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Morning Comments 8th 1998

 

Thurs October 8th 1998

5:15 AM

On the Frenzied Forex Front

Only traders who have Ice Water running through their veins should trade
Forex Mkts at this time...

Dec. --The Monster--Japanese-Yen

Nearby Support is 8589 to 8560, below that a slip to 8499 is likely. Under that support is at 8314 to 8300.
Resistance is at 8856 and 8934 to 8964 a close over 8964 augurs for a rally to 9044.

Dec. D-Mark Recommended position short at 6011

Resistance is at 6337 to 6350 and 6417 Support is at 6257. A close under 6257 augurs for a slip to 6113. Below that support is at 6073.

Dec. Swiss recommended position short at 7586

Nearby Resistance is at 7939 to 7954 and 8029 to 8044.

Support is at 7770 to 7763. A close under 7763 augurs for a test of 7675 and 7601

Trade Accordingly

Dec. British Pound
Support
 is at 1.7130 then 1.6990. Resistance is at 1.7310 to 17380

Dec. Canadian Dollar

Support is at 6548 and 6516 to 6509 and 6483. A close under 6483 is negative for a slip to 6430 Resistance is at 6616 and 6673 then 6741

Precious Metals

Dec. Gold recommended position long at 301

Support is at 302.8 and 297.

Resistance is at 307.10 and 312.80.
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 7335 and 7285 then 7245

Early Resistance is at. 7445. Beyond that good resistance is at 7645 to 7685. A close over 7685 indicates a trade higher towards resistance at 7770 and 7835.

Jan. Platinum Recommended position long 2 at 354.6 and 353.5

Support is at 353 to 348 where it should hold.

Resistance is at 360 and 368. Eventualy we see a rally to 383...if it holds


Dec. Silver recommended position long at 505

On the DownSide: support is at 505 and 499.5 Traders can buy at 499.5 for a position, hold for higher prices and stay tuned for a protective stop.

On the Upside. Nearby Resistance is at 524 and 532.

Buy Dips

The Exciting Energies

Nov. Crude Recommended Position long at 1541 and 1522

Support is at 1496 to 1484 and 1477

Resistance is at 1507 t0 1512 then 1527 to 1535

Nov. Unleaded Gas recommended position long at 4708 and 4582

Nearby Support is at 4380 to 4370 where a break may stop. Traders can buy at 4380, risk a close under 4304 for three days in a row.

Resistance is at 4717 then 4788, a close over 4790 is friendly for a pop to 4845. Above that resistance is near 4915 to 4926 and 4970 to 4995. Traders can go short at 4995 for a turn lower, risk a close over 5057 for two days in a row. Trade Accordingly.

Traders should add or go long if a close over 4786 occurs...

Nov. Heating Oil recommended position long at 4163 and 4250

Resistance is at 4249. A close over augurs for a test of 4355 and the 4419 to 4446

region. Nearby Support is at 4040 and 3990.

 

The Grande Grains

November Soybeans recommended position long at 533 1/2

Support is at 527 where day traders should buy for a quick bounce. Below that support is at 519 to 517

Resistance is at 537 to 540 . A close over 540 augurs for a test of resistance at 552

Dec. Soybean Meal

Support is near 133.80 and 129.2, Resistance is at 137.80 to 139.8

Trade Accordingly.

Dec. Soybean Oil recommended position long at 2530, 2446

Support is at 2446 and 2419.

Resistance is at 2474. A close over 2474 augurs for a test of 2512.

Dec. Corn

Support is at 215 3/4 to 214. A close under 214 augurs for a test of 210

Resistance is at 220 3/4 then 224 to 226.

Dec. Wheat

Resistance is at 296 and 301 3/4 , beyond that resistance is at 307
Support is at 293 and 289, below that 284 should hold.

The Satisfying Softs

Dec. Cotton

Support is at 7428 and 7415 then 7345. Below that 7256 to 7242 should hold basis the close on any real sell-off. Traders can buy at 7256, risk a close under 7163 for three days in a row.

Resistance is 7587 to 7601 and 7675 to 7690... traders should not rule out another test of 7675...it's more likely to occur than not...Buy this Dips

Oct. Sugar recommended position long at 748

Support is at 741 to 732. Below that 727 should hold..

Resistance is at 760 to 767. Beyond that 782 and 791 to 795 offers resistance .

Dec. Coffee:

On the downside, Early support is at 106.80 and 105.40 then 104.70.

Below that support is at 103.60 to 103.20.

On the Upside, Early Resistance is at 107.90 . Beyond that resistance is at 108.30 and 109.60 to 110.10 and 113. to 113.60

Dec. Cocoa

Support is at 1527 then 1511 to 1504 and 1496. A close under 1496 augurs for a test of 1459 to 1453 where it should hold. Traders can Buy at 1504, risk a close under 1484.

Resistance is at 1554 1561 and 1569 to 1576.

Trade Accordingly.

The Lively Livestock

Dec. Cattle recommended position long at 6262

Support is at 6357 then 6317 and 6257.
Resistance is at 6417 to 6432. And 6507 to 6527.

Dec. Hogs recommended position long at 3867

Support is at 4047 and 3967, day traders can buy at 3967 for a bounce, risk 80 pts.

Below that 3862 should hold.

Resistance is at 4062, an extended trade over augurs for a test of 4162 to 4167

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

Support is at 4337 to 4342. Traders can go long at 4342 and hold .

Resistance is at 4537 to 4542 a close over 4542 is friendly for a test of 4637

Feb. Bellies recommended position long at 4825(2), 4665,4870(2)

Nearby Support is at 4467 and 4447 to 4425 then 4327 , below that 4177 to 4127 should hold.

Resistance is at 4502 to 4512. The close over 4477 is friendly for a another test of 4562 then 4627 --From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide, Support is 131-24 and 130-20 On the Upside: Resistance is at 133-24 and 134-17 to 134-24 which should cap a rally for a bit.

Dec. SP500 recommended position long at 1006.70

On the DownSide, Support is at 958.90 and 944.50 to 941 Below that 931.6 should Hold for now on a closing basis.

On the Upside, Resistance is at 974.90 to 977.60 . Beyond that 990.90 offers resistance , a close over 993.70 augurs for a test of 1000 and 1006.90 and 1009.70. A close over 1009.80 augurs for another 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 7689 to 7675 then 7641 and 7601 to 7587, below that 7501 to 7486/ 7470 should hold basis the close. However a close under 7486 augurs for a test of 7428 to 7414 then 7342 to 7328. Below that 7292 and 7256 should stop a decline for now.

Resistance should first appear at 7763 to 7777, a close over 7777 id friendly for a rally to 7822,50 and 7836 to 7864. A close over 7864 augurs for a test of 7928 then 7939 to 7954. Beyond that resistance is near 8029 to 8044. 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


Thursday
Oct. 08 1998

07:25 AM

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