Dedicated to Excellence in Analysis of Futures Markets
Serving Professional and Individual Futures Traders World Wide since 1988
FuturesCom
Morning Comments
05/22/97 for 5/23/1997
6:37:16 PM
“Among the hazards of speculation the happening of the unexpected - I
might even say the unexpectable ranks high. There are certain chances
that the most prudent man is
justified in taking -- chances he must take if he wishes to be more than
a mercantile mollusk.” ---Reminiscences of a Stock Operator---
ON ‘THE FRENZIED FOREX FRONT’
JUNE YEN
Resistance is near 8660 Where we would sell for a quick turn and risk 20
pts. More resis-tance is near 8702. Support will appear near 8602 where
buyers can go long for bounce, risk a 50 pts
Pick your poison.
JUNE SWISS
Good Selling pressure should appear near 7108 where we would sell for a
turn and risk 20 pts. Support is near 7088 then 7054 where we would buy
for a bounce and risk 30 pts.
JUNE BRITISH POUND
We see Support near 16150 where we would buy for a bounce risk 80 pts.
Resistance is near 16354 then 164.20 where we would short the BPM
for a turn lower and risk a trade over 165.60.
JUNE D-MARK
Resistance should appear near 5932 where we would sell for a turn and
risk 30 pts. More resistance is near 5957.
Support is near 5882 where we would buy for a bounce and risk a trade
under 5842.
A close under 5855 indicates a wash 5805. Trade accordingly..
PRECIOUS METALS
JUNE GOLD
Early Resistance is near 348 then 351. 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, buy for a position and risk a close under 331.
JULY COPPER
Our near target is 120 beyond that we see a spurt to 123.20 then
124.60...
We find Support at 118.45 where we would buy for a bounce, risk 250
pts. Resistance is near 120.40 .
JULY PLATINUM
POSITION LONG @ 394 . Use a stop close under 385 for two days in a row
to protect.
We see support at 386.3 to 384.4 Buy there for a bounce and risk 3.00
Resistance is near 396 then 405 to 407
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 re-buy....Buy this Dip and be
patient we are still Long term still Friendly
THE EXCITING ENERGIES
JULY CRUDE OIL
POSITION LONG 1@ 2196 &1 @ 2143 use a stop close only under 2140 for
three days in a row.
Support is near 2177 where we would BUY for a bounce only. Risk 35
pts.
More support is near 2153.
Resistance is near 2202 , A close over 2202 augurs for a test of 2233
then 2256..
Buy Dips ...
JULY UNLEADED GAS
POSITION: LONG at 6455 , risk a close under 6335 for three days in a row.
Support is near 6482 where we would buy for a bounce and risk a trade
under 6415.
More support should appear near 6382 where we would buy with both
hands...
Risk 50 pts.
Resistance is near 6572 A close over 6585 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.
JULY HEATING OIL
POSITION LONG @ 5835 , risk a close under 5750 for three days in a row.
Support is near 5745 then 5605 . Resistance is near 5805 then 5830 a
close over
5830 augurs for a test of 5945.
THE ‘GRANDE’ GRAINS
JULY BEANS
POSITION LONG 20 AVG. 868 Use a stop close under 834 for three days in a
row.
Support is near 838 1/4 where we would buy for a bounce risk 5 cents.
Resistance is early near 852 above that 857 is likely.
A close over 852 1/4 indicates a test of 864.
PATIENCE....
JULY SOYBEAN MEAL
POSITION LONG @ 287, use a stop close under 278 for three days in a row
as protection.
Support should appear at 279.2 where we would buy till the cows come
home, for the pull into July. Resistance is near 287.
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 2345. Resistance is near 2416
JULY CORN:
Support is near 271. But there for a bounce and risk a trade under 264.
Resistance is near 276 then 280
Go long July Corn if it can close over 275 1/2.
JULY WHEAT
POSITION LONG @ 385 use a stop close under 366 for three days in a row.
Support is near 373 THEN 367 where we would buy for the Pull into July.
Resistance is near 379 then 383 , if July wheat closes over 383 the
shorts
will start to cover...
JULY OATS.
POSITION: LONG @ 162 use a stop close under 153 fro three days in a row.
Support is near 161. Resistance is near 163 ¾.
Buy July Oats at 159.5 or better
THE SOFTS
JULY COTTON
POSITION: LONG @ 7265 @ 7215
Good Support is near 7240 where we would buy for bounce, risk 50 pts
Resistance should appear near the 7355 region then 7545. we see a test
of 7355...Be long....
JULY SUGAR
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 ‘THE MONSTER COFFEE’
Resistance is near 266.30 to 267.20 then 274.80 sell there for a position
and risk 355 pts
Support is near 256.60 where we would buy for bounce and risk what ever
is comfortable for you... we think 300 pts is enough. More support is
near 231.50 where we would buy for a position and Risk a three day close
under 225.20.
A close under 256 is negative..
HAVE YOUR STEEL ‘CUP’ READY...
JULY COCOA
POSITION LONG at 1463 risk a close under 1453 for three days in a row,
Buy July Cocoa at 1423 for a bounce and risk 20 pts.
Resistance is near 1473 then 1498
Trade Accordingly..
JULY ORANGE JUICE
Resistance is near 8515 then 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 8015 where we would buy for a bounce, risk 250 pts.
THE LIVELY LIVESTOCK SECTOR
AUGUST CATTLE
* Buy August cattle near the 6470 region if able, risk a close under
6425 for three days in a row.
AUGUST FEEDER CATTLE
Support is near 7812 where we would buy for a bounce , risk a trade
under 7777.
More support is near 7782 then 7752. Resistance is near 7852 then 7892.
A close over 7852 augurs for a pop to 7952...
JUNE HOGS
POSITION LONG at 8067
Resistance is near 8147 /8157. Above that 8217 should trade where we
would near sell for quick turn lower and hold risking a close over
8225. or a trade over 8262.
Support is near 8047 where we would buy for a bounce , risk 100 pts.
More Support is near 8017.
July hogs
Resistance is near 8237 then 8342 where we would sell for a turn lower,
Risk 50 pts.
Support is near 8137/8147. More Support is near 8017 where we would buy
for a good bounce, risk a close under 7942..
JULY BELLIES
Position Short 6 AVG. 9117. HOLD ...FROM THE FRYING PAN INTO THE
FIRE....
Resistance is near 9507 then 9532 where we would sell again ....
Support is near 9402 then 9352 A close under 9400 or 9352 is negative
for a slip towards 9057....
BONDS & SP500
JUNE BONDS
Resistance is near 109-08 then 110-01. A close over 110-01 augurs for a
trade up to
110-29. Support is 109-01 and 108-29, below that 108-04 offers
support, we would buy at 108-04 and use a stop close under 107-21 as
protection.
JUNE SP500
On the Downside, we see support at 839.90 where we would buy for a and
risk 150 PTS..
Below that 834.45 offers support , also offering a buying chance , risk
150 pts.
below 834.45 augurs for a trade to 831.90 to 829.90..
Resistance is near 844.30 where we would sell for a turn and risk 200
pts.
Above 844.30 we see 848.40 to 849.90 resistance. Beyond that 856 should
trade
866 25, where we would sell for a position, risk 300 pts.
A Ship in harbor is safe..But that’s not what ships are built for....
Happy Trading
Bill