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"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
Tuesday, October 12, 19989

 

Monday, October 12, 1998
9:38:55 PM

On the Frenzied Forex Front

 

Dec. --The Monster--Japanese-Yen

Nearby Support is at 8499 and 8484 and 8406 to 8391.
Below that 8314 to 8300 should hold.

Resistance is at 8560 and 8582/ 8589, beyond that 8681 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 6101 and 6113. Day traders can sell at 6113 for a turn lower,

risk 25 pts. Above that resistance is at 6150 and 6189 while 6200 to 6211 should cap a rally. Support is at 6050 and 6035 to 6023.. Below that 5957 should hold..

Trade accordingly...

Dec. Swiss recommended position short at 7586

Resistance is at 7546 and 7587 to 7601. Day traders can sell at 7692 for a turn lower , risk 25 pts.

Support is at 7498 and 7487 , below that 7428 offers good support.

Trade Accordingly

Dec. British Pound
Support
 is at 1.6730 and 1.6550

Resistance is at 1.6890 and 1.6990. Beyond that resistance is at 1.7058 and 1.7130.

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 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 296.9 and 294.9. Below that support is at 291. Traders can Buy at 291 and risk $ 4.00

Resistance is at 299 and 302.80 then 304.80. 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 7255 then 7200 and 7185. Under that 7070 should hold.

Early Resistance is at 7285, a close over is friendly for a test of 7415 to 7470 .

Jan. Platinum Recommended position long 2 at 354.6 and 353.5

Support is at 341.50 and 340.9 Resistance is at 345.9, a close over augurs for a test of 351.2

Dec. Silver recommended position long at 505 and 499.5

On the DownSide: support is at 472.5 to 469.5 Day traders can Buy at 473, risk 10 cents. On the Upside. Nearby Resistance is at 491.5 However a close over 484.5 is friendly and augurs for a rally to the 506 / 512 region.

The Exciting Energies

Nov. Crude Recommended Position long at 1541 and 1522

Support is at 1432 and 1407 to 1402 day traders can buy at 1407 for a turn higher , risk 15 pts. Below that support is at 1378..

Resistance is at 1452 to 1457 and 1482 . Beyond that good sellers should appear at 1505.

Nov. Unleaded Gas recommended position long 3 at 4557 avg.

Nearby Support is at 4315 to 4300. Beneath 4300 the 4215 region should hold.

Resistance is at 4380 and 4425, a close over 4425 augurs for a test of 4503 and 4585.

Trade Accordingly.

Nov. Heating Oil recommended position long at 4163 and 4250

Resistance is at 3897 and 3915 . A close over 3915 augurs for a test of 4090 and most likely the 4110 to 4120 region. Nearby Support is at 3790 below that 3750 to 3735 should hold.


The Grande Grains

November Soybeans

Support is at 556 3/4 and 551 3/4 where traders should buy for a turn higher. A close under 551 is negative and augurs for a dip to 542 1/4
Resistance is at 570 and 579 to 583.

For today Traders should re-establish the recommended long Nov. Beans at

554 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 143.4 and 138 Resistance is at 148.9 and 153.6

Trade Accordingly.

Dec. Soybean Oil

Support is at 2461. Below that buyers should appear at 2448 and 2419.

Resistance is at 2469 and 2484. A close over 2484 augurs for another test of 2511 to 2519. Beyond that a trade to 2558 is likely.

Dec. Corn

Support is at 216 3/4. Day traders can buy at 216 3/4 for a turn higher, risk 2 cents

Below that 212 1/2 should hold.

Resistance is at 221 3/4 and 222 3/4. An extended trade over 223 augurs for a test of

226 3/4 and 230...

Dec. Wheat

Resistance is at 291 and 294 1/2 to 297. A close over 297 augurs for a test of 307 1/2 and 314 1/2
Support is at 288 and 285. Day traders can buy at 285 risk 7 cents. Below that 282 1/4 should hold basis the close. A close under 282 indicates a test of 278.

The Satisfying Softs

Dec. Cotton recommended position long at 7425 and 7256.

Support is at 7188 and 7163, below that support is at 7130 and 7105.

Resistance is 7219 to 7225 and 7275 beyond that resistance is at 7320. An extended trade over 7225 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 763 and 754 below that 739 to 735 should hold . Day traders can buy at 739 for a good bounce, risk 20 pts.

Resistance should appear at 767. Beyond that a trade to resistance at 778 is likely , A close over 778 is friendly for a test of 791 to 795.

Dec. Coffee:

On the downside support is at 103.30 and 100.90 below that 99.95 should hold.

On the Upside, Early Resistance is at 103.60 to 103.85 and 105.80 to 106.80

Dec. Cocoa

Support is at 1517 to 1513. 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 1567

to 1576 region...Trade Accordingly.

The Lively Livestock

Dec. Cattle

Early Support is at 6517 to 6502 where hearty day traders can buy at 6517 for a good bounce Below that support is near the 6497 to 6482 region. Under that 6430 to 6417 offers support. Resistance is at 6577 to 6590. Beyond that an eventual test of 6657 is likely if it holds...

Dec. Hogs

Support is at 4142 and 4117 then 4077 . Below that 3977 should hold.

Resistance is at 4177 an extended trade over augurs for a test of 4227 and 4272.
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
Support
 is at 4502 then 4472 to 4457 and 4427 day traders can buy at 4457 , risk 50 pts. Below that support is at 4352 and 4312. * If a good decline occurs Traders can go long at 4357 and hold. - Resistance is at 4557. A close over 4557 is friendly for a test of 4657 and 4702.

Feb. Bellies recommended position long at 4665

Nearby Support is at 4792 and the 4717 to 4710 region. Where it should hold.

Below that 4687 and 4647 offer good support. Day traders can buy at 4647 for a good bounce Risk 125 pts. Resistance is at 4942 Beyond that resistance is at 4987. A close over 4987 augurs for test of 5092 and eventually 5162.

-From The Frying Pan to the Fire-

 

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide, Support is 125-27 to 125-20 . Day traders can Buy at 125-27 for a bounce , risk 15 pts. On the Upside: Resistance is at 126-26 and 126-31 , beyond that resistance is at 127-26 and 128-00 hearty day traders can sell at 127-27 , risk 15 pts. Beyond that resistance is at 128-26 to 128-31 where good sellers should cap a rally ...

However a close over 128-00 is friendly.

Dec. SP500 recommended position long at 1006.70

On the DownSide, Support is at 1002.50 and 1000, below that 991.40 offers good support . Day traders can buy at 991.40 for a turn higher, put your own risk on it.

Under that support is at 877.70 then 983.70 to 982.20 and 977.20 to 975.20. Below that 959.10 should Hold for now on a closing basis.

On the Upside, Resistance is at 1007.30 and 1009.00. A close over 1009.00 augurs for another test of 1018.50 and 1021.70, Where good sellers should show up at. Beyond that a rally to 1030 is likely. A close over 1030 augurs for a test of the 1033 to 1036 / 1037.80 region is likely. A close over 1018.50 would indicates a test of 1030.

Stay Tuned for Updates and Flashes for New Suggestions

The Dow Jones Industrial Average

Support is 7954 to 7939 and 7909 . below that 7864 to 7836 offers good support and should hold basis the close. Below that 7777 and 7763 offer good support.

Resistance should first appear near the 8029 to 8044 region. A close over 8044 augurs for a test of 8093 and 8119 to 8134 Beyond that 8194 to 8223 should cap a rally for now.

A ship in Harbor is Safe.. But that's not what ships are built for.

Happy Trading

Bill

Monday, October 12, 1998
10:10:12 PM

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