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FuturesCom Morning Comments
September 18 1997
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 Sept 18
5:00 AM EST
On the Frenzied Forex Front
Dec-Yen
Early Resistance is near 8392 and 8406 beyond that 8424 and 8484/8499. Above that 8505 then 8588,Traders should sell at 8588 , risk a close over 8620 for three days in a row. Nearby support is at 8326 and 8292.A failure of 8300 basis the close augurs for a test of 8223, traders should have buy orders waiting at 8223 for a bounce , risk a trade under 8189.
Trade Accordingly..
Dec Swiss Franc
Early support is 6904 where traders can buy for a bounce at , risk 20 pts. Resistance is at 6954 then 6990 to 7000 with 7050 above that..
Trade Accordingly..
Dec. British:
Support is at 158.80 region then 157.60. Resistance is near 160.44 then 160.90 and 161.50 offer resistance. Traders should sell at 160.44 for a turn lower, risk a close over 160.90 for two days in a row.. Above that augurs for a trade to 162.10 , where it should be sold for a turn , risk a close over 162.90 for two days
Sept. D-Mark
Support is near 5667 and 5645t. Additional buyers should also appear near 5584 then 5517 , where traders can buy for a good bounce , risk a close under 5482.Below that 5430 should trade.
Nearby Resistance is at 5695 then 5716 to 5729 Beyond that 5767 offers reistance. Above that 5781 to 5788 offers resistance , sell at 5792 , risk a trade over 5818.A close under 5698 is negative
Precious Metals
December Gold Recommended Position long at 328.80
Nearby support is at 321.00 and 319.40 Below that 313 should hold. Resistance is at 324.40 Beyond that 338 offers reistance above that 341 to 343should trade . Sell at 343 risk a close over 345.
Be Long ...Conservative Traders Should Buy April and Feb Gold 370 Calls to maintain exposure on the long Side.
Dec Copper Recommended Position long at 9545
Nearby support is 9390 with 9365 and 9185 below that. Resistance is at 9590 beyond that 9765 and 9980.Traders should sell at 101.35 for a turn lower risk a close over 102.80 for three days in a row.
Oct. Platinum Recommended Position Long 437
Nearby support appear near 413.5 and 407 where aggressive traders can begin to buy, More support rests near 402 where traders should buy for the 'pull' Risk a close under 399 for two days in a row. Resistance is near 424, beyond that 432.0 ...A close over 433 indicates a 'touch' of 441.
Buy dips
December Silver Recommended Position Long at 472 7 458.5
Support is 457and 444 . Resistance is near 467.5 above that 471 offers good resistance.
Trade Accordingly.
The Exciting Energies
Oct Crude Oil
Early support is at 1940 then 1913 to 1905, traders should have buy orders waiting for a 2- Day Turn higher at 1905, risk a close under 1901 for three days in a row. Resistance is near 1965 then 1983. Beyond that 1990 to 2001 then 2012 offers Resistance. Above that Traders should sell at 2042 risk a close over 2055 or a trade over 2067
Trade Accordingly..
Oct Unleaded
Early support is near 5740, where traders should buy for a bounce risk a trade under 5630. Resistance is near 5980 and 6125 where traders should sell , risk 100 pts moe resistance is near 6175 then 6280 sell there for a quick turn, risk 70 pts. Beyond that 6470 is where traders should sell for a Position risk a close over 6510 for two days in a row.
Trade Accordingly
Dec Heating Oil. Recommended Position Long at 5565
Support should appear near 5530 and 5415. Resistance is near 5585 . Above that 5605 and 5700 offers resistance.
The ‘Grande’ Grains
November Beans Recommended Position Short at 628
Early Resistance is near 654 1/4 and 662, Sell at 662 , risk a trade over 669.
Support is at 641 then 625 and 621where traders should have buy orders waiting , buy at 621 , risk 8 cents. and stay tuned. A close under 618 1/4 augurs for a break to 611 1/2 where support lies, traders should have buy orders at 611 3/4 for a turn higher risk, a close under 603 1/2 for three days in a row.
Dec Soybean Meal
Support is near 212.A close under augurs for a slip to 208 then 204.Resistance is near 219, sell at 219 risk a trade over 223. Above that 226 to 228 offers resistance , traders should sell at 228 for a turn lower , risk a close over 233 for three days in a row..
Dec Soybean Oil
Support should appear at 2411 then 2389 to 2371.
Good selling will appear at 2454, sell short at 2454 risk a close over 2470 for three days in a row.
Trade Accordingly and Stay Tuned
Dec Corn
Early support is at 260 to 259 and 255, More support is near 254, buy at 256 for a bounce , risk 5 cents. Resistance is near 265 3/4 with 270 above that.
December Wheat
Early Resistance is near 377. Above that 382. Support is near 371 to 367 3/4.
The Satisfying Softs
October Cotton
Support is at 7300 then 7255 below that 7195 Buy there for a bounce risk a trade under 7135. Resistance should appear near 7365 then 7450 ,sell at 7480 for a turn lower risk a close over 7570 for two days in a row.
October Sugar Recommended Position long at 1128
Early Support is at 1127 then 1111More Support is at 1094, buy at 1094 for a bounce , risk 15 pts. Resistance is near 1138 and 1151 , with 1162 above that.. sell at 1164 , Risk a close over 1171 for two days in a row. Above that sell at 1192 risk a close over 1207 for three days in a row.
Stay Tuned
December Coffee
Support should appear at 171.10 then 16610 and 165.90 offer support Buy at 166.10 for a turn higher , risk a close under 164.20 where support should appear, If that fails a slip to 161.90 then 158.90 and 157 is likely. Resistance is near 176.10 then 178.10 and 180.80 with 182 above that
Coffee Trading is Not for widows and orphans ....Have your' Steel Cup' Ready.
November Orange Juice Recommended Position Long at 6810
Early Resistance is near 7035. Beyond that 7180 to 7270. A close over 7210 is friendly. Support should appear near 6840 and 6770 where traders can buy for a turn higher , risk a close under 6740 for two days in a row.
December Cocoa
Support is near 1653 and 1603. below that 1583, traders should buy at 1565 , risk 30 pts.More support should appear near 1540. Resistance is near 1703, sell at 1706 risk a close over 1740 for three days in a row. More resistance should appear at 1750.
November Lumber Recommended Position long at 332.80
Support is near 311.80 then 305.30. Resistance is near 316 and 322
The Lively Livestock
Oct Cattle: Recommended Position Long at 6972
Support is at 6767. Below that 6737. Resisitance is near 6837 then 6887.
Trade Accordingly.
December Live Cattle Recommended Position long at 6865
and Long Dec Short June at -165.
Nearby Support should appear at 6922 then 6897 Below that, 6852 should considered a buying region. Resistance is near 6940 then 6997.
Bullish ...Buy Dips
Spreaders should maintain or add to Positions in long Dec Short June Cattle
Recommended Spread Position , Long Dec cattle , Short Dec hogs should Hold..
October Feeder Cattle
Early Support is at 8067 and 8022. Resistance is near 8112, above that 8122 and 8221offers resistance..
Trade accordingly.
October Hogs Recommended position shortat 7152
Nearby Resistance is at 7157 and 7190 above that 7252 offers resistance
Support is at 7102 and 7037 with 7002, below that
Trade Accordingly.
Feb Bellies
Support is at 6612 and 6567. Resistance is near 6767 then 6807 and 6970
Trade Accordingly...
U.S. 30 Year Bond Futures.
Dec Bonds Early support is at 115-11 then 114-17 to 114-08.Resistance is at 115-17 and 115-27 , Buy at 115-11 for a quick turn , risk 8 pts. More Resistance should appear at 116-08 then 116-17. Sell at 116-08for a quick turn , risk 5 pts.
A close under 115-11 is negative , a close over 115-18 is friendly.
The Standard and Poor's SP 500 Index Futures
Dec SP500
On the Downside, Early and critical support is 955.95 then Buy at 954.20 , risk 200 pts.failure or a close under 954.00, would indicate a slip to support near 950.20 then 948.00 , under that 942.20 and 938.80 offers support and 934.70 should hold . If not Buy at 927.90.Risk 200 pts.
On the Upside, Resistance is at 958.70 with 959.90 offering firm resistance , sell at 959.90 , risk 200 pts. Beyond that 962.50 should trade , with a target beyond that of 964.10, a close over 964.20 augurs for a test of 970.60 to 973.70 , sell at 970.60 risk 200 pts.
Trade Accordingly
Happy Trading
Bill
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