FuturesCom Investment Publications
Morning Comments Nov 05
1998
Dedicated to Excellence in Analysis of Futures
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"A man can have great mathematical ability and unusual power of accurate
observation and yet fail in speculation unless he also possesses the experience
and memory. "
-Reminiscences of a Stock
operator-
Thursday, November 05, 1998
4:41:30 AM
On the Frenzied Forex Front
Dec. Japanese-Yen
Support
is 8508 to 8499. 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 8560 to 8589 then 8665 to 8690 and 8777.
Dec. D-Mark recommend position long at 5998
Resistance
is at 6033 and 6044. A close over 6033 augurs for a test of 6101. Beyond that 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 5994 and 5977. Below that support is at 5945 and 5880. Hearty traders can buy at 5880 and hold for higher prices.
Dec. Swiss recommended position long at 7342
Resistance
is at 7377 to 7391 and 7414 to 7428.*Traders should go long if a close a close over 7443 occurs.
Support is at 7353 ands 7342 to 7328 Below that 7303 should hold basis the close for a bit.
Trade Accordingly
Dec. British Pound recommended position long at 1.6890 and 1.6550
Support is at 1.6420 then 1.6260 and 1.6150
Resistance is at 1.6580 then 1.6620. A close over 1.6580 augurs for an eventual test of 1.6720 and 1.6890.
Dec. Canadian Dollar
Support
is at 6563 then 6517. Resistance is at 6577 and 6617
Precious Metals
Dec. Gold Recommended position Long at 301 and 298.10
Support
is at 290.1 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 293.30 and 294.10
**Traders should go long/ add if a close over 294.30 occurs.
Dec. Copper: Recommended position long at 7390
Nearby Support
is at 7275 and 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 7335 to 7355 and 7465.
* Traders should go long if a close over 7415 occurs.
Jan. Platinum
Support
is at 343.5 and 339.5 where it should hold basis the close.Resistance is at 350.5 and 352 to 353.
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 499.5 then 507.0 to 509
*Traders should go long if a close over 508 occurs.
Trade Accordingly.
Dec. Crude Recommended Position long 2 at 1439
Nearby Support
is 1393 then 1383 to 1377 Under that 1346 should hold. Day traders can buy at 1393 for a bounce..Risk 30 cents. Buy this dip..Resistance is at 1414 to 1418 then 1421.. A close over 1421 augurs for a test of 1440
Trade Accordingly
Dec. Unleaded Gas recommended position long 3 at 4430.
Support
is at 4325 and 4220 to 4165Resistance is at 4370 and 4422 then 4505 to 4515.
Dec. Heating Oil recommended position long at 3930
Resistance
is at 3995 and 4054. A close over 4055 augurs for a test of 4110 and most likely 4240 to 4256.Support is at 3855 and 3835 to 3815.
Traders should buy at 3815, risk a close under 3790 for three days in a row.
The Grande Grains
January Soybeans Recommended Positron long at 565 1/2
Support
is at 549 1/2 and 537.. 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 563 and 565 1/2. A close over 566 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 2427 then 2419 to 2411 region. Below that 2398 should hold.Resistance is at 2442 then 2469 and 2492,
A close over 2442 today is friendly..
Dec. Corn Recommended Position long at 219.
Support
is at 212 3/4 to 210 3/4 Traders can go long at 212, risk a close under 208 for three days in row.Resistance is at 216 then 217 1/2 then 221.
Dec. Wheat Recommended position long at 290 and 285
Resistance
is at 284 1/2 and 285 then 290 3/4.A close over 285 is friendly..
Support is at 283 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 6885Support
is at 6834 then 6809 to 6803 and 6755.Resistance is 6905 then 6925 and 6955.
March. Sugar Recommended Position long at 786
Support
is at 795 to 791 and 777.Resistance is at 814 to 823 and 835.
Trade accordingly
Dec. ..the Monster Coffee: recommended position short at 123.20
On the downside,
Early support is at 123.90 and 123.10. 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 125.65 then 128.10 and 129.25 to 130.45
Beyond that resistance should be firm at 133.80 to 134.45.
Dec. Cocoa recommended position long at 1495
Suppo
rt is at 1505 then 1496 and 1484 where it should hold. Day traders can Traders can Buy at 1505, 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 1532/1535. A close over 1535 augurs for a test of 1546 to 1555 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 6417Support
is at 6427 and 6387. Day traders can buy at 6427 risk 80 ptsBelow that support is at 6362 and 6267.
Resistance is at 6477 and 6502. Beyond that resistance should appear at 6577.
* Traders should go long if a close over 6567 occurs.
Dec. Hogs recommended position long at 3627
Support
is at 3587 and 3567 then 3502. Below that 3467 should holdResistance is at 3662 a close over 3662 is friendly and augurs for a test of then 3762 to 3792..
Recommended Spread Long 5 Feb. Hogs, Short 5 April
--135 Feb. Under
April. HOLD
Feb. Hogs Recommended position long at 4410 and 4352. HOLD
Support
is at 4272 and 4257 where it should hold. Day traders can buy at 4272 for a bounce , risk 50 pts. Under that 4172 offers support.Resistance is at 4317 and 4372. A close over 4372 is friendly and augurs for a test of for a test of 4457.
Feb. Bellies
recommended position long 4 at 4845.Support is at 4867 to 4852 . Day traders can buy at 4852 for a bounce, risk 50 pts. Below that buyers should appear near 4702, where hearty day traders should buy for a good bounce, risk 150 pts.
Resistance is at 5002 and 5152 to 5167.
-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 at 127-04
On The DownSide, support is at 126-07 to 126-05, day traders can buy at 126-07 for a good bounce, risk 10 pts, Below that 125-10 should hold..
On the Upside: Resistance is at 127-05 and 127-15 beyond that 128-05 to 128-07. Should cap a rally today. A close over 128-08 augurs for a test of the 129-07.
Dec. SP500
On the DownSide,
Support is at 1115.50 to 114.50 and 1111.10 Day traders can buy for a turn higher at 1111.50, put your own risk on it...under that support is at 1104.70 then 1101 to 1096 where it should hold...On the Upside, Resistance is at 1127.40 then 1130 and 1133.50 to 1134.00 then 1136 to 1136.60. Which should cap the rally for a bit. Day Traders can sell short at 1134.00. put your own risk on it..beyond that 1150 and 1165 to 1169 offer good resistance.
A close under 1111.10 is negative Stay Tuned for SP500 Updates and Flashes .
The Dow Jones Industrial Average
Support
is 8762 then 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 8877 then 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
Thursday, November 05, 1998
5:32 AM
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