FuturesCom Investment Publications
Morning Comments Nov 03 1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Wednesday, November 04, 1998
6:21:03 AM

On the Frenzied Forex Front

Dec. Japanese-Yen

Support is 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 8690 and 8777 and 8834. Beyond that a test of resistance at 8934 and 9044 to 9060. Is likely.

Dec. D-Mark

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 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 7390 and 7414 to 7414 then 7491 then 7513.

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

Support is at 7342 to 7328, 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 continue to 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 1.6420 then 1.6260 and 1.6150

Resistance is at 1.6550 and 1.6620

Dec. Canadian Dollar recommended position short at 6506

Support is at 6555 then 6537. Resistance is at 6591 and 6622

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 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 7215 to 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 7270 then 7355 and 7465.

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

Jan. Platinum

Support is at 338.5 and 334.5 where it should hold basis the close.

Resistance is at 343.8 and 344.5 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 491.5 to 488 under that 483 should hold..

On the Upside. Nearby Resistance is at 505.8 and 508.. then 514

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

Trade Accordingly.

The Exciting Energies

Dec. Crude Recommended Position long 2 at 1439

Nearby Support is 1383 to 1377 Under that 1346 should hold.

Buy this dip..

Resistance is at 1414 then 1421.

Trade Accordingly

Dec. Unleaded Gas recommended position long 3 at 4430.

Support is at 4235 and 4165

Resistance is at 4405 then 4505 to 4515.

 

Dec. Heating Oil recommended position long at 3930

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

Support is 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/ end of November.

The Grande Grains

January Soybeans Recommended Positron long at 565 1/2

Support is at 548 1/2 and 539.. 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 562 and 567. A close over 567 augurs for a test of 575. Beyond that a test of 589 and 597 is likely.

Buy Dips

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

 

Dec. Soybean Meal recommended position long at 141.5

Support is near 139.7 then 136.5. Resistance is at 142.4 and 144.3 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 2438 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 1/2 then 221.

Dec. Wheat Recommended position long at 290 and 285

Resistance is at 290 to 292 then 295 3/4.

Support is at 283 1/2 where a break should contain it self.. Day Traders can go long at 283, risk a trade under 277.

 

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

Support is at 6747 to 6720 If that fails a decline to 6680 is likely.

Resistance is 6797 then 6809 to 6835. A close over 6835 augurs for a test of 6925.

March. Sugar Recommended Position long at 786

Support is at 784 and 777 then 767 to 763. Below that 752 should hold.

Resistance is at 792 and 795 to 799.

Trade accordingly

Dec. ..the Monster Coffee: recommended position 123.20

On the downside, Early support is at 127.95 and 126.80 to 126.30 under that 125.45 and 123.80 offer support. A slip under 123 augurs for a test of 119.00 to 118.55.

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 129.25 to 130.45 Beyond that resistance should be firm at 133.80 to 134.45.

Dec. Cocoa recommended position long at 1495

Support is at 1502 then 1496 and 1484 where it should hold. Day traders can Traders can Buy at 1502, risk a trade under 1479. Under that support should appear at the 1459 to 1451 / 1446 region. Where it should Hold..

Resistance is at 1515 then 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

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

 

The Lively Livestock

Dec. Cattle Recommended position long at 6417

Support is at 6422 and 6392. Day traders can buy at 6422 risk 80 pts

Below that support is at 6362 and 6267.

Resistance is at 6477 and 6502. Beyond that resistance should appear at 6572.

A close over 6572 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 3497 should hold

Resistance is at 3562 and 3597, a close over 3597 is friendly and augurs for a test of then 3657.

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

Feb. Hogs Recommended position long at 4410 and 4352. HOLD

Support is at 4192 and 4167 where it should hold.

Resistance is at 4267 to 4272. A close over 4272 is friendly and augurs for a test of for a test of 4362 and eventually 4472

Feb. Bellies recommended position long 7 at 4867.

Support is at 4572 to 4547 should hold basis the close. Day traders can buy at 4772 for a bounce , risk 150 pts. elbow that buyers should appear near 4512 to 4487 and 4397.

Resistance is at 4697 and 4777, a trade over the 4777 to 4797 region augurs for a quick thrust towards 4847 to 4872. Beyond that a test of 4942 is likely.

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 127-05 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 128-04 to 128-10. Beyond that Resistance is at

129-03 and 129-12. A close over 129-03 augurs for a test of the 130-03 to 130-11

region. Traders can sell at 130-03 , risk a close over 130-18 for three days in a row.

Dec. SP500

On the DownSide, Support is at 1119.10 and 115.50 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 then 1133.50 to 1134.20 then 1136 to 1136.60. Which should cap the rally for a bit. Traders can sell short at 133.50. 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 8704, which is critical and must hold basis the close. Below that 8683 to 8668 offer support , under that 8629 then 8603 should hold. A close under augurs for a test of 8589 to 8564 and 8500.

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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