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The Morning Comments
09-05-1997
-I would rather be 'Out' wishing I was 'In' than 'In' wishing I was 'Out'-

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.

Thur 4 th ,1997 for Sept 5 th 1997
6:29 PM EST

On the Frenzied Forex Front
The new Bi-Weekly will be sent out on Saturday The Focus will then be on Dec Forex Mkts.

* Dis-Regard any Remaining Forex Recommendations from the 8-23 Bi-weekly, all new position ttrades will be in December contracts.

Sept. J-Yen
Early Resistance is near 8291, traders should go short at 8300 to 8314 for a turn lower, risk a trade over 8359. Beyond that 8337 then 8412 offers resistance. Support is at 8255, Buy there fora bounce , risk 20 pts. below that 8165 offer support.

Sept. Swiss Franc
Support should appear at 6657 then 6607, buy there for a bounce risk 30 pts. Early Resistance is at 6707 sell at 6704 with both hands for a turn , risk 20 pts. Beyond that 6757 offers res.

Sept. British: Recommended position Long at 159.30
Support is at 157.74. Resistance is near 158.70 , then 159.60 and 160.90.

Sept. D-Mark
Early support rests near 5498 ten 5477, buy at 5477 for a bounce, risk a trade under 5442 .
Resistance should appear at 5533 and 5548 sell there for a quick turn , risk 20 pts..Beyond that 5577 and 5606 then 5635 and 5653 offers resistance.

Trade Accordingly

December Gold Recommended Position long at 328.80 & 323.90
Support is near 323.50 & 318 Resistance is near 327.60 then 329.40 ,

Be Long ...Conservative Traders Should Buy April and Feb Gold 370 Calls to maintain exposure on the long Side.

Dec Copper
Support is near 9725 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 99.25 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 414.5 and 411.7 , below that 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 417.1 Above that 420.7 then 427.0 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 465.5 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 . Beyond that a test of 510.5 then 518.9 is likely, If it holds

Trade Accordingly.

Oct Crude Oil
Early support is at 1925 and 1915.Resistance is near 1965 to 1975 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 Below that 5675, where traders should buy for a bounce risk a trade under 5570. Resistance is near 6020 and 6080 then 6120 where traders should sell , risk 50 pts.
Trade Accordingly

Dec Heating Oil Recommended Long at 5565
Support should appear near 5445, Below that 5410. Resistance is near 5515 then 5605 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

November Beans Recommended Position Short at 628 7 641
Early Resistance is at 648 sell short at 647 risk 3 cents.Above that 654 is formidable as is 662.
Support is at 634 and 627 ,then 620 1/2 buy there for a bounce risk 3 cents.

Dec Soybean Meal Recommended Position short at 207

Support is near 216.7 then 213.7, and 210.9 Resistance is near 220. and 221.4

A close under 216.7 is neagtive...

Trade Accordingly..

Dec Soybean Oil
Buy Dec Bean Oil at 2254 for a bounce , risk 35 pts Below that Long term traders should buy at 2226 for the 'Pull'.
Resistance is near 2341 then 2348 and 2370 .

Trade Accordingly

Dec Corn
Early Support is near 267 1/4 then 262 . 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 3/4 to 273 beyond that 277 1/4 and 281 offers resistance.

December Wheat Recommended Position short at 395.
Resistance is near 391 3/4 to 393 and to 397, more resistance is near 402 3/4 , sell there for a turn , risk 4 cents, Support is at 385 1/4 and 381 , buy there for a bounce risk 4 cents.

Trade Accordingly

October Cotton
Support is near 7205 where traders can buy for a turn, use a stop 7145 Resistance should appear near 72.45 then 7295 and 7345.

October Sugar
Early Support is at 1159 then 1122 . 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 .more will appear near 1201. Sell at 1192 risk a close over 1214 for three days in a row.

Trade Accordingly.

December Coffee
Early support is near 194.85 , below that 191.45 then 188.15 and 187.20 with 185.25 and 184.55 below that . Resistance is at 195.50 then 198.20 with 201.90 above that.

A close under 191.45 is negative.

Have your' Steel Cup' Ready

November Orange Juice
Resistance is near 7020 , above that 7230. Support should appear near 6930 and 6830. Buy at 6810, re risk a close under 6740.

December Cocoa
Early Support is near 1673 then 1647 , traders should buy at 1675 for a bounce risk a trade under 1661 Resistance is near 1723 then 1747 to 1773 sell at 1773for a turn, risk 30 pts.

November Lumber
Support is near Support is near 332.80 buy there risk a close under 326 for three days in a row More Support is 329. where traders can buy for a bounce risk a close under 326 for three days in a row. Resistance is near 339.60 then 342.10 and 344.70

Oct Cattle: Recommended Position Long at 6972 & 6782
Early support is at 6697.Below that 6657 offers support. Resisitance is near 6727 then 6752 beyond that 6802 and 6812. A close over 6737 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 6857 and 6817 below that. Resistance is 6892 then 6900, a extended trade over or close over 6900 augurs trade to 6970.

Buy Dips .. A close over 6900 is friendly.

October Feeder Cattle
Support is near 7842 then 7797. esistance is near 7900 then 7967 . Above that 7997 .

A close over 7900 is friendly..

October Hogs
Nearby Resistance is at 7040 then 7140 , sell at 7167 for a turn lower, risk 30 pts. Above that sell at 7210 for a turn lower ,risk a close over 7257 for two days in a row. Support is 7002 and 6967 with 7942 below that.

Feb Bellies Recommended Position Long at 7237
Support is 6722.Below that 6677 offers support . Below that 6580 Resistance is near 6832 then 6867. Above that 6907 should trade with 7072 above that.

December Bonds : Recommended Position Short at 112-19. Long Oct Bond 111 Puts at 17

Early and critical support is at 112-23 and 112-12 with 112-07 below that, a close under 112-07 is bad and augurs for a test of 111-23 and 111-06 to 110-30. Resistance is at 112-29 then 113-07 , beyond that 113-09 then 113-16 offers Resistance. Beyond that 113-25 then 114-07. A failure to rally and close over 113-07 is negative for a slip to 112-12 A close over 113-07 is friendly..

Sept SP500
On the Downside, Support is at 932.10 then 931.60 , below that 927.65 then 923.65 and 922.35. 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 934.70 then . 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 and Look for the New Bi-Weekly this weekend.

Bill

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