FuturesCom's Morning Comments 7-07-1997
*All Reference to positions are derevied from the Bi-weekly Investment Outlook unless otherwise noted
Forex ...Precious Metals ...Energies....Grains...Softs...Livestock...Bonds..SP500
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.
Wed , July 03 1997 04:30 PM NYC Time
For Trading on Friday(Globex) thru Monday July 7 th 1997
On the Frenzied Forex Front
Sept J-Yen
Selling pressure will be seen near 8953 above that sell JYU near 8964 for a quick turn lower. Medium Term sellers initiate short positions at 9040 use a stop close over 9067 for two days in a row.Early Support is near 8864 then 8824 .Good support remains near 8768, then 8758. Below that a slip to 8660 is expected .Traders can go long near 8484 for a bounce , risk a close under 8406 for two days.
Trade Accordingly.
Sept Swiss Franc
Early resistance is near 6889 where day traders can look to short , risk 40 pts. Above that 6919 then 6966 offers a selling region where short term traders can short the Swiss and risk a close over 7017 for two days in a row. Support remains near 6869 then 6819..
Sept British Recommended Position Short at 168.90 Risk a close over 169.80 for two days in row.
Support is near 168.14 then 167.20 below that buy164.20 for a bounce , risk a close under 164.00 for three days in a row. More support is near 162.66. Resistance is near 169.80 above that go short for a turn near 170.90 , risk 80 pts.
Sept D-Mark
Still bearish , resistance should raise its head near 5742 then 5784 ,where traders can sell for a turn, risk 25 pts more Resistance is near 5834. Support is near 5684 and 5656 eventually I see a drop to 5577.
Precious Metals
August Gold RecommendedPosition Long at 331.90 risk a close under 326.6 Monday.
Resistance is near 326.5 then 331.
Sept Copper Recommeded Position Long at 113.55. Hold
Resistance is near 111.90 above that 113.55 should trade.. Support is near 109.65 where traders should buy again and hold , use a stop close under 107.10 for three days in a row.
Oct Platinum Recommended Position Long at 405.50 use a protective stop under 399.5 for three days in a row.
Support should appear near 402. where traders can begin to buy , use a stop under 397.5 Below that a slip towards 389 is likely. Go long near 386.8 for a turn higher , risk a close under 379 for two days in a row Resistance is near 407 then 413 above that 417
Still friendly...
Sept Silver: Recommended Position: long 482.5 and 469.5. Use a protecive stop close on Monday at 459
Support should appear near 451.. Resistance is near 461 then 466,
A close over 461 is friendly.,..
The Exciting Energies
August Crude Oil. Support should is 1931, where traders should have buy orders waiting for a position. Use a stop under 1901 for two days in a row. Resistance is near 1962 then 1987 above that 2041 then 2078 sell there for a turn risk 30 pts.
August Unleaded
Support is near 5645 where traders should buy for bounce and hold using a stop close under 5580 for three days in a row.Resistance is near 5850.then 5925 sell there risk a close over 5960 for three days in a row.
August Heating Oil.
We see Support near 5135 where agressive traders can buy for a turn higher and risk 80 pts. Resistance is near 5380 then 5405.
The ‘Grande’ Grains
August Beans
Recommended Position long 817 and 788
Support is near 678 then 670 3/4.Resistance is 692 then 698. above that 706.
November Beans Recommended Long at 590 ( Daily Flash)Hold
Resistance is near 596 then 601 and 604.Support is near 587 then 5761/2.
Dec Soybean Meal.
Resistance is near 192 then 197 .A close over 192 is friendly.Support is at 185...then 181.
Trade accordingly
Dec Soybean Oil Recommended Position Long at 2190
Support is near 2192 where traders should buy for a bounce, use a 50 pt stop, More support is near 2162. .Resistance is near 2292 above that 2339 offers selling as well as 2378 sell there for a turn, risk a close over 2405 for three days in a row.
Sept Corn
Buy Sept Corn at 230 if able , risk a close under 222 for three days in a row. However a close over 239 is friendly and traders should buy if that occurs looking for a two to three day rally to exit near 255. Resistance is near 241 then 245. Sales on rallies only are suggested . Sellers should begin sales near 245 up to 256...
December Wheat Recommended Position Long at 344 risk a close under 338 for three days in a row
Resistance is near 348 then 353 to 356 above that 370 . A close over 346 is friendly.Support is near 339 then 334
Dec Oats
The close over 146 augurs for a test of 157 Support is near 141 then 133 buy there, risk a close under 127 for three days in a row. Resistance is near 151 the 157 above that 163 should trade.
The Satisfying Softs
October Cotton
Support is near 7345 Buy for a position at 7345, use a stop under 7250 for three days in a row. Resistance should appear near 7565 then 7615 above that 7735
October Sugar Recommended Short at 1137
Support is near 1110 then 1068 where traders can cover/buy for a position, risk a close uncer 1056 for three days in a row.Resistance is near 1134. More resistance is near 1143.
Trade accordingly.
September the' Monster' Coffee
Early Support is near 165.10 below that High risk traders :Go long Sept Coffee near 159.30 for the 'pull'. risk a close under 152.50 for three days in a row. Resistance is near 168.40 above that Sell short at 169.50 stay tuned. More resistance is near 172.05 then 177.40 qabove that 181. . Hearty traders can sell near 212.50 , risk a close over 213.5 for three days in a row..
.Have your 'Steel Cup' Ready..
November Orange Juice Recommended Position Long at 7860
Risk a close under 7625 for three days in a row.Support is 7830 then 7735. Resistance is near then 8035 a close over augurs for a pop to 83.30 then 8490..
Trade Accordingly..
Sept Cocoa
Support is near 1504 Buy near 1480 , risk 30 pts. Resistance is near 1580 sell there or a turn, risk 35 pts above that sell near 1667 risk 30 pts.
The Lively Livestock
August Cattle Recommended Position Long at 6382. Risk a close under 6325 for three days in a row.
Nearby Support is 6342. Below that 6272 offers support. A break to 6330 should encourage buyers to appear. Resisitance is near 6387 then 6417. A close over 6495 augurs for a pop to 6555. A close over 6557 indiicates a test of contract highs set last year at 6675 or higher.
August Feeder Cattle
Support is at 8127 then 8002 to 7997 where short term traders should have buy orders waiting to go long ,risk a close under 7887. Good support is 7667 where medium term traders should have buyers waiting. Resistance is near 8227 then 8267..
August Hogs
Support is near 8127 , a close under augurs for a test of 8027. Resistance is 8225 where we would sell for a turn , risk 75 pts basis the close for three days in a row.
August Bellies Recommended position Short at 8185 (Flash friday 7-03)
Support is near 8047 , below that a slip to 7970 is likely. then 7822.Resistance is near 8250 then 8462 where we would sell for a tuen risk a close over 8557 for three days ina row.
U.S. 30 Year Bonds.
Sept Bonds
Recommended Short at 110-18 and 111-26 and 113-01 , risk a close over 113-12 for three days in row.
Resistance is near 113-12 above that a test of 113-29 is likely. Beyond that long term traders and Hedgers can sell Sept Bonds at 114-12, risk a trade over 114.31 Support is 112-23 then 112-12
A close under 113-01 is negative..
Standard and poor's SP 500 Index
Sept SP500
On the Downside, support is near 920.45, buy there for a bounce risk 250 pts.below that 915.60 then 914.40. If that region fails 906 should trade with support at 904.40 , buy near 904.40 for a bounce risk 350 pts.under that.
A close under 920.50 is negative.
On the Upside, Resistance is near 931.60 then 934.70 above that 935.25, sell at 934.60 for a turn risk 350 pts..More reuistance is near 949.
High Risk Traders Short at 893.85, 906 and 914.and 922.40 hold.Only Traders with 'Ice Water in their Veins' should trade SP500's
Happy Trading and have a safe 4th
Bill