FuturesCom Investment Publications
Morning Comments Oct 23
1998
Dedicated to Excellence in Analysis of Futures
Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock..
Softs
Featuring Bi-Weekly Investment Outlooks, Special Reports, Morning Comments and More
Experienced Since 1979 & Serving
Professional and Individual Futures Traders World Wide since
1988
5845 Autumn Ridge Rd Lake Worth Florida
33463 USA 561-433-2995 http://www.futurescom.com
Friday, October 23, 1998
6:34:13 AM
On the Frenzied Forex Front
Dec. Japanese-Yen recommended position long at 8664
On the DownSide support is 8484 then 8406 to 8391.
On the Upside resistance is at 8535 then 8589 and 8606and 8635, an
extended trade over 8606 augurs for a test of 8728 and 8762 to 8777 then
8815.
Dec. D-Mark Recommended position short at 6011
Resistance
is at 6114 and 6141 then 6164.Dec. Swiss
Resistance
is at 7523 Beyond that Day traders can sell an early rally to 7541. Above that resistance is at 7573.On the DownSide Support should appear 7474. A close under 7474 augurs for a test of 7441 then 7373 and 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 recommended position long at 1.6890
Resistance is at 1.6960 and 1.6994 to 1.7018.
Dec. Canadian Dollar
Support
is at 6437 and 6430, day traders can buy at 6437 risk 20 pts.
Precious Metals
Dec. Gold Recommended position Long at 301 and 298.10
Support
is at 291.3 to 290.5Resistance is at 294.4 and 295.60. A close over 295.00 is friendly and augurs for a test of 304.8
Dec. Copper: Recommended position long at 7390
Nearby Support
is at 7245 and 7230 then 7135Resistance is at 7340 an extended trade or close over 7340 augurs for a test of 7485 then 7535. A close over 7510 augurs for a test of 7610 and 7650 to 7710. *Traders should go long if a close over 7510 occurs..
Jan. Platinum
Recommended position long (2)354.6 and 353.5.Support
is at 334.1 and 327 Resistance is at 338.3 and 345.0 to 347.5.A close over 338.2 is friendly.
Dec. Silver recommended position long at 505, 499.5 and (2) 483.5
On the DownSide
: Support is at 485.3 to 483 Day traders should Buy Dec. Silver at 483.5 and hold for higher prices. Below that good buyers should appear at and 470.5.On the Upside. Nearby Resistance is at 489 and 491.5, a close over 489 is friendly for a spurt towards 506. Beyond that a trade towards 527 is likely.
Trade Accordingly.
The Exciting Energies
Dec. Crude Recommended Position long 2 at 1439
Support
is at 1378 day traders should buy a dip to 1378 and risk a tradeUnder 1349 Under that 1335 should hold.
Resistance is at 1403
beyond that a test of 1422 to 1428 is likely
A close over 1422 is friendly and augurs for an eventual test of
1472.
Trade Accordingly
Dec. Unleaded Gas recommended position long 3 at 4430.
Support
is at 4299 and 4262 day traders can buy at 4265, risk 125 pts.Dec. Heating Oil Recommended Position Long at 3870.
Resistance
is at 4011 and 4090 to 4132, a close over 4132 is friendly and augurs for an eventual test of 4435...On the DownSide support is at 3935 to 3915 where it should hold today.
The Grande Grains
November Soybeans Recommended position long at 558.
Support
is at 550 1/2 and 548. Below that 539 1/2 should hold.Traders can buy at 546 for a turn higher, Risk a close under 530 for two days in a row.
Resistance is at 559 and 561 1/2. A close over 561 augurs for a test of
567 3/4 and
eventually to 575 and 583 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 138.7, under that 134.4 should hold. Resistance is at 142.2 and146.7
Dec. Soybean Oil recommended position long at 2469
Support
is at 2519 to 2511 and 2492. Day traders can buy at 2512, risk 30 pts.
Resistance is at 2540 then 2552 to 2568 A close over 2568 augurs
for a test of 2608 to 2611.
Dec. Corn Recommended position long at 219
Resistance is at 224 1/2 and 226 3/4.
Dec. Wheat recommended position long at 290
Support is at 293 1/2 and 289.1/2 to 288 and 287. Day Traders can buy at 293 1/2 for a turn higher, risk a 8 cents
Trade Accordingly...
The Satisfying Softs
Dec. Cotton
recommended position long at 7425, 7256, 6755, and 6885Support
is at 6720 and 6630Resistance is 6785 to 6830
March Sugar Recommended position long at 786
Support
is at 767 to 762 where it should hold. Day traders can buy at 767 risk a trade under 749. Below that support is at 725.Resistance is at 780 then 791 to 795 and 805 to 811 where sellers should appear. A close over 805 augurs for a test of 847 to 852.
*Traders should go long using a 799 buy stop.,
Dec. Coffee:
On the downside, Support is at 106.50 /106.30 to 105.80 and 104.40. Below that 103.80 to 103.00 should hold.
On the Upside, Early Resistance is at 106.90. A close over 106.90 augurs for test of 109.00 to 109.40 and 110.10.
Dec. Cocoa
Suppo
rt is at 1535 to 1532 then 1529. Day traders can buy at 1535 for a good bounce Risk 20 pts. A close under 1529 augurs for a test of 1501 and 1484 to 1478 where it should hold.Resistance is at 1554 then 1569 to 1576 and 1584. However a close over 1576 augurs for a test of 1609/ 1615 to 1625.
**Traders should go long / add if a close over 1576 occurs.
The Lively Livestock
Dec. Cattle
Nearby Support
is at 6467 to 6450 then 6430 to 6417 and 6397, traders should buy at 6417 for a bounce, risk a close under 6337 for three days in a row.Resistance is at 6547. A close over 6547 augurs for an eventual test of 6632 and 6677.
Dec. Hogs Recommended position long at 4080
Support
is at 4007 to 3992. Traders should Go long at 3992 and risk a close under 3902 for three days in a row.Recommended Spread Long 5 Feb. Hogs, Short 5 April
-135 Feb. Under
April.
Feb. hogs Recommended position long at 4410
Support
is at 4412 and 4387. Below that 4312 offers good support.Resistance is at 4490 then 4512
Feb. Bellies
recommended position long at 4665 and 4662. and 2 at 4810Nearby Support is at 4822 Day Traders should Buy at 4822 and put your own risk on it. Below that 4752 then 4672 to 4627 should hold today .
Resistance is at 4932, an extended trade over augurs for a test of 4972 then 5052 to 5067 and 5122. -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 127-14 and 127-04 to 126-31 , under that 126-20 should hold.
On the Upside: Resistance is at 127-31 and 128-00, beyond that sellers should appear at 128-20
Dec. SP500
On the DownSide,
Support is at 1082 and 1075.90 then 1071.90. Day traders should buy at 1071.90. 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 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 to 1103.90. A close over 1105. 00 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 8467 and 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 8534 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
Friday, October 23, 1998
7:29:06 AM
Copyright@1998 FuturesCom Investment Publications
All Rights Reserved
FuturesCom is Not Responsible for Transmission Errors and Omissions.
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.