FuturesCom Investment Publications
Morning Comments Nov 03 1998
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What the Wise do in the Beginning, Fools do in the End." --Warren Buffett  

Monday November 2nd 1998
07:04 PM
 

On the Frenzied Forex Front

Dec. Japanese-Yen

Support is 8706. Day traders can buy at 8706 for a bounce, Risk 60 pts. Below that support is at 8689 to 8668. Under that 8560 and 8508 to 8499 offer support. Traders can go long at 8499 for a turn higher. Risk a close under 8484 for three days in a row. Below that support should hold at 8406 to 8391.


Resistance is at 8719 to 8723 and 8777 and 8834. Beyond that a test of resistance at 8934 and 9044 to 9060. Is likely. Above that good sellers should appear at 9240 to 9256. Traders should sell short at 9240 for a turn lower, risk a close over 9256 for two days in a row..

Dec. D-Mark Recommended position short at 6011

Resistance is at 6088 and 6091. A close over 6113 augurs for a test of 6165 to 6190. Traders can sell at 6165 for a turn lower, risk a close over 6190 for two days in a row. Beyond that a test of 6257 to 6270 is likely.

Support is at 6038 and 6023 then 5998 to 5984. Traders can go long at 5998 for a turn higher , risk a close under 5957 for three days in a row. Below that support is at 5945 and 5880. Hearty traders can buy at 5880 and hold for higher prices.

Dec. Swiss

Resistance is at 7447 and 7491 then 7513. A close over 7513 augurs for a likely test of 7543 then 7587 to 7601.

*Traders should go long if a close a close over 7443 occurs.

Support is at 7428 to 7414 then 7397 to 73931 traders can buy at 7398 and risk a close under 7342 for three days in a row. Hearty Day traders can Buy at 7342 and hold for higher prices... Below that support is at 7328 Below that 7298 should hold basis the close for a bit.

Trade Accordingly

Traders should prepare for higher D-Marks and Swiss Francs toward the Middle of November..

Dec. British Pound recommended position long at 1.6890

Support is at 1.6550. Traders should buy at 1.6550 and hold for higher prices, risking a close under 1.6420 for three days in a row. Below that support is at 1.6260 and 1.6150

Resistance is at 1.6740 and 1.6890 to 1.6960, A close over 1.6960 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 recommended position short at 6506

Support is at 6507 then 6457. Resistance is at 6577 to 6591.

Trade accordingly.

 

Precious Metals

Dec. Gold Recommended position Long at 301 and 298.10

Support is at 289 and 288.30. Traders can Buy at 288.30 and risk a close under 282.10 for three days in a row.

Resistance is at 291.90 then 292.60 and 293.20

**Traders should go long/ add if a close over 294.30 occurs.

Dec. Copper: Recommended position long at 7390

Nearby Support is at 7265 then 7205 . Below that Traders can buy at 7115 for a turn higher. Risk a close under 6970 for two days in a row.

Resistance is at 7355 and 7465.

* Traders should go long if a close over 7415 occurs.

Jan. Platinum

Support is at 336.5 and 335.5 where it should hold basis the close.

Resistance is at 341.7 and 343. A close over 344.5 augurs for a test of 350.5.

Dec. Silver recommended position long at 502.5

On the DownSide: Support is at 499.5 and 491 to 488 .

*Traders should go long if a close over 508 occurs.

On the Upside. Nearby Resistance is at 504, a close over 504 is friendly for an

Eventual move towards the 519 to 523 region.

Trade Accordingly.

The Exciting Energies

Dec. Crude Recommended Position long 2 at 1439

Nearby Support is at 1421 and 1415 then 1401. Day traders should buy at 1417 for a bounce Risk 45 pts Buyers should support the mkt. Near the 1383 to 1377 region.

Under that 1346 should hold. Be long...

Resistance is at 1440 and 1447 then 1453 to 1459 and 1465. A close over 1465 augurs for a test of 1478 and eventually 1488. Beyond that resistance is near 1496

Trade Accordingly

Dec. Unleaded Gas recommended position long 3 at 4430.

Support is at 4355 to 4335 Below that support is at 4235 should hold.

Resistance is at 4505 to 4515. A close over 4505 is friendly and augurs for a test of 4600 to 4613. A close over 4615 augurs for a test of 4717. Beyond that 4845 to 4860 offers good resistance, patience..

 

Dec. Heating Oil

Resistance is at 4015. A close over 4015 augurs for a test of 4110 and most likely 4240 to 4256.

Support is at 3920 to 3900. Traders should consider a slip to the 3920 region as a buying opportunity and go long if a dip to 3930 occurs. Below that support should appear at 3860 and 3815. Traders should buy at 3815, risk a close under 3790 for three days in a row.

Traders should prepare for higher prices into the middle of November.

The Grande Grains

January Soybeans Recommended Positron long at 565 1/2

Support is at 562, day traders can buy at 562 risk 7 cents. Below that support is at 547 1/2 and 541.. Traders can buy at 541 1/2 for a turn higher, Risk a close under 534 for two days in a row.

Resistance is at 568 1/4. A close over 568 1/4 augurs for a test of 575. Beyond that a test of 589 and 597 is likely. Be long...

Traders should go long. Add if a close over 576 occurs...

 

Dec. Soybean Meal recommended position long at 141.5

Support is near 141.5 then 139.5. Resistance is at 144.8 and 147.5 beyond that good sellers should appear at 150.5. A close over 150.5 augurs for an eventual test of 167...

 

Dec. Soybean Oil recommended position long at 2469

Support should appear near the 2419 to 2411 region. Below that 2398 should hold.

Resistance is at 2461 then 2469 and 2492,

Dec. Corn Recommended Position long at 219.

Support is at 215 1/2. A close under 216 1/2 augurs for a test of 212 1/4 to 211 3/4 Traders can go long at 212, risk a close under 208 for three days in row.

Resistance is at 217 then 221 3/4 . A close over 223 indicates at test of 227.

Dec. Wheat Recommended position long at 290 and 285

Resistance is at 291 then 293 and 295 3/4.

Support is at 284 1/4 to 283 1/2 where a break should contain it self.. Day Traders can go long at 285, risk a trade under 279.

 

The Satisfying Softs
Dec. Cotton recommended position long at 6755, and 6885

Support is at 6790 and the 6765 to 6735 region. If that fails a decline to 6680.

Resistance is 6809 to 6835. A close over 6835 augurs for a test of 6925.

March. Sugar Recommended Position long at 786

Support is at 767 to 763. Below that 745 should hold. Under that support is at 739 to 735 then 712.

Resistance is at 783, a close over 783 is friendly for test of the 791 to 795/ 799

Trade accordingly

Dec. ..the Monster Coffee:

On the downside, Early support is at 119.50 to 119.20 then 118.55 and 117.80.

Well Heeled Day Traders should take a shot and buy at 118.55 risk 300 pts Below that support is at 116.90 and 116.40, Below that 113.60 to 113.00 should hold.

Stay tuned for flashes....

On the Upside, Early Resistance is at 120.30. Beyond that 122.85 and 123.20 offer resistance Traders can Go Short at 123.20, risk a close over 123.80 for three days in a row. Beyond that resistance should be firm at 126.80 to 127.40 and 128.50.

Dec. Cocoa recommended position long at 1495

Support is at 1499 and 1484 where it should hold. Day traders can Traders can Buy at 1499, risk a trade under 1479. Under that support should appear at the 1459 to 1451 / 1446 region. Where it should Hold..

Resistance is at 1529 to 1535. A close over 1529 augurs for a test of 1546 to 1551 Beyond that 1569 to 1576 offers resistance. A close over 1576 augurs for a test of 1595 then 1609/ 1615 to 1625.

**Traders should go long if a close over 1529 occurs.

 

The Lively Livestock

Dec. Cattle Recommended position long at 6417

Support is at 6417 and 6400. Day traders can buy at 6407 risk 60 pts

Below that support is at 6362 and 6267.

Resistance is at 6477 and 6490. Beyond that resistance should appear at 6567.

A close over 6567 augurs for an eventual test of 6707 and 6742. Beyond that a test of 6812 is likely.

* Traders should go long if a close over 6567 occurs.

Dec. Hogs recommended position long at 3627

Support is at 3537 then 3502. Below that 3442 and 3387 should hold

Resistance is at 3607 then 3637 to 3642.

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

Feb. Hogs Recommended position long at 4410 and 4352.

Support is at 4187 and 4157 then 4117. Under that 4087 to 4062 should contain the break for a while..

Resistance is at 4232 and 4257 to 4287. A close over 4232 is friendly and augurs for a test of for a test of 4472..

Feb. Bellies recommended position long 7 at 4867.

Support is at 4517 to 4502 should hold basis the close. Below that buyers should appear near 4487 and 4397. Below that 4277 to 4247 should hold.

Resistance is at 4547 and 4577 Beyond that resistance is at 4692.

A close over 4717 augurs for a test of 4857

Patience...-Stay tuned for Updates in the Meat Complex.-

--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide, is 127-03 and it should hold. Hearty Traders can buy at 127-04, risk a close under 126-00 for three days in a row. Below that 125-25 to 125-10 should hold..

On the Upside: Resistance is at 127-19 and 128-04. A close over 127-19 augurs for a test of the 128-10 region.

Dec. SP500

On the DownSide, Support is at 1115.50 Day traders can buy for a turn higher at 1115.50, put your own risk on it...under that support is at 1111.10 and 1104.90 then 1100.80 where it should hold...

On the Upside, Resistance is at 1127.40 and the 1130 to 1136 region Which should cap the rally for a bit. Traders can sell short at 1133.50. Initially Plan on Risking a close over 1136 for three days in a row. Beyond that 1150 and 1165 to 1169 offer good resistance.

Stay Tuned for SP500 Updates and Flashes .

The Dow Jones Industrial Average

Support is 8683 to 8668 then 8629. Under that support should appear near 8589 to 8564..

Resistance should first appear at 8762 to 8777 . However close over 8777 augurs for a test of 8856 to 8871 where good sellers should cap the rally for a bit, beyond that good resistance is near the 8934 to 8964 region.

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

Happy Trading

Bill


Monday
Nov. 2nd 1998

7:43 PM

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