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Bonds..
SP500..
Morning Comments 9th 1998
Friday October 9th 1998
6:15 AM
Forex and Bond Markets Close at 12:00 CST today and are closed Monday
On the Frenzied Forex Front
Dec. --The Monster--Japanese-Yen
Nearby Support
is 8560, below that a slip to 8499 is likely. Under that support is at 8468 and 8401 , below that 314 to 8300 should hold. A close under 8300 is negative for a test of 8155Dec. D-Mark Recommended position short at 6011
Resistance
is at 6148 and 6165 to 6190 to 6198Support is at 6116 to 6101 and 6073 to 6048.
Dec. Swiss recommended position short at 7586
Nearby Resistance
is at 7639 and 7689 to 7713.Support is at 7601 and 7587. A close under 7587 augurs for a test of 7513.
Trade Accordingly
Dec. British Pound
Dec. Canadian Dollar
Support
is at 6452 and 6430 to 6409 and 6401. Resistance is at 6502 to 6509 and 6546.Precious Metals
Dec. Gold recommended position long at 301
Support
is at 299.2 and 297Resistance is at 303.40 and 305.70. However 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 7225 and 7110 then 7070Early Resistance is at 7270, a close over is friendly for a test of 7470 and 7645 to 7685.
Jan. Platinum
Recommended position long 2 at 354.6 and 353.5Support is at 350.5 and 347 where it should hold.
Resistance is at 360.5 and 368. Eventually we see a rally to 383...if it holds
Dec. Silver recommended position long at 505 and 499.5
On the DownSide
: support is at 499.5 to 494 then 487.On the Upside. Nearby Resistance is at 503 and 508. A close over 508
is friendly for a rally to 523. Buy Dips
The Exciting Energies
Nov. Crude Recommended Position long at 1541 and 1522
Support
is at 1459 to 1454 then 1429 and 1409Resistance is at 1479 and 1484 to 1496, a close over 1496 is friendly for a test of 1535
Nov. Unleaded Gas recommended position long at 4708,4582 and 4380
Nearby Support
is at 4314 to 4305 and 4225Resistance is at 4408, a close over augurs for a test of 4500 and 4585.
Trade Accordingly.
Nov. Heating Oil recommended position long at 4163 and 4250
Resistance
is at 3990. A close over augurs for a test of 4080Nearby Support is at 3880 and 3750.
The Grande Grains
November Soybeans recommended position long at 533 1/2
Support
is at 540 1/4 and 527 where day traders should buy for a quick bounce. Below that support is at 512Resistance is at 545 3/4 and 554.
Dec. Soybean Meal
Support
is near 137.90 and 133.5, Resistance is at 141.30 and 145.5Trade Accordingly.
Dec. Soybean Oil recommended position long at 2530, 2446
Support
is at 2427 and 2419 to 2411Resistance is at 2477. A close over 2474 augurs for a test of 2512.
Dec. Corn
Support
is at 216 3/4 to 214 A close under 214 augurs for a test of 211Resistance is at 221 3/4 then 224 to 226.
Dec. Wheat
Resistance
is at 301 3/4 and 307 3/4The Satisfying Softs
Dec. Cotton recommended position long at 7425
Support
is at 7414 to 6406 and 7365 . 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 7465 and 7506 , beyond that resistance is at 7587 to 7601
traders should not rule out another test of 7675...it's more likely to occur than not...Buy this Dip
Oct. Sugar recommended position long at 748
Support
is at 712 to 704 and 691.Resistance is at 732 and 753 then 760 to 767.
Dec. Coffee:
On the downside,
Early support is at 110.50 and 110.10 to 109.60.Below that support is at 108.05.
On the Upside, Early Resistance is at 113. to 113.60 and 114.40
Dec. Cocoa
Suppo
rt is at 1522 then 1513 to 1504 and 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 1535 and 1554 then 1563 to 1569 and 1576.
Trade Accordingly.
The Lively Livestock
Dec. Cattle
Support
is at 6362 then 6317 and 6257.Dec. Hogs
Support
is at 3967, day traders can buy at 3967 for a bounce, risk 80 pts.Below that 3867 should hold.
Resistance is at 4067, an extended trade over augurs for another test of 4162 to 4167
Recommended Spread Long 5 Feb. Hogs, Short 5 April
-135 Feb. under April.
Hold
Feb. Hogs
Resistance is at 4442 and 4532 to 4542 a close over 4542 is friendly for a test of 4637
Feb. Bellies
recommended position long at 4665Nearby Support is at 4787 and the 4717 to 4710 region. Where it should hold.
Traders should Buy 2 Feb. Bellies at 4717 Below that 4637 offers good support.
Resistance is at 4937 Beyond that resistance is at 5002, a close over 5002 augurs for test of 5087 and eventually 5152 then 5202 to 5222.
The Sensational Stock and Bond Markets
Dec. Bonds
On The DownSide
, Support is 129-24 and 128-16 On the Upside: Resistance is at 130-24 and 131-24 which should cap a rally for a bit.Dec. SP500 recommended position long at 1006.70
On the DownSide,
Support is at 959.10 and 945.40 to 941 Below that 931.6 should Hold for now on a closing basis.On the Upside, Resistance is at 975.05 to 977.40 . Beyond that 991.10 offers resistance , a close over 993.70 augurs for a test of 1000 and 1006.90 and 1009.70. A close over 1009.80 augurs for another test of 1018.50 and 1022.70, Where good sellers should show up at.
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
Friday
07:05 AM
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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.