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The Morning Comments
09-02-1997
Sunday August 31,1997 for Sept 2 1997
0942 AM EST
Sept. J-Yen
Early Resistance is near 8322, traders should go short at 8300 to 8314 for a turn lower, risk a trade over 8357. Beyond that 8335 thjen 8380 offers resistance. Support is at 8235 then 8134, Buy at 8158 for a bounce risk a trade under 8115.
Sept. Swiss Franc
Support should appear at 6647 , buy ther for a bounce risk 10 pts. More support is a t 6629 then 6591. Buy at 6580 for a bounce risk 30 pts. Early Resistance is at 6729 to 6747, sell at 6747 for a turn , risk 20 pts. A close over 6777 augurs for a trade to 6817 then 6891, sell at 6906 for a quick turn risk a close over 6921 for three days in a row.
Trade Accordingly..
Sept. British: Recommended position Short at 162.28
Support is at 161.50 then 160.90 , more support rests at 159.60, buy at 159.30 for a turn higher risk a close under 158.48 for three days in a row. Resistance is near 162.02 , then 162.82. Above 163.10 and 164.20.
Sept. D-Mark
Early support rests near 5488, buy at 5471 for a position , risk a close under 5429 for three days in a row.
Resistance should appear at 5538, sell there for a quick turn , risk 20 pts..Beyond that 5606 then 5635 and 5653 offers resistance. Traders can sell short at 5689 for turn , risk a close over 5717 for three days ina row.
Trade Accordingly
Precious Metals
December Gold Recommended Position long at 328.80
Support is near 325.6 , Long term traders should have buy orders waiting to assume longs for the 'pull' at 323.90 risk a close under 312.0 for three days in a row. More support is near 321.30 Resistance is near 328.40 then 329.40 , above that 335.00 and 342.2 A close over 334 augurs for a thrust to 344.9.Where Longs can sell calls or exit positions and await a dip to re-buy. A close over 345 augurs for a trade to 353 where traders can short the Yellow Metal for a turn only , risk a close over 356.
Be Long ...Conservative Traders Should Buy April and Feb Gold 370 Calls to maintain exposure on the long Side.
Dec Copper
Support is 9905 then 9705 and 9545, where traders should have buy orders waiting for a turn higher. Risk a close under 9445 for three days in a row. Resistance is at 9935 then 101.50 Traders should sell at 102.45 for a turn lower risk a close over 103.60 for three days in a row.
Trade Accordingly
Oct. Platinum Recommended Position Long 3 avg 427.
Support should appear near 405.5 and 403.2 , buy at 403.5 fr a bounce , more supports rests near 397.9 where traders should buy for the 'pull' Risk a close under 389.9 for two days in a row. Resistance is near 409 then 415.1 Above that 417.9 to 421.7 and 425, a close over 418.0 indicates at 'Dash' to 434 then 454 prior to expiration.
Buy dips
December Silver Recommended Position long at 472
Support should appear near 461 then 457.5. Buy at 463.5 for a position, risk a close under 455 for three days in a row. Resistance is near 477 then 488.5 and 494. Beyond that a test of 510.5 then 518.9 is likely, If it holds
A close over 477 indicates a thrust to 493..
Trade Accordingly.
The Exciting Energies
Oct Crude Oil
Early support is at 1945 and 1936., below that 1920 offers support .Resistance is near 1970 to 1976 above that 1995 offers Resistance. Traders should sell at 2008 risk a close over 2055 or a trade over 2067.
Oct Unleaded
Support is at 6095 More support is near 5995, buy at 5985 for a bounce , risk a trade under 5915. Below that 5675, where traders should buy for a bounce risk a trade under 5570. Resistance is near 6145 then 6195 where traders should sell , risk 100 pts. a close over 6200 augurs for a test of 6265 sell there for a quick turn, risk 70 pts. Beyond that 6415 is where traders should sell for a Position risk a close over 6485 for two days in a row.
Trade Accordingly
Dec Heating Oil Recommended Long at 5565
Support should appear near 5530 and 5465. Below that 5365 then 5315. Resistance is near 5565 and 5630 Beyond that 5755 offers resistance however a close over 5755 augurs for a 'pop' to 5845.
A close over 5655 is Friendly and traders should go long if that occurs.. stay tuned
The ‘Grande’ Grains
November Beans Recommended Position Short at 628
Early Resistance is at 631 1/4 to 632 1/4 , traders can sell at 632 , risk a trade over 635.Also sell at 641 risk a close over 645 for two day in a row.
Support is at 618 1/4 ,buy there for a bounce risk 3 cents. Below support is at 604 then 600 where traders should have buy orders waiting, to go long for a bounce, risk 5 cents.
Dec Soybean Meal Recommended Position short at 207
Support is near 205.5 then 203.4 and 201.5, below that buy at 199.7 for a bounce risk a close under 194.70 Resistance is near 207.5 then 209.4 with 211 above that ..
Trade Accordingly..
Dec Soybean Oil Recommended Position Long at 2185 & 2314
Buy Dec Bean Oil at 2275 for a bounce , risk a trade under 2260.
Below that 2231 should hold. Long term traders should buy at 2226 for the 'Pull'.
Resistance is near 2331 then 2348 then 2383 . A close over 2331 augurs fora trade to 2383. Good selling will appear at 2464, sell short at 2464 risk a close over 2469 for three days in a row.
Trade Accordingly
Dec Corn
Early Support is near 266 1/2 then 263 offers support as does 261 1/2 . Traders should Buy Dec Corn at 262 1/2 able, risk a close under 255 for three days in a row. Resistance is near 271 and 273, beyond that 276 offers resistance.
December Wheat Recommended Position short at 395.
Resistance is near 394 3/4 then 396 1/2 , more resistance is near 402 , sell there for a turn , risk 4 cents, Support is at 390 1/2 then 385 1/2 and 382 3/4 , buy there for a bounce risk 4 cents, below that 377 offers support
Trade Accordingly
The Satisfying Softs
October Cotton
Support is near 7235 then 7205 where traders can buy for a turn, use a stop close under 7190 for 3 days in a row. Resistance should appear near 7385 then 7435 ,sell at 7455 for a turn lower risk a close over 7590 for two days in a row.
October Sugar
Early Support is at 1150 then 1144 . More support rests at 1127 where traders can buy for a turn higher, risk a close under 1107 for three days in a row. Additional Support is at 1110. Resistance is near 1173 then 1190. Sell at 1192 risk a close over 1214 for three days in a row.
Trade Accordingly.
December Coffee
Early support is near 179.40 then 177.20 then 174.40, below that 170.05.Resistance is at 180.80, failure to breach 181 and an extended trade under 179 00 early augurs for a pullback to 175.If Dec Coffee Rallies to 189.40 sell for a turn lower , risk a close over 190.90 for two days in a row.
A close under 177.20 is negative.
Have your' Steel Cup' Ready
November Orange Juice
Resistance is near 7020 , above that 7160 then 7255 . A close over 7140 is friendly. and augurs for a rally to 7900 . Support should appear near 6885 and 6760. Buy at 6810, there risk a close under 6740.
December Cocoa
Early Support is near 1713 below that trqders should buy at 1669 for a bounce risk a trade under 1641.. Resistance is near 1730 then 1763 to 1769 sell at 1763 for a turn, risk a trade over 1792.
November Lumber
Support is near 343.50 then 342.00. Below that 338.80 then 332.80 buy there risk a close under 326 for three days in a row .Resistance is near 346.10 beyond that 347.00 to 348.50 and 350.10. Good resistance remains at 355.
The Lively Livestock
Oct Cattle: Recommended Position Long at 6972 & 6782
Early support is at 6677.then 6652. An open over or extended trade over 6732 is friendly for a rally to 6797 then 6822. Resisitance is near 6732 , beyond that 6797 and 6822. With 6867 above that.
A close over 6755 is friendly...
Trade Accordingly.
October Feeder Cattle Recommended Position Long at 7867
Support is near 7857 , an open over is friendly, buy at 7857 for a turn higher , risk 30 pts. Below that support lies at 7817 then 7757. Traders should also have buy orders resting at 7730 for a turn higher..stay tuned. Resistance is near 7887, then 7910 and 7957.
A close over 7910 is friendly..
October Hogs Recommended Position long at 7022
Nearby Resistance is at 7120 then 7167. Beyond that sell at 7210 for a turn lower ,risk a close over 7257 for two days in a row. Support is 7020 and 7010, buy at 7002 , for a bounce risk only 25 pts. Below that 6947 to 6922 offers support , traders should buy at 6920 for a turn higher , risk 100 pts.
Feb Bellies Recommended Position Long at 7237
Support is 6757 then 6707.Below that 6567 and 6427offers support. Resistance is near 6852 then 6927. A close over 6927 augurs for a 'pop' to 7007 then 7147..
U.S. 30 Year Bond Futures.
Sept Bonds Recommended Position Short at 113-30 and 113-24
Today I am Rolling the analysis from Sept to Dec Bonds
Sept Bonds : Early Resistance is at 113-09 to 113-12 More resistance is near 114-09.
Support is at 112-18 and 112-09. Below that 112-03.
December Bonds : Early and critical support is at 112-10 with 112-06 to 112-04 below that , a close under 112-10 augurs for a test of 111-23 and 111-06 to 110-30. Resistance is near 113-04, sell there for a turn , risk 10 pts. beyond that 113-10 offers resistance with more at 113-25 and good sellers should appear at 114-04.
Standard and Poor's SP 500 Index Futures
Sept SP500
On the Downside, Support is at 900.35 then 899.70. Below that 896.40 and 893.4 An extended trade or close under 896.40 augurs for a pull back to the 883.80 to 883.15 region, buy at 882.85 for a turn higher.. stay tuned. Failure there indicates a slip to 872 then 867.30, where traders should buy , for a good bounce.. Below that 851.40 to 848.40 is place where traders should Buy and Hold...Below that 839.60 may trade....a close under that augurs for 811.60 to trade.
On the Upside, Resistance is 904.40 to 906, abve that 909.95 to 910.10 offers resistance Sell there for a turn lower, risk only 150 pt. Beyond that 914 to 915.60 offers resistance, sell at 915.60 for a turn, stay tuned. Beyond that 922.35 and 923.65 should trade. Then 930.45 to 931.60 offers resistance sell at 931.40 for a good turn lower, be careful..
Risk a trade over 934.80 for 10 minutes. Beyond that 937.80 to 938.80 offers Resistance. Good sellers should raise their heads at 942.90 to 944.50 and 945.10. Sell at 946.90 risk a close over 952.65 for two days in a row. Above that 954.20 offers resistance , beyond that 963.10 offers resistance, Sell at 962.50 for a turn lower. Stay Tuned More sellers should appear near 966.25 where hearty traders should sell short for a turn lower, beyond that.A rally to the 993 region may occur.
Trade Accordingly
Happy Trading
Bill
11:45 AM est 8-31-1997
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