FuturesCom's 8-8-1997 Morning Comments
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 Friday August 8th 5:00 AM
On the Frenzied Forex Front
Sept. J-Yen
Recommended Position Long at 8566
Nearby Resistance is at 8583 then 8616. Support is at 8527, then 8494
then 8406 Beyond that augurs for a slip to 8356 where buyers should have
orders resting for a long position. Risk a close under 8300.
Trade Accordingly.
Sept. Swiss Franc
Nearby Support will appear at 6543 where traders
can buy, for a bounce. Below that 6493 offers some support. Resistance
is at 6593.Above that 6643 offers res.sell there for a quick turn lower
...Beyond that 6651 should trade...
Sept. British Recommended Position
Long at 164.20 and 160.90
Early Support is near 15574 then 15350. Resistance
is near 158.88, above that 16090
Sept. D-Mark Recommended Position
Long at 5356
Resistance should appear near 5384 then 5413.
Support is near 5334 then 5313
Trade Accordingly.
A close over 5384 augurs for a test of 5413
Precious Metals
December Gold Recommended Position
Long at 328.80
Resistance is near 332 . Support should appear
at 324.9
Sept. Copper Recommended position
long at 110.10
Resistance is near 109.45, a trade over augurs
for a test of 110.60 Support is 107.55 and 105.55.
Trade Accordingly
Oct. Platinum
Support should appear near 434 where traders should
buy for a turn higher risk $4.00 Resistance is near 444.
Sept. Silver Recommended Position
Long at 450
Support should appear near 429.5 traders can buy
for as bounce .More support is near 419 where long term long term traders
can buy for a position, risk a close under 413 for three days in a row.Resistance
is near 442 then 457 offers reistance , sell at 469 for a turn, risk a
close over 476 for two days in a row.
The Exciting Energies
Sept. Crude Oil.
Support is 1989, where traders can buy for bounce,
risk, 40 cents Resistance is near 2014 then 2039. Above that 2055 offers
some Resistance. A close over 2088 augurs for a thrust to 2170 and beyond.
A close under 2005 is negative.
Trade Accordingly..
Sept Unleaded
Support is near 6355 More Support is near 6230.
Resistance is near 6455 then 6560 offers a selling region....Beyond that
6845 offers res. sell there risk 100 pts.
Sept Heating Oil.
Support near 5460 below that 5415 is where traders
can buy for a turn higher, risk 80 pts. Resistance is at 5660 then 5805.
Trade Accordingly
The ‘Grande’ Grains
November Beans
Resistance is near 635 then 649. Beyond that 653
3/4 offers sellers.
Support is at 626 an extended trade under augurs for a pull back to 621
3/4 where support lies, below that 607 1/2.offer support A close below
that augurs for a trade to 587.
A close under 621 is negative.
Dec Soybean Meal
Support is near 205
Resistance is near 209 then 212
Dec Soybean Oil
Nearby Support is near 2176 Resistance is near
2276 and 2305.
Sept Corn
Resistance is near 255 Then 259 3/4, Sell there
risk 6 cents. Support is at 251 and 242.
A close under 250 is negative.
December Wheat
Resistance is near 379 then 383 , beyond that
388 offers a selling region , sell there and risk a close over 392 for
three days .in a row. Support is near 372 , buy for a bounce at 367 risk
7 cents
A close under 366 is negative....
Trade Accordingly
The Satisfying Softs
October Cotton
Support is near 7380 is where traders can cover/buy for a
bounce, use a stop close under 7305 for 3 days in a row. Resistance should
appear near 7525 then 7625
October Sugar
Support is near 1149, where traders can buy for
a bounce, risk a close under 1141 for three days in a row. Resistance is
near 1176 then 1185. Beyond that sell short at 1192 for a turn, risk a
close over 1214 for three days in a row.
September the' Monster' Coffee
Support is near 204 then 198.35 and 194.95 close/trade
under augurs for a test of 192 below that 191.20.Resistance is near 211.65,
beyond that 212.05.
A close under 203.80 is negative.
Have your' Steel Cup' Ready
November Orange Juice Recommended
position long at 77.25
Resistance is near 7915, a close over 7920 augurs
for a test of 8120. Support is near 76.25 buy there for a turn higher ,
risk 100 pts. Below 7490 and 7420 offer support.
Sept Cocoa Recommended Position
Long at 1535 and 1484
Support is 1429. Where traders should buy for
a bounce risk 35 pts.Resistance is at 1463 then 1485 to 1485 and 1508 Beyond
that 1535.
Trade Accordingly.
A close over 1463 is friendly.
Sept Lumber
Support is near 349.70 then 347.60 below that
342.60 .Resistance is near 357.20 beyond that 361.80
The Lively Livestock
Oct Cattle:
Nearby Support is at 6897 where traders should
buy for a bounce risk a trade under 6817. Resisitance is near 6967 then
7042
Trade Accordingly.
October Feeder Cattle
Support is at 7947. buy there for a bounce risk
70 pts. Restance is at 8112 then 8142.
October Hogs
Nearby Resistance is at 7312 then 7412. Support
is at 7237 then 7212 below that 7170 offers support.
Trade Accordingly.
August Bellies Recommended
position Short 3 avg 8010
Support is near 8427then 8397, a close under 8397
augurs for a slip to 8005.
Resistance is near 8635 Above that 8717 offers Res.
-From the Frying pan into the Fire-
U.S. 30 Year Bonds.
Sept Bonds
Resistance is near 114-17 , sell there for a turn
lower , risk 5 pts. More Resistance is near 114-24
Nearby Support is 113-23, a close under 113-23 is negative .for a move
to 112-24. Then 112-17 A close under 114-23 leaves the Downside Momentum
intact...
Trade Accordingly
Standard and Poor's SP 500 Index
Sept SP500 Recommended Position
Short 958.35
On the Downside, Early and critical support is
945.65 below that 944.50 is key..below that 942.90 . Below that 941.20
is likely to trade. Below that 939.95 is likely to trade..
On the Upside, Resistance is firm at 953.70 , beyond that 958.35 , then
961.50 offers resistance.sell there for a turn ...
A close under 945.50 is BAD...
Happy Trading
Bill
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