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FuturesCom Morning Comments
September 19 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 PM EST
On the Frenzied Forex Front
Dec-Yen
Early Resistance is near 8312 to 8328 beyond that 8346 and 8399. 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 8299 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 6857 where traders can buy for a bounce at , risk 20 pts. Resistance is at 6907 then 6924 with 6957 above that..
Trade Accordingly..
Dec. British: Recommended Position Short 160.44
Support is at 159.6o region then 158.40. Resistance is near 160.44 then 160.90 and 161.50 offer resistance. 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 5640 and 5590. 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 5648 then 5660 and 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 322.00 and 319.40 Below that 313 should hold. Resistance is at 326.00 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
Nearby support is 9590 with 9465 and 9185 below that. Resistance is at 9745 and 9790. bEyond that 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 423 and 420 below that 407 is 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 427, beyond that 432.0 ...A close over 433 indicates a 'touch' of 441.
Buy dips
December Silver Recommended Position Long at 472
Support is 462 and 459 . Resistance is near 474 above that 486 offers good resistance.
Trade Accordingly.
The Exciting Energies
Crude Oil
Traders should cancel all remaining orders in Oct Crude
Analysis of Crude will roll to Nov and Dec this weekend , Commercials should contact me for Oct
Trade Accordingly..
Oct Unleaded Recommended Position long at 5740( the flash did not get sent on this trade ..sorry)
Early support is near 5690 and 5645. Resistance is near 5780 and 5880 beyond that 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 5540 and 5435. Resistance is near 5590 . Above that 5605 and 5760 offers resistance.
The ‘Grande’ Grains
November Beans Recommended Position Short at 628
Early Resistance is near 640 1/4 and 662, Sell at 662 , risk a trade over 669.
Support is at 627 and 621 where 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 204 and 199.70 Resistance is near 208 and 212.
Dec Soybean Oil
Support should appear at 2382 to 2375.
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 373. Above that 376. Support is near 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 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 1111More Support is at 1094, buy at 1094 for a bounce , risk 15 pts. Resistance is near 1136 and 1148 , 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 16610 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 171.20 then 175.10 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 6905. Beyond that 7180 to 7270. A close over 7210 is friendly. Support should appear near 6855 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 1676 and 1657. below that 1607 below that traders should buy at 1565 , risk 30 pts.More support should appear near 1540. Resistance is near 1707, 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 312.40 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 6730. Resisitance is near 6865 then 6897.
Trade Accordingly.
December Live Cattle Recommended Position long at 6865
and Long Dec Short June at -165.
Nearby Support should appear at 6887 Below that, 6852 should considered a buying region. Resistance is near 6927 then 6977.
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 8037 and 8022. Resistance is near 8082, above that 8112 offers resistance..
Trade accordingly.
October Hogs Recommended position shortat 7152
Nearby Resistance is at 7132 and 7190 above that 7207 offers resistance
Support is at 7107 and 7022 with 7007, below that
Trade Accordingly.
Feb Bellies
Support is at 6617 and 6567. Resistance is near 6767, sell there for a quick 'turn' , risk 100 pt.above that 6817 then 6907 offer resistance.
Trade Accordingly...
U.S. 30 Year Bond Futures.
Dec Bonds Early support is at 115-03 to 115-05 then 114-18 114-06 .Resistance is at 115-18 and 115-27 , Buy at 114-18 for a quick turn , risk 5 pts. More Resistance should appear at 116-06 then 116-18. Sell at 116-06 for a quick turn , risk 5 pts.
A close under 115-18 is negative , a close over 115-27 is friendly.
The Standard and Poor's SP 500 Index Futures
Dec SP500
On the Downside, Early and critical support is 958.35 then 954.20.failure or a close under 954.00, would indicate a slip to support near 951.60 then 949.90 , under that 948.65 should hold , if not 944.50 should eventually trade.Below that 942.90 and 938.80 offers support under that 934.70 should hold If not Buy at 927.90.Risk 200 pts.
On the Upside, Resistance is at 958.70 with 960.05 offering firm resistance , sell at 960.0, 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 re-test of 970.60 to 973.70 , sell at 970.60 risk 200 pts.
A close under 963.40 is negative...and impolies a break towards the 944.50 region....
Trade Accordingly
Happy Trading
Bill
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