearby support is 1393 then 1377, we would buy 1371 for a turn and risk
a close under 13.33 for three days in a row....Resistance is near 1443
then 1474 where we would sell for a quick turn and risk 30 pts.
Trade Accordingly.
July Orange Juice. position long 7605 use a stop close under 7350 for
three days in a row.
Exit 7910. Support is near 7405 where buyers can go long for a quick
bounce and risk 100 pts. Resistance is near 7777 then 7910 beyond that
8075
The Lively Livestock Sector:
June Cattle Position Long from 6325 use a stop close under 64.45 for
three days in a row.
Support should appear near 6587 where we would buy for a bounce and risk
100 pts.
More Support is near 6537 where we would buy for a turn and risk 50 pts.
Resistance is near 6512 then 6677 .
June Hogs Short 8497 use a Stop close over 8547 today only. Exit 8387.
Resistance is near 8537 where we would sell for ‘quick’ turn lower and
risk 80 pts.. More resistance is near 8585. Support is near 8362 where we
would buy for a bounce , risk 50 pts and hold on a close over 8350.
We want to refrain from pressing the short side of June hogs too much
\as we enter May into June.
Position long June short July / June under by 90 Hold. add 150 June
under July.
July Hogs Position Short. 8527 Risk a close over 8687 today only.
Support is near 8560 then 8487 Resistance is near 8627 then 8687.
July Bellies Position Short 9005 & 9160 risk a close over 9187 for three
days in a row
Resistance is near 9157 where we would sell after the open for 5 min.
Above that 9225 offers some resistance
Support is near 8967 below that 8877 a close under 8967 augurs for slip
to 8610.
Be short...
Bonds
June Bonds:
Resistance is near 110-25. Beyond that Resistance is near 111-25 where
we would sell and risk 10 pts. Support is 109-31 then 109-26 with
109-14 below that.
A close under 109-31 augurs for a test of 108-25.
Trade Accordingly.
SP 500
June SP500
On the Downside we see support near 827.20 .Below that 825.40 then 822.65
if that fails 819.60 will likely trade. Resistance is near 831.40 then
838.65. Beyond that a test 842.40 is likely and where we would sell for
a position and risk 300 pts
Happy Trading,
Bill