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Make a Plan and trade it....


Tuesday October 21st 1998

05:10 AM

On the Frenzied Forex Front

Dec. Japanese-Yen recommended position long at 8664

Support is at 8635 and 8622 below that support is at 8589 to 8560 and 8516 to 8499 under that 8406 should hold.
Resistance is at 8722 and 8762 to 8777 then 8815. Beyond that 8849 offers good resistance, a close over 8849 augurs for a test of 8934 and 8996. Beyond that resistance is at 9044 to 9060. Above that good sellers should appear at 9140 to 9156. Traders should sell short at 9140 for a turn lower, risk a close over 9156 for two days in a row..

Dec. D-Mark Recommended position short at 6011

Resistance is at 6157 and 6155, a close over 6158 augurs for a test of 6207

Support is at 6107 to 6104, below that 6057 to 6054 should hold today. A close under 6054 augurs for a test of 6035 to 6023.

Dec. Swiss

Resistance is at 7516 Day traders can sell an early rally to 7516, . Above that resistance is at 7555 to 7566. Beyond that resistance is at 7601 to 7612..

On the DownSide good Support should appear 7465 and 7455 a slip under 7455

augurs for a test of 7428 and 7414. A close under 7414 augurs for a test of 7342 to 7328. Traders can buy at 7342 for a good bounce, risk a close under 7328 for three days in a row.

Trade Accordingly

Dec. British Pound
Support is at 1.6960 and 1.6890. Traders should buy at 1.6890 and hold for higher prices, risking a close under 1.6808 for three days in a row. Below that support is at 1.6730.

Resistance is at 1.7116 to 1.7134, A close over 1.71540 augurs for a test of the 1.7310 to 1.7380 region which should cap a rally for now. Traders can sell short at 1.7310 risk a close over 1.7400 for two days in a row.

Dec. Canadian Dollar

Support is at 6479 and 6452 then 6429, traders can buy at 6422, risk a close under 6417 for three days in a row. Below that 6350 to 6337 should hold.
Resistance is at 6529. A close over 6529 augurs for a test of 6552 and 6577 to 6591. Beyond that 6673 offers resistance. Traders can sell at 6673 for a turn lower, risk a close over 6741.

 

Precious Metals

Dec. Gold Recommended position Long at 301 and 298.10

Support is at 297.60 and 296.70., Day Traders can buy at 296.70. risk 3.00
Below that support is at 294.5 and 289.1

Resistance is at 298.90 to 300.80 . A close over 299.00 augurs for another test of the 303.60 region

**Traders should go long/ add if a close over 303.60 occurs.

Dec. Copper: Recommended position long at 7390

Nearby Support is at 7325, day traders can buy at 7345 for a bounce, risk 100 pts. Below that 7305 should hold.

Resistance is at 7395 and 7485 then 7510 to 7525. A close over 7510 augurs for a test of 7610 and 7650 to 7710. A close over 7710 indicates a trade higher towards resistance at 7770 then 7910 to 7945... * Traders should go long if a close over 7510 occurs..

Jan. Platinum Recommended position long (2 )354.6 and 353.5.

Support is at 335.8 and 332 Resistance is at 338 then 345.7 and 348. However a close over 346 augurs for a test of 352. Beyond that a trade to 356 is likely.

Dec. Silver recommended position long at 505, 499.5 and (2) 483.5

On the DownSide: Support is at 485.0 to 483.5. Day traders should Buy Dec. Silver at 485.5 and hold for higher prices . Below that good buyers should appear at 479.0.

On the Upside. Nearby Resistance is at 492,5 an indication of a close over 499 is friendly for a spurt towards 499 and 506. Beyond that a trade towards 524 is likely.

Trade Accordingly.

The Exciting Energies

Dec. Crude Recommended Position long 2 at 1439

Support is at 1349 and 1329 to 1324 region. Under that 1310 to 1304 should hold.
Resistance is at 1362 and 1374 to the 1379 to 1383 region.

A close over 1362 is friendly,
Trade Accordingly

Dec. Unleaded Gas recommended position long 3 at 4430.

Support is at 4247 and 4215 day traders can buy at 4250, risk 125 pts.

Resistance is at 4328 and 4347. A close over 4350 is friendly and augurs for bit of short covering which should bring push the Unleaded towards 4450 to 4470.

Dec. Heating Oil Recommended Position Long 2 at 4000 and 3870

Resistance is at 3908 and 3925. A close over 3908 augurs for a test of 4140 and eventually 4400...if it holds...

On the DownSide support is at 3845 then 3750 to 3705 where it should hold...

The Grande Grains

November Soybeans Recommended position long at 558.

Support is at 548 1/4 and 546 1/2 to 542 1/2.

Traders can buy at 546 for a turn higher, Risk a close under 530 for two days in a row.

Resistance is at 553 3/4 and 560 1/2. A close over 561 augurs for a test of 572 to 573. Beyond that a test of 583 to 586 is likely. Be long.

Traders should go long. Add if a close over 561 occurs...

Dec. Soybean Meal recommended position long at 138.3

Support is near 138.2 and 137.4, under that 134.4 should hold. Resistance is at 139.4 and 144.7.

Dec. Soybean Oil recommended position long at 2469

Support is at 2492 to 2486 and 2469 to 2461. Day traders can buy at 2486 , risk 30 pts.
Resistance is at 2504 to 2506 then 2511 to 2519. A close 2516 augurs for a test of 2552 to 2568

Dec. Corn Recommended position long at 219
( elected at the end of the session yesterday)

Support is at 219 to 218 1/4. Day Traders can go long at 217 1 /2, risk 3 cents .

Resistance is at 220 3/4 and 223 3/4.

Dec. Wheat recommended position long at 290
Resistance
 is at 287 and 290. Beyond that resistance is at 293.

Support is at 283 and 281. Day Traders can buy at 281 for a turn higher, risk a 5 cents

Trade Accordingly...

The Satisfying Softs

Dec. Cotton recommended position long at 7425, 7256, 6755,
and 6885 (yesterdays close)

Support is at 6865 and 6810. Below that 6790 and 6720 should hold.

Resistance is 6915 and 6965 then 6990 Beyond that a test of 7050 is likely.. if it holds.

Oct. Sugar Recommended position long at 786

Support is at 767 to 763 and 758 where it should hold. Day traders can buy at 759 risk a trade under 749.

Resistance is at 776, a close over 776 is friendly for test of the 795 where sellers should appear.

* Traders should go long using a 799 Buy stop.

Dec. Coffee:

On the downside, Support is at 103.80 and 103.00 , under that support is at 102.10 and 101.65 below that buyers should surface at 9995 / 9920. A extended close Under 9990 augurs for a test of 9860 to 9820. Below that 9735 to 9705 should hold. If a steep decline occurs traders should buy at 9545 and Hold...

On the Upside, Early Resistance is at 104.15 and 105.80 to 106.65/106.80 then 107.10. A close over 107.10 augurs for test of 109.00 and 109.60 to 110.10.

Dec. Cocoa

Support is at 1561 and 1551, Day traders can buy at 1561 risk 15 pts.
Below that 1535 to 1530/1529 should hold. However close under 1529 augurs for a test of 1501 /1496 and 1487 to 1480 where it should hold.

Resistance is at 1569 to 1576 and 1580. However a close over 1576 augurs for a test of 1587 then 1609/ 1615 to 1625.

**Traders should go long / add if a close over 1576 occurs.

 

The Lively Livestock

Dec. Cattle 

Nearby Support is at 6497 and 6462. An extended trade or close under 6462 augurs for a slip to 6427 to 6417 and 6387...if that occurs traders should buy at 6417 for a bounce, risk a close under 6337 for three days in a row.

Resistance is at 6537 , day traders can sell at 6537 for a quick turn only...beyond that resistance is at 6562 then 6627. A close over 6627 augurs for an eventual test of 6672 to 6682 and 6742.

Dec. Hogs Recommended position long at 4080

Support is at 4007 to 4002 and 3992. Traders should Go long at 3992 and risk a close under 3902 for three days in a row. Where support should appear at 3902 to 3887..

Resistance is at 4077 to 4087 and 4102. However a close over 4087 augurs for a test of the 4200.

We expect another test of 4200 shortly...if it holds...

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

Feb. hogs Recommended position long at 4410

Support is at 4412 to 4397, day traders can buy at 4412, risk 50 pts. Below that 4317 to 4297 offers support.

Resistance is at 4447 , an extended trade over 4447 augurs for another test of 4482 then 4497. A close over 4497 augurs for a test of 4597 to 4612.

Feb. Bellies recommended position long at 4665 and 4662.

Nearby Support is at 4642 and 4572 then 4517 Where it should hold today . Day Traders should Buy at 4517 and risk 50 pts. Under that a decline to the 4362 region should hold for a few days.
Resistance is at 4667 and 4695 to 4717. A close over 4717 augurs for a test of 4817. Stay tuned for Updates in the Meat Complex..

--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Dec. Bonds recommended position long 128-26

On The DownSide, at 128-07 and 127-30 then 127-17 then 127-04.

On the Upside: Resistance is at 128-23 and 128-30, beyond that sellers should appear at 129-02 and 129-27 to 129-30

Dec. SP500

On the DownSide, Support is at 1071.90/ 1071.70...Below that support is at 1068 and 1063 then 1058. An extended slip under 1058 augurs for a test of 1047.00 Below that 1039.40 to 1038.00 and 1036 should hold. Traders can Buy at 1039.40 and Hold.....A close under 1036 indicates a test of 1030. Below that support is at 1021.90 and 1018.50 , under that 1008.60 should contain a break...for now on a closing basis.

On the Upside, Resistance is at 1074.50 and 1082 then 1086.90 Where good sellers should show up at. An extended trade or close over 1087 augurs for a test of the 1096 and 1101 to 1102.20. A close over 1102.50 augurs for a likely test of 1110.40 and 1115.50 to 1118.20. A close over 1115.50 augurs for an eventual test of 1130 to 1136 Which should cap a rally, Traders can sell short at 1133.50. Initially Plan on Risking a close over 1136 for three days in a row.

Stay Tuned for Updates and Flashes...

The Dow Jones Industrial Average

Support is 8499 and 8484 then 8413 to 8406 and 8399.95 to 8391, a slip under 8390 augurs for a test of 8324 and 83214 to 8300 A close under 8324 augurs for a test of 8223 to 8194 then 8141 to 8134 and 8119 where it should hold basis the close. However a close under 8119 augurs for a test of 8044 to 8029 which should stop a decline for now.

Resistance should first appear at 8521.5. Then 8530 and 8560 to 8589. Beyond that 8668 and the 8683 to 8691 region. Offers good resistance. Above that 8762 to 8777 should cap a rally for now.

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

Happy Trading

Bill


Wed
 Oct. 21 1998

06:39 AM

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