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Bonds..
SP500..
"A man can have great mathematical ability and unusual
power of accurate observation and yet fail in speculation unless he also
possesses the experience and memory. "
-Reminiscences of a Stock operator-
Morning
Comments
Monday, October 12, 1998
US Bond and Forex Markets
are closed in Observation of Columbus Day.
CME Day Session Currency trading and interest rate futures are closed
Monday.
Globex will be open during it's normal hours and all day Monday till
2:00 PM.
CBT Bonds will not trade until the Evening Session on Monday.
However Futurescom has included it's normal Bond info in today's letter.
Canadian Markets are closed in Observation of Canada's
Thanksgiving.
Happy thanksgiving to all
our Canadian readers !
Sunday, October 11, 1998
9:29:45
AM
On the Frenzied Forex Front
Dec. --The Monster--Japanese-Yen
Nearby Support
is 8631 below that a slip to 8589 to 8574 and 8560 is likely. Hearty Day traders can buy at 8574 for a quick bounce, put you own risk on it...Under that support is at 8499 and 8484 . below that 8314 to 8300 should hold.
Resistance is at 8674 and 8762 to 8780, beyond that 8856 offers resistance.
As does 8934 to 8964. A close over 8964 augurs for a rally to 9044.
Conversely a close under 8632 is negative and augurs for an eventual pullback to 8489
Dec. D-Mark Recommended position short at 6011
Resistance
is at 6150 and 6165. Day traders can sell at 6150 for a turn lower, risk 25 pts. Above that resistance is at 6189 while 6200 to 6211 should cap a rally.Support is at 6113 and 6100. A slip or close under 6100 is negative and augurs for an eventual test of 6050 and 6035 to 6023...
Trade accordingly...
Dec. Swiss recommended position short at 7586
Resistance
is at 7606 and 7642, above that good sellers should appear at 7675 and 7692. Day traders can sell at 7692 for a turn lower , risk 25 pts.Support is at 7592 to 7587. A close under 7587 augurs for a test of support at 7542 and 7513 to 7506.
Trade Accordingly
Dec. British Pound
Dec. Canadian Dollar
Support
is at 6455 and 6430, below that day traders can buy at 6413 for a bounce , risk a 25 pts. Resistance is at 6483, a trade over augurs for a test of 6502 to 6505 and 6509. A close over 6509 is friendly for a test of 6577.Precious Metals
Dec. Gold recommended position long at 301
Support
is at 295.7 and 293.7. Below that support is at 291. Traders can Buy at 291 and risk $ 4.00 Resistance is at 301.30 and 303.90. 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 7215 and 7185 then 7070 Early Resistance is at 7275, a close over is friendly for a test of 7415 to 7470 .Jan. Platinum
Recommended position long 2 at 354.6 and 353.5Support is at 342.50 and 340.9 Resistance is at 346.4 and 349.3 to 350.8
Dec. Silver recommended position long at 505 and 499.5
On the DownSide
: support is at 471.5 to 469.5 Day traders can Buy at 470, risk 10 cents. On the Upside. Nearby Resistance is at 484.5 to 486 and 491.5 A close over 484.5 is friendly and augurs for a rally to 509.The Exciting Energies
Nov. Crude Recommended Position long at 1541 and 1522
Support
is at 1455, day traders can buy at 1455 for a turn higher , risk 15 pts. Below that support is at 1430 and 1421 to 1415.Resistance is at 1459 and 1480 . Beyond that good sellers should appear at 1505. Nov. Unleaded Gas recommended position long 3 at 4557 avg.
Nearby Support is at 4370 and 4315 to 4300. Beneath 4300 the 4215 region should hold. Resistance is at 4415, a close over augurs for a test of 4503 and 4585.
Trade Accordingly.
Nov. Heating Oil recommended position long at 4163 and 4250
Resistance
is at 3982 and 3992. A close over augurs for a test of 4090 and most likely the 4110 to 4120 region.Nearby Support is at 3914 and 3890 , below that 3750 should hold.
Day traders can buy at 3915, risk 80 pts.
The Grande Grains
November Soybeans
Support
is at 559 3/4 and 555 3/4 to 552 3/4 where traders should buy for a turn higher. A close under 552 is negative and augurs for a dip to 541 3/4For today Traders should re-establish the recommended long Nov. Beans at
555 3/4 if able, eventually our target is 583 and 602... if it can maintain a good posture over 541 to 537...stay tuned and be long...
Dec. Soybean Meal
Support is near 146.4 and 145.4 Day traders can buy at 146.4 for a bounce, risk $ 4.00 Resistance is at 149.1 and 153.4
Trade Accordingly.
Dec. Soybean Oil
Support
is at 2469 to 2461. Below that buyers should appear at 2448 and 2419.Resistance is at 2481. A close over 2481 augurs for another test of 2511 to 2519. Beyond that a trade to 2558 is likely.
Dec. Corn
Support
is at 216 1/2. Day traders can buy at 216 3/4 for a turn higher, risk 2 cents Below that 213 1/2 and 211 1/2 offer support.Resistance is at 222 and 223 1/4. An extended trade over 224 1/2 augurs for a test of 226 3/4 and 230...
Dec. Wheat
Resistance
is at 298 3/4 and 302 1/2. A close over 302 1/2 augurs for a test of 307 1/2 and 314 1/2The Satisfying Softs
Dec. Cotton recommended position long at 7425 and 7256.
Support
is at 7255 to 7242, and should hold basis the close. Below that support is at 7220 then 7192 to 7188. Day traders can buy at 7220 for a turn higher, risk 70 pts.Resistance is 7270 and 7292 beyond that resistance is at 7320. An extended trade over 7295 augurs for a test of 7328 to 7342. Beyond that resistance is at 7414 to 7428.Traders should not rule out another test of 7675...it's more likely to occur than not...Continue to Buy this Dip.
Oct. Sugar recommended position long at 748
Support
is at 746 and 743 below that 739 to 735 should hold . Day traders can buy at 739 for a good bounce, risk 20 pts.Resistance should appear near the 763 to 767 region. Beyond 769 a trade to resistance at 774 is likely , a close over 774 is friendly for a test of 791 to 795.
Dec. Coffee:
On the downside
support is at 108.20 then 106.80 and 105.80 to 105.70 where good buyers should surface. Under that 103.60 should hold.Hearty Day traders can buy at 108.25, risk a trade under 106.20.
On the Upside, Early Resistance is at 109.15 and 109.60 to 110.10 and 110.70. A close over 110.70 augurs for a test of 113.00 to 113.60
Dec. Cocoa
Suppo
rt is at 1518 to 1515. Below that Traders can Buy at 1504, risk a close under 1484. Resistance is at 1529 and 1535. A close over 1535 is friendly for a test of 1565 and more likely the 1569 to 1576 region...Trade Accordingly.
The Lively Livestock
Dec. Cattle
Early Support
is at 6512 to 6495 where hearty day traders can buy at 6497 for a good bounce Below that support is near the 6447 to 6417 region. Resistance is at 6577 to 6590. Beyond that an eventual test of 6657 is likely if it holds...Dec. Hogs
Support
is at 4147 and 4082 to 4077 Below that 3972 should hold.Resistance is at 4172 an extended trade over augurs for a test of 4247
and 4270.
Day traders can sell at 4272 for a quick turn lower risk 50 pts.
Recommended Spread Long 5 Feb. Hogs, Short 5 April
-135 Feb. under April.
Hold
Feb. Hogs
* If a good decline occurs Traders can go long at 4352 and hold. -
Resistance is at 4517 and 4552. A close over 4552 is friendly for a test of 4637 to 4652 and 4702.
Feb. Bellies
recommended position long at 4665Nearby Support is at 4792 and the 4717 to 4710 region. Where it should hold.
Below that 4697 and 4642 offer good support. Day traders can buy at 4717 for a good bounce Risk 125 pts.
Resistance is at 4942 Beyond that resistance is at 4997. A close over 4997 augurs for test of 5087 and eventually 5162.
From The Frying Pan to the Fire-
The Sensational Stock and Bond Markets
Dec. Bonds
On The DownSide
, Support is 127-01 and 126-25, below that 125-20 to 125-25 offers good support. Day traders can Buy at 125-25 for a bounce , risk 15 pts.On the Upside: Resistance is at 127-25 and 128-00 , hearty day traders can sell at 128-00 , risk 10 pts. Beyond that resistance is at 128-25 to 128-30 and 129-01 where good sellers should cap a rally ... A close over 128-00 is friendly.
Dec. SP500 recommended position long at 1006.70
On the DownSide,
Support is at 991.20 below that support is at 983.70 to 982.20 and 977.20 to 975.20 . Day traders can buy at 975.20 for a turn higher, put your own risk on it. Below that 959.10 should Hold for now on a closing basis.On the Upside, Resistance is at 992.10 to 993.70 an extended trade over augurs for a test of 1000 to 1002.50, a trade over 1002.50 augurs for a likely test of some decent resistance at 1007.10 and 1009.20. A close over 1009.20 augurs for a 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 7864 to 7836 where the market should hold basis the close ... Below that 7777 and 7763 offer good support. Under that 7689 to 7675 should hold.Resistance should first appear at 7939 to 7954. Beyond that resistance is near the 8029 to 8044 region. A close over 8044 augurs for a test of 8119 to 8134 and 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
Sunday, October 11, 1998
12:08:14 PM
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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.