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"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.

Morning Comments
Friday October 16, 1998

Thursday October 15, 1998
8:13 PM

On the Frenzied Forex Front

Dec. --The Monster--Japanese-Yen

Nearby Support is at 8668 and 8601 Below that 8589 should hold.

Resistance is at 8730 then 8762 to 8777 beyond that 8856 offers resistance.

Dec. D-Mark Recommended position short at 6011

Early Resistance is at 6233 beyond that 6257 to 6270 should cap a rally. Support is at 6208 to 6193 and 6165 Below that 6108 should hold.. Trade accordingly...

Dec. Swiss recommended position short at 7586

Resistance is at 7706 and 7763 to 7777. Support is at 7656 and 7606 to 7577 then 7557.

Dec. British Pound
Support is at 1.6990 and 1.6960

Resistance is at 1.7130 and 1.7248 and 1.7310 which should cap any rally..

Dec. Canadian Dollar

Support is at 6509 and 6473 Resistance is at 6519 then 6577 to 6591

Precious Metals

Dec. Gold recommended position long at 301

Support is at 298.5 and 296.9. Day Traders can Buy at 298.5 risk $ 4.00 Resistance is at 303.90 and 306.80. 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

Support is at 7255 to 7240. Under that 7205 to 7155 should hold.

Resistance is at 7310 , a close over is friendly for an eventual test of 7415 and the 7505 to 7515 region.

Jan. Platinum Recommended position long 2 at 354.6 and 353.5

Support is at 342.5 and 339. Resistance is at 347.0 and 352.5

Dec. Silver recommended position long at 505 and 499.5

On the DownSide: support is at 486.5 and 478.5
On the Upside. Nearby Resistance is at 492.5 a close over 493 is friendly and augurs for a rally to 503 and eventually the 518 region.

The Exciting Energies

Traders should Roll the Nov. Crude to Dec. by the Close Friday. Dec. Crude will be covered on Saturdays Bi-Weekly Investment Outlook II.

Nov. Crude Recommended Position long at 1541 and 1522

Support is at 1391 to 1387 and 1362.

Resistance is at 1412 and 1427 then 1436 to 1441.

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

Nearby Support is at 4336 then 4315 to 4300. Under that 4245 should hold.

Resistance is at 444, a close over 4445 augurs for a test of 4503 and 4585.

Trade Accordingly.

Nov. Heating Oil recommended position long at 4163 and 4250

Resistance is at 3851 and 3922. A close over 3922 augurs for a test of 4090.

Nearby Support is at 3770 below that 3722 to 3680 should be considered a buying

opportunity..

The Grande Grains

November Soybeans Recommended Position Long at 558

Support is at 555 1/4 and 551 1/2 below that 547 to 544 should hold.
Resistance is at 558 1/4 and 561, a close over 558 1/4 augurs for a test of 572 to 575 and eventually 583.

Dec. Soybean Meal

Support is near 138.0 and 137.70 below that 135.80 and 132 should hold.
Resistance is at 143.7 and 146.9 to 148.0

Trade Accordingly.

Dec. Soybean Oil

Support is at 2436 then 2419 to 2411 and 2394

Resistance is at 2461 to 2469 then 2494.

Dec. Corn

Support is at 225 1/2 and 222 3/4 to 220 1/2

Resistance is at 227 3/4 and 230 1/4 to 232 1/2 An extended trade over 233 augurs for a test of 237.

Dec. Wheat

Resistance is at 291 3/4 and 292 1/2 . A close over 293 augurs for a test of 298 and eventually 303 2/4 to 304 1/2.
Support is at 289 1/2 and 286. Below that, the 280 region should hold basis the close.

The Satisfying Softs

Dec. Cotton recommended position long at 7425 and 7256.

Support is at 6845 to 6835 and 6810 to 6790.

Resistance is 6935 and 6990. A close over 6990 augurs for a test of 7050 and 7145 to 7170 and eventually 7430 to 7690...

Oct. Sugar recommended position long at 748

Support is at 767 and 763 below that 748 should hold.

Resistance should appear at 788. Beyond that another test of resistance at 791 to 797 is likely, A close over 788 is friendly for a test of 814 to 823

Dec. Coffee:

On the downside support is at 106.25 to 105.80 and 105.25. Below that 103.80 to 103.00 should stop a decline.
On the Upside, Resistance is at 106.80, an extended trade over or close over 106.80 augurs for a test of 108 to 108.70 and eventually 109.60 to 110.10.

Dec. Cocoa

Support is at 1546 and 1535 to 1529 then 1521. Resistance is at 1569 to 1573/1576.

Trade Accordingly.

The Lively Livestock

Dec. Cattle

Early Support is at 6562. Hearty day traders can buy at 6562 for a bounce. Below that support is near 6527 and 6487.
Resistance is at 6612 Beyond that an eventual test of 6677 to 6692 is likely if it holds...

Dec. Hogs

Support is at 4187 and 4112 to 4087.

Resistance is at 4287 and 4312, An extended trade over 4327 augurs for a test of 4387. Trade Accordingly

Recommended Spread Long 5 Feb. Hogs, Short 5 April
-135 Feb. Under April. Hold

Feb. Hogs
Support is at 4477 to 4457 , day traders can buy at 4477 for a good bounce.
Risk 50 Pts. Resistance is at 4577 and 4657 to 4677. Day traders can sell at 4657 for a turn lower , risk 80 pts.

Feb. Bellies recommended position long at 4665

Nearby Support is at 4857 to 4842 then 4802 day traders can buy an early dip to 4802, put your own risk on it.. Below that 4672 to 4652 should hold
Resistance is at 4952 and 4967. Beyond that resistance is at 5052 and 5102.

-From The Frying Pan to the Fire-

The Sensational Stock and Bond Markets

Dec. Bonds

7n The DownSide, Support is 129-28 and 129-17 where it should hold..If not a slip to 128-28 is likely.
On the Upside: Resistance is at 130-27 / 130-28, beyond that resistance is at
131-11 and 132-06 where good sellers should cap a rally ...

Dec. SP500 recommended position long at 1006.70

On the DownSide, Support is at 1063.80, aggressive day traders can buy at 1063.80 for a turn higher , put your own risk on it...under that 1063 and 1058 offer support. Below that 1047 should hold basis the close. Under that 1039.50 should hold.

On the Upside, Resistance is at 1068 and 1071.50 to 1072.50, Where good sellers should show up at. Beyond that a rally to the 1083 region is likely. A close over 1083 augurs for a test of 1096 to 1101 down the road.

The Dow Jones Industrial Average

Support is 8223 to 8194 and 8119 to 8114 and 8086 where good support rests.. Below that 8044 to 8029 should hold basis the close.

Resistance should first appear near the 8300 to 8314 region, beyond that 8391 to 8406 should trade. A close over 8406 augurs for a test of 8484 to 8499 and 8512. Beyond that 8560 should cap a rally..

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

Happy Trading

Bill

Thursday October 15, 1998
10:01 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.