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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 8155
Resistance is at 8632 to 8658 and 8762 to 8780 , beyond that 8856 offers resistance. As does 8934 to 8964. A close over 8964 augurs for a rally to 9044.

Dec. D-Mark Recommended position short at 6011

Resistance is at 6148 and 6165 to 6190 to 6198

Support 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
Support
 is at 1.6990 and 1.6856. Resistance is at 1.7130 then 1.7246 and 1.7310 to 17380

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 297

Resistance 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 7070

Early 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 353.5

Support 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 1409

Resistance 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 4225

Resistance 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 4080

Nearby 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 512

Resistance is at 545 3/4 and 554.

Dec. Soybean Meal

Support is near 137.90 and 133.5, Resistance is at 141.30 and 145.5

Trade Accordingly.

Dec. Soybean Oil recommended position long at 2530, 2446

Support is at 2427 and 2419 to 2411

Resistance 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 211

Resistance is at 221 3/4 then 224 to 226.

Dec. Wheat

Resistance is at 301 3/4 and 307 3/4
Support is at 296 to 295 , below that 290 1/4 should hold.

The 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

Support 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.
Resistance is at 6417 to 6432. And 6512 to 6522.

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
Support
 is at 4342 to 4332. Traders can go long at 4342 and hold .

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 4665

Nearby 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
 Oct. 09 1998

07:05 AM

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