FuturesCom Investment Publications
Morning Comments, November 27,1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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A Holiday Schedule for US Markets is at the end of the Morning Comments.

Fri. November 27, 1998

3:20 AM

On the Frenzied Forex Front

Dec. Japanese-Yen

Early Support is at 8144 traders can buy at 8145 for bounce. Risk a close under 8119 for three days in a row. Below that buyers should appear near 8044 to 8029. Hearty Traders can buy at 8044 for a good turn higher, risk a close under 8044 for two days in a row. If that fails a decline to 7954 to 7939 under that 7864 to 7836 should hold. Traders can go long at 7864 and hold for higher prices.

Resistance is at 8198 then 8262 and 8292. Day traders can sell at 8262 for a turn lower, risk 65 pts. Beyond that resistance is at 8300 to 8314.

Dec. D-Mark

Resistance is at 5892 then 5947 and 5957 then 5982
Support is at 5838 and 5788. Day traders can buy at 5788 and hold for higher prices.

Dec. Swiss

Resistance is at 7142 and 7151 Above that resistance is at 7197 and 7206 day traders can sell at 7197, risk 30 pts. Beyond that resistance is at 7242 to 7255 then 7298. Support is at 7099 to 7088 and 7047. Day traders can buy at 7102, risk 30 pts.

Trade Accordingly

Dec. British Pound

Support is at 1.6550 and 1.6420 day Traders should buy at 1.6550 and hold for higher prices Resistance is at 1.6612 and 1.6720. A close over 1.6720 augurs for a test of 1.6890 to 1.6960, traders can short at 1.6960, risk a close over 1.7110 for two days in a row..

Dec. Canadian Dollar

Nearby Support is at 6431 and 6417. Traders can buy at 6418 for a bounce. Risk a close under 6402 for three days in a row.


Resistance is at 6535 and 6590. However a close over 6517 is friendly and augurs for another test of 6577 to 6591. A close over 6591 augurs for a test of 6623 and 6687 beyond that a thrust to 6741 to 6755 is likely. Traders should go long if a close over 6517 occurs.

Trade accordingly.

The Grande Grains

January Soybeans

Support is at 563 1/2 below that good buyers should appear at 558 1/2 and 555 1/2. Traders can buy at 555 3/4 for a turn higher, Risk a close under 549 for three days in a row. Resistance is at 574 and 578.

Dec. Soybean Meal

Support is at 141.5 and 140.3, day traders can buy at 140.3 risk 4.00 Resistance is at 143.1 and 149 * Traders should go long /add if a close over 149 occurs..

Dec. Soybean Oil
Support
 is at 2442 Below that Support should appear near the 2419 to 2411 region. Resistance is at 2483 to 2492. Beyond that a test of 2512 is likely.

Dec. Corn. Support is at 215 1/2 and 212 1/2.Resistance is at 220 and 222.

Dec. Wheat
Support
is at 275 and 272 where a break should contain it self..

Nearby Resistance is at 279 1/4. A close over 282 augurs for a test of 289.

The Lively Livestock

Dec. Cattle 
Support is at 6327 and 6277. Resistance is at 6377 and 6422

Dec. Hogs

Support is at 2902 and 2837 under that 2807 should hold..

Resistance is at 2927, an extended rally over 2927 is friendly for a test of 3007. Day traders can sell at 3002, risk 50 pts.

Feb. hogs

Support is at 3632 and 3587 then 3487 Resistance is at 3687
A close over 3687 is friendly and augurs for another test of 3787...

April Hogs
Resistance
 is at 3972 then 4062, day traders can short an early rally at 4062 risk 50 pts. Beyond that resistance is at 4112.

Support is at 3912 then 38721. Day traders can buy an early dip to 3877, risk 50 pts

--From the Frying Pan into the Fire--

Feb. Bellies

Support is at 4357 and 4302 under that 4202 to 4157 should hold. Day traders can buy at 4207 and hold for higher prices...

Resistance is at 4457 and 4507.A close over 4522 is friendly and augurs for an eventual rally to 4727. * Traders should go long/ add if a close over 4522 occurs,,,

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

The Sensational Stock and Bond Markets

Dec. Bonds
On The DownSide
, support is at 127-18 to 127-15 . day traders can buy at 127-18 for a bounce , risk 15 pts. On the Upside: Resistance is at 128-15

Beyond that Resistance is at 129-09 to 129-10 and 129-16 Traders can go short at 129-16 ,risk a close over 130-20 for three days in a row.

 

Dec. SP500

On the DownSide, Support is at 1183.50 to 1180.50/ 1179.90, where day traders can buy an early dip to 1183.50 put your own risk on it... however an extended trade under or close under 1183.40 augurs for a slip to 1169.80 and 1164.. with an eventual test of 1132.50 more likely than not...

On the Upside, Resistance is at 1195.40 and 1201.90 to 1203. Day Traders should sell short at 1201.90 and hold for lower prices..Beyond that resistance is at 1205.70

Stay Tuned for SP500 Updates and Flashes .

** A close under 1183.40 is negative, traders should sell short if a close under 1183.40 occurs.

The Dow Jones Industrial Average

Support is 9265 and 9259 then 9140 then 9083 and 9044 Resistance should first appear at 9316 to 9347 and 9445 then 9547.

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

Happy Trading and have a Safe and Fulfilling Thanksgiving !

Bill


Fri.
 Nov. 27 1998

3:45 AM

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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.

 

Thanksgiving Holiday Schedule

CBOT

FRIDAY, NOV. 27 All CBT financial, insurance and

electricity contracts close at 1 p.m.

CST. Agricultural and metal contracts

will close at 12:10 p.m. CST. Stock index

contracts will close at 12:15 p.m. CST.

Trading closes at 12:15 p.m. CST in

the following MidAm contracts: Live

cattle; hogs; Australian dollar;

British pound; Canadian dollar;

Deutsche mark; Japanese yen; Swiss

franc; Eurodollar; and U.S. Treasury bill.

Trading closes at 12:30 p.m. CST in

the following MidAm contracts: All grain

and soybean contracts.

Trading closes at 1:20 p.m. CST in the

following MidAm contracts: U.S. Treasury

bond; U.S. Treasury bond option; and 5-

and 10-year U.S. Treasury notes.

Trading will be closed in the following

MidAm contracts: New York silver; New

York gold; options on New York gold

futures; and platinum

CME

FRIDAY, NOV. 27 All agricultural, currency and interest

rate futures and options, including

GSCI, close at noon CST.

Equity and E-mini S&P 500 products

close at 12:15 p.m. CST..

New York---FINANCIAL AND COMMODITY MARKETS

The Coffee, Sugar & Cocoa Exchange, New York Cotton

Exchange and the New York Mercantile Exchange will be closed

Friday. ACCESS trade will reopen Sunday at 6 p.m. CST.

The New York Futures Exchange will close at 12:15 p.m.

CST on Friday.

FINEX and the New York Stock Exchange will close at

noon CST on Friday.