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The Morning Comments
09-04-1997
Wed Sept 3nd ,1997 for Sept 4 1997
6:44 PM EST
Sept. J-Yen
Early Resistance is near 8291, traders should go short at 8300 to 8314 for a turn lower, risk a trade over 8355. Beyond that 8349 then 8412 offers resistance. Support is at 8249 then 8165, Buy at 8158 for a bounce risk a trade under 8115.
Sept. Swiss Franc
Support should appear at 6654 then 6580, buy at 6580 for a bounce risk 30 pts. Early Resistance is at 6704 and 6714 sell at 6714 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 Long at 159.30
Support is at 157.68. Resistance is near 159.16 , then 160.90.
Sept. D-Mark
Early support rests near 5495 ten 5445, buy at 5447 for a bounce, risk a trade under 5429 .
Resistance should appear at 5521 and 5545 sell there for a quick turn , risk 20 pts..Beyond that 5584 and 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 324.10 , 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 then 318 Resistance is near 326.90 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 near 9720 then 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 99.05 Above that 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 406 and 403.2 , buy at 403.5 for 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 415.9 Above that 416.4 to 421.7 and 425, a close over 416.0 indicates at 'Dash' to 434 then 454 prior to expiration.
Buy dips
December Silver Recommended Position long at 472
Support should appear near 462 then 459.5. Buy at 463.5 for a position, risk a close under 455 for three days in a row. Resistance is near 475.5 then 478.5 and 502. Beyond that a test of 510.5 then 518.9 is likely, If it holds
Trade Accordingly.
The Exciting Energies
Oct Crude Oil
Early support is at 1948 and 1923., below that 1913 offers support .Resistance is near 1969 to 1973 above that 1998 offers Resistance. Traders should sell at 2008 risk a close over 2055 or a trade over 2067.
Oct Unleaded
Support is at 6215,then 6115 ,below that 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 6295 to 6310 then 6350 where traders should sell , risk 50 pts. a close over 6310 augurs for a test of 6415 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 5535 and 5475. Below that 5395. Resistance is near 5590 and 5615 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 7 641
Early Resistance is at 647 sell short at 647 risk 5 cents. More resistance is at 656 and 661.
Support is at 633 and 628 ,then 619 1/2 buy there for a bounce risk 3 cents.
Dec Soybean Meal Recommended Position short at 207
Support is near 213.3 then 209.7, and 205.5. esistance is near 218.5 and 220.
A closwe under 213 is neagtive...
Trade Accordingly..
Dec Soybean Oil
Buy Dec Bean Oil at 2262 for a bounce , risk 15 pts Below that Long term traders should buy at 2226 for the 'Pull'.
Resistance is near 2337 then 2348 and 2370 .
Trade Accordingly
Dec Corn
Early Support is near 267 1/4 then 262 1/2 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 272, beyond that 277 3/4 and 281 offers resistance.
December Wheat Recommended Position short at 395.
Resistance is near 391 3/4 and 393 to 396, more resistance is near 402 3/4 , sell there for a turn , risk 4 cents, Support is at 385 1/4 and 381 1/4 , buy there for a bounce risk 4 cents.
Trade Accordingly
The Satisfying Softs
October Cotton
Support is near 7205 where traders can buy for a turn, use a stop close under 7190 for 3 days in a row. Resistance should appear near 72.45 then 7295 and 7345.
October Sugar
Early Support is at 1157 then 1129 . Buy at 1127 for a turn higher, risk a close under 1107 for three days in a row. Additional Support is at 1107. Resistance is near 1173 then 1197. Sell at 1192 risk a close over 1214 for three days in a row.
Trade Accordingly.
December Coffee Recommended Position Short at 189.40
Early support is near 189.30 then 188.75and 187.20 with 185.25 and 184.55 below that .If the coffee gets 'cold' 182/20 to 180.80 should trade... Below that 173.50.should hold. Resistance is at 189.70 then 190.65 Sell Dec Coffee at 189.70 sell for a turn lower , risk a close over 190.90 for two days in a row. Above that 193.75 offer resistance as does 194.60 to 195.50.
A close under 188.75 is negative.
Have your' Steel Cup' Ready
November Orange Juice
Resistance is near 7020 , above that 7165. Support should appear near 6930 and 6830. Buy at 6810, there risk a close under 6740.
December Cocoa
Early Support is near 1669 then 1654 , traders should buy at 1669 for a bounce risk a trade under 1632.. Resistance is near 1719 then 1754 to 1769 sell at 1769 for a turn, risk 30 pts.
November Lumber
Support is near 341.80 then 340.60 and 339.30.to 338.40 Resistance is near 344.30 then 345.60 and 346.70 Good resistance remains at 351.50 and 355
The Lively Livestock
Oct Cattle: Recommended Position Long at 6972 & 6782
Early support is at 6732.Below tat 6657 offers support. Resisitance is near 6782 , beyond that 6805 and 6812. With 6877 above that. A close over 6782 is friendly.
Trade Accordingly.
December Cattle Recommended Position Long at 6865 .( Special Report)and Long Dec short June at 165 pts Dec under June.
Support is 6907 and 6890 with 6817 below that. Resistance is 6965 , a extended trade over or close over augurs for a thrust to 7040....
October Feeder Cattle Recommended Position Long at 7867
Support is near 7885 then 7842. , Below that support lies at 7797. Resistance is near 7952, then 7982 . Above that 7997 and 8065.
A close over 7985 is friendly..
October Hogs
Nearby Resistance is at 7180 then 7232 , sell at 7210 for a turn lower ,risk a close over 7257 for two days in a row. Beyond that 7347 offers resistance. Support is 7137 and 7092 with 7037 below that.
Feb Bellies Recommended Position Long at 7237
Support is 6842 then 6717.Below that 6677offers support. Resistance is near 6867 then 6950. Above that 7017 should trade and offer good resistance with 7112 above that.
U.S. 30 Year Bond Futures.
December Bonds : Recommended Position Short at 112-19.
Early and critical support is at 112-22 and 112-12 with 112-06 below that , a close under 112-06 augurs for a test of 111-23 and 111-06 to 110-30. Resistance is at 113-06 , above that 113-09 then 113-16 offers Resistance. Beyond that 113-25 then 114-06. A failure to rally and close over 113-01 is negative for a slip to 112-12.
Standard and Poor's SP 500 Index Futures
Sept SP500
On the Downside, Support is at 923.65 then 922.35 to 921.85. Below that 915.60 to 914 should trade and offers support. The close under 931.50 augurs for a pull back to the 923.65 Failure there indicates a slip to 916 to 914 where traders should buy , for a good bounce..Risk a couple of points..Below that 910 should trade . Some support rests at 906 to 904.40 , if that fails 901.60 to 898.05 should hold..if not 896.40 then 893.40 is likely...stay tuned...
On the Upside, Resistance is 931.60 to 931.75 and 931.95 sell there for a quick turn , Risk a trade over 934.80 for 10 minutes. Beyond that 934.15 to 934.70 offers Resistance. Good sellers should raise their heads at 937.80 and 938.80 . Beyond that 942.90 to 944.50 and 945.10, with more at 949.60 .. 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
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