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Bonds..
SP500..
Morning Comments 7th 1998
"Among the hazards of speculation the happening of the unexpected -I might even say the unexpectable - ranks high. There are certain chances that the most prudent man is justified in taking - chances that he must take if he wishes to be more than a mercantile mollusk--"Reminiscences of a Stock operator.
Tuesday October 6th 1998
7:41 PM
On the Frenzied Forex Front
Dec. Japanese-Yen recommended position, short 7770
Nearby Support
is 7687 to 7675 then 7601 and 7550.Dec. D-Mark Recommended position short at 6011
Resistance
is at 6190 to 6203 should cap a rally the rally for now.Support is at 6125 then 6113 to 6101. A close under 6089 augurs for a slip to 6035. Below that support is at 5957 to 5945. Below that support is at 5880 to 5855 Where traders can buy at 5880 and hold for higher prices.
Dec. Swiss recommended position short at 7472
Nearby Resistance
is at 7587 to 7601 Traders can go short at 7586, risk a close over 7601 for three days in a row.Support is at 7477 then 7428 and 7414. A close under 7414 augurs for a test of 7342 to 7328. Traders should buy at 7323 for a bounce, risk 40 pts.
Trade Accordingly
Traders should continue to prepare for a weaker D-Mark and Weaker Swiss towards Mid October.
Dec. British Pound
Resistance is at 1.6860 then 1.6960 and 1.7016. Beyond that 1.7134 should cap a rally for now.
Dec. Canadian Dollar recommended position long at 6509
Support
is at 6430 to 6417. Then 6353Precious Metals
Dec. Gold recommended position long at 301
Support
is at 297 and 291. Traders can Buy at 291 and risk $ 4.00Resistance is at 301 then 303.6 to 305.
A close over 304 augurs
for a test of 310 to 311.4 and 314.
Traders should go long/ add if a close
over 304.00 occurs.
Dec. Copper: recommended position long at 7405 and 7245
Nearby Support
is at 7170 to 7145 and 7110Early Resistance is at 7285 to 7300. A close over 7300 augurs for a test of 7445.
Jan. Platinum
Recommended position long at 354.6Support is at 338 to 335 where it should hold.
Resistance is at 349 to 350.5
A close over 351. augurs for a test of 357 and 363.
Traders should go long or add if a close over 351 occurs.
Dec. Silver
On the DownSide
: support is at 503 and 499.5 Traders can buy at 499.5 for a position, hold for higher prices and stay tuned for a protective stop.On the Upside. Nearby Resistance is at 516 then 524 and 532.
Buy this Dip...
The Exciting Energies
Nov. Crude Recommended Position long at 1541 and 1522
Support
is at 1535 where it should hold. Below that support is at 1507 and 1496 to 1484. Resistance is at 1569 to 1576 a trade over 1576 indicates a test of 1597 and 1609 to 1615. Trade AccordinglyNov. Unleaded Gas recommended position long at 4708 and 4582
Nearby Support
is at 4639 and 4582, A failure there augurs for a test of the 4380 to 4370 where a break may stop. Traders can buy at 4380, risk a close under 4304 for three days in a row.Resistance is at 4717 then 4788, a close over 4790 is friendly for a pop to 4845. Above that resistance is near 4915 to 4926 and 4970 to 4995. Traders can go short at 4995 for a turn lower, risk a close over 5057 for two days in a row. Trade Accordingly.
Traders should add or go long if a close over 4786 occurs...
Nov. Heating Oil recommended position long at 4163 and 4250
Resistance
is at 4249. A close over augurs for a test of 4355 and the 4419 to 4446 region. Nearby Support is at 4183 to 4163 and 4095.
The Grande Grains
November Soybeans
Support
is at 517 3/4 then 511. Below that support is at 503 which should stop any further Break in the mkt. If not a test of 488 is likely.Resistance is at 525 3/4. However A close over 524 augurs for a test of resistance at 530 1/2 and 538, beyond that a push towards 552 is likely.
Traders should go long if a close over 524 occurs.
Dec. Soybean Meal
Support is near 129.10 and 127.2, below that 125.3 should hold. Resistance is at 134.50 to 136.8
Trade Accordingly.
Dec. Soybean Oil recommended position long at 2530, 2446
Support
is at 2419 to 2411 then 2395. Resistance is at 2464. A close over 2469 augurs for a test of 2512.Dec. Corn
Support
is at 208 1/2 then 206. A close under 204 augurs for a test of 199 1/2Resistance is at 212 then 214 to 216.
Dec. Wheat
Resistance
is at 286 then 288 and 295The Satisfying Softs
Dec. Cotton
Support
is at 7428 and 7415 then 7345. Below that 7256 to 7242 should hold basis the close on any real sell-off. Traders can buy at 7256, risk a close under 7163 for three days in a row.Resistance is 7587 to 7601 and 7675 to 7690... traders should not rule out another test of 7675...it's more likely to occur than not...Buy this Dips
Oct. Sugar
Support
is at 712 to 704. Below that 686 to 682 should hold..Resistance is at 739. A close over 739 is friendly for test of 757 where good resistance may appear. Beyond that 782 and 791 to 795 offers resistance .
Traders should Go long if a close over 739 occurs. Stay tuned for the
stop..
Dec. Coffee:
On the downside, Early support is at 104.80 and 103.60 to 103.20 then 102.60.
Below that support is at 100.55 then 9995 / 9920. A extended close Under 9990 augurs for a test of 9860 to 9820 , Below that 9735 to 9705 should hold.
On the Upside, Early Resistance is at 105.80 then 106.80 . Beyond that resistance is at 108.30 and 109.60 to 110.10 and 113. to 113.60
Dec. Cocoa
Suppo
rt is at 1504 then 1496. A close under 1496 augurs for a test of 1459 to 1453 where it should hold. Traders can Buy at 1504, risk a close under 1484. Resistance is at 1554. Beyond that 1569 to 1576 offers resistance.Trade Accordingly.
The Lively Livestock
Dec. Cattle
recommended position long at 6197 and 6262Support is at 6270 and 6257 , below that 6197 to 6162. Should hold
Resistance is at 6347 and 6417 to 6432.
Dec. Hogs recommended position long at 3927 and 3867
Support
is at 3807 to 3797. Below that 3752 offers support Resistance is at 3857 to 3867 then 3907 then 3952Recommended Spread Long 5 Feb. Hogs, Short 5 April
-135 Feb. under April.
Hold
Feb. hogs
Support
is at 4187 to 4162, below that 4117 should hold. Traders can go long at 4117 and try to hold for the Pull into Feb.Resistance is at 4302 to 4317 , a close over 4317 is friendly for a test of 4417 and eventually 4572.
Traders should go long if a close over 4317 occurs.
Feb. Bellies
recommended position long at 4825(2), 4665,4870(2)Nearby Support is at 4467 and 4447 to 4425 then 4327 , below that 4177 to 4127 should hold.
Resistance is at 4502 to 4512. The close over 4477 is friendly for a another test of 4562 then 4627 --From the Frying Pan into the Fire--
The Sensational Stock and Bond Markets
Dec. Bonds
On The DownSide, Support is 133-24 and 133-20, a close under 133-19 augurs for a test of 132-06 On the Upside: Resistance is at 134-24 and 135-12 which should cap a rally for a bit. Traders can sell short at 135-12, risk 25 pts.
Dec. SP500 recommended position long at 1057.20 and 1006.70
On the DownSide,
Support is at 993.70 to 992.10. and 991.10 Below that 977.90 to 974.80 should Hold for now on a closing basis.On the Upside, Resistance is at 1000 then 1002.5 and 1005 . Beyond that 1006.90 and 1009.70 offer good resistance. A close over 1009.80 augurs for another test of 1018.50 and 1022.70 , A close over 1022.70 augurs for a test of 1032 and 1036 then 1038 Where good sellers should show up at. An extended trade or close over 1038 augurs for a test of the 1047.50 region.
Stay Tuned for Updates and Flashes for New Suggestions
The Dow Jones Industrial Average
Support
is 7689 to 7675 then 7641 and 7601 to 7587, below that 7501 to 7486/ 7470 should hold basis the close. However a close under 7486 augurs for a test of 7428 to 7414 then 7342 to 7328. Below that 7292 and 7256 should stop a decline for now.Resistance should first appear at 7763 to 7777, a close over 7777 id friendly for a rally to 7822,50 and 7836 to 7864. A close over 7864 augurs for a test of 7928 then 7939 to 7954. Beyond that resistance is near 8029 to 8044. 8194 to 8223 region which should cap a rally for now.
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Tuesday
Oct. 06 1998Copyright@1998 FuturesCom Investment Publications All Rights Reserved
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.