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Morning Comments
05/20/97 for 5-21
5:37:16 PM
‘A ship in harbor does not sail’
On the Frenzied Forex Front
June -Yen:
Position: Short at 8902 risk a two day close over 8969
Resistance is near 8989 then 9044 to 9060. Where we would sell for a
quick turn and risk 40 pts. Support is 8889 ,a trade under augurs for a
slip to 8856. A close under 8852 is negative for a drop into the 8755
region.
Trade Accordingly.
June Swiss Franc
Good Selling pressure should appear near 7302 where we sell with
both hands for a position, risk a close 7345 for two days.
Support is near 7209 then 7102 where we would buy for a bounce and risk
30 pts.
June British:
Position : short at 16550 risk a close over 166.20 for two days in a
row.
We see Support near 164.40 then 16324 where we would cover.
More support is near 162 70 where we would buy for a bounce risk 80 pts.
Resistance is near 166.20 then 16674.
June D-Mark
Position Short 5805 and 5855 Use a stop over 5969 for three days in a
row,
Resistance should appear near 5969 then 5986 where we would sell for a
turn and risk a close over 6035. Support is near 5926 below that 5876
offers support .
If 5876 fails the D-Marks fall into a hole and could move quickly towards
5855 .
A close under 5855 indicates a wash 5805 where we would cover any
shorts.
Trade accordingly..
Precious Metals
June Gold
Early Resistance is near 346.70 then 354.
Go long June Gold if it closes over 345.50, use a stop close under 341
for three days in a row to protect . Support is near 342.6 below that
we would have buy orders near 335.5 to buy for a position and risk a
close under 331.
July Copper
Position long 115.70 , use a stop close only under 116.25 for two days in
a row.
Our near target is 120 beyond that we see a spurt to 123.20 then
124.60...
We find Support at 116.85 where we would buy for a bounce, risk 100
pts. Resistance is near 118.25 then 119.20. Exit longs near 120.20 if
able
Still Friendly...
July Platinum:
Position long at 394 . Use a stop close under 385 for two days in a row
to protect.
Support is located near 394 then 387.5 to 385. Resistance is near 405 to
407 where
would exit the longs ..Trade Accordingly
July Silver:
Position: long 1 @ 477 and 1 @ 472
Support should appear near 459, where we would have buy orders waiting,
risk a close under 456 or three days in a row. Resistance is near 480
then 498. A close over 480 is Bullish for a move back to 498 where we
would sell ½ of longs and await a dip to rebuy....Buy this Dip and be
patient we are still Long term still Friendly
The Exciting Energies
July Crude Oil.
Position Long at 2196 & 2143 use a stop close only under 2140 for three
days in a row.
Support is near 2149 where we would be a buyer for a bounce only. Risk
35 pts. Resistance is near 2190 then 2199, above that augurs for a test
of 2257.
If July Crude maintains this direction and course 2425 before expiration
is in the ‘Cards’.
Buy Dips ...
July Unleaded
Position: Long at 6455 , risk a close under 6335 for three days in a row.
Support is near 6405 then 6365
Resistance is near 6565 then 6600. A close over 6565 indicates a rally to
6655 then 6900. Above that 7140 is likely to trade, we would exit there
and go short for a quick turn lower , risk 100 pts basis the close.
Buy...Dips
July Heating Oil.
Position Long at 5835 , risk a close under 5750 for three days in a row.
Support is near 5575. Resistance is near 5775, then 5890.
The ‘Grande’ Grains
July Beans
Position Long 867 ½ and 889 ½ , long 860 ¾ & long at 854 ,use a stop
close under 834 for three days in a row.
Support is near 836 ¾ where we would buy for a bounce risk 7 cents.
Resistance is early near 851 above that 859 is likely.
A close over 851 ¾ indicates to us a test of 864.
July Bean-Meal
Position: Long at 287, use a stop close under 278 for three days in a row
as protection.
Support is near 281 then 279 where we would seriously consider buy for
the pull into July. Resistance is near 287 then 295 where we would exit
the longs
July Bean Oil
Position :Long 2, 1 @ 2374 1@ 2390 , use a stop close only under 2304
for three days in a row. Support is 2310 then 2286. Resistance is near
2360 with more at 2410.
Corn:
Position long from 286 @ 282 3/4 use a stop close under 281 for two more
days in a row.
Early Support is near 275. Resistance is near 280 then 285.
July Wheat
Position :Long @ 385 use a stop close under 366 for three days in a row.
Support is near 378 then 371 Resistance is near 383 then 390.
A close over 388 is friendly for a move to 397.
July Oats.
Position long at 162 use a stop close under 153 fro three days in a row.
Support is near 153. Resistance is near 157 ¾.
* Buy July Oats at 156 or better
The Softs...
July Cotton
Position long at 7265 exit near 7355 if able.
Good Support is near 7215 where we would buy for a position, use a stop
under 7075 basis the close for three days. Resistance should appear near
the 7355 region then 7545.
Be long....
July Sugar
We see Support for July Sugar near 1085 buy there and risk a close under
1056 for three days in a row. Resistance is near 1136 where we would
sell for a turn and risk 20 pts. or a close over 1151.
July Coffee
Resistance is near 240.85 More resistance is near 243.25 then 249.50.
Support is near 231.50 where we would buy for position, Risk a three day
close under 225.20.
July Cocoa
Position long at 1463 risk a close under 1453 for three days in a row,
Buy July Cocoa at 1466 for a bounce and risk 20 pts.
More support is near 1417 where we would buy for a position and risk a
close under 1405 for three days. Resistance is near 1512 where we would
exit longs , if able..
Trade Accordingly..
July Orange Juice
Resistance is near 8745 where we would sell for a turn towards the
trend lower, risk a close over 9005 for three days in a row.
Support is near 7985 where we would buy for a bounce, risk 250 pts
The Lively Livestock Sector
August Cattle
Buy August cattle near the 6402 region if able, risk a close under 6325
for three days in a row.
June Cattle
Position Long from 6325 use a stop close under at 64.77 for three days
in a row.
Support should appear near 6477. Resistance is near 6555 then 6627.
August Feeder Cattle
Support is near 7722 then 7627 where we would buy for a bounce, risk 50
pts.
Resistance is near 7822 then 7842
July Hogs
Resistance is near 8305 then 84.60 where we would sell for a turn lower,
use a stop close over 8527 for three days in a row. Support is near 8177.
More Support is near 8122 then 8017 where we would buy for a good bounce,
risk a close under 7942..
July Bellies
Position Short 9005 ,9160 & 8990 @ 9042 and 9077 risk a close over 9187
for three days in a row Resistance is near 9067 above that 9182 offers
Resistance A sharp rally to the 9352 region is a sale in our minds.
Support is near 9045, then 8892 below that augurs for a decline to 8810.
A close under 8890 is negative for a slip towards 8597...
Bonds
June Bonds
Position short @ 110-09 & 109-27, risk a close over 111-04 for three
days in a row.
EXIT 1/2 AT 109.11 BALANCE AT 109-02
Resistance is near 109-31 then 110-10. Support is 109-10 then 109-00.
Below that 107-04 offers support, we would buy there using a stop under
107-21 as protection.
Trade Accordingly.
SP 500
June SP500
On the Downside, we see support at 837.45 where we would buy for a and
risk 100
Below that 835.55 offers support . then 831.90 to 829.90..
Resistance is near 844.85 where we would sell for a turn and risk 100
pts.
Above that 848.90 to 849.90 offers resistance . More sellers should
appear near
850.15 where we would sell for a turn and risk 200 pts.
Happy Trading
Bill