FuturesCom Investment Publications
Morning Comments, December
3,1998
Dedicated to Excellence in Analysis of
Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock..
Softs
Featuring Bi-Weekly Investment Outlooks, Special Reports, Morning Comments
Experienced Since 1979 & Serving
Professional and Individual Futures Traders World Wide since
1988
5845 Autumn Ridge
Rd Lake Worth Florida 33463 USA 561-433-2995
"Among the hazards of speculation the happening of the unexpected --I might even say the unexpectable - ranks high. There are certain chances that the most prudent man is justified in taking - chances that he must take if he wishes to be more than a mercantile mollusk--" Reminiscences of a Stock operator
Wed, Dec. 2, 1998
7:00 PM
On the Frenzied Forex Front
Dec. Japanese-Yen
Early Support
is near 8325 and 8314 to 8300. Day traders can buy at 8326, risk 65 pts. Below that support is at 8355 and 8223 and 8219 then 8194.Resistance is at 8391 to 8406 and 8425. A close over 8406 is friendly and augurs for a test of 8484 and eventually 8560.
Dec. D-Mark
Early Resistance
is at 6009, then 6023 to 6035. Beyond that resistance is at 6040 and 6059. Day traders can sell an early rally to 6059, risk 30 pts. Beyond that resistance is at 6101 to 6113Support is at 5959 to 5940, day traders can buy at 5957, risk 30 pts. Below that support is at 5905 to 5898 then 5880 to 5855 and 5805 to 5790.
Dec. Swiss
Resistance
is at 7342 and 7368 then 7418. Day traders can sell at 7414, risk 35 pts. Beyond that sellers should appear near 7468 and 7486..Support is at 7328 and 7318, below that support is at 7268 day traders can buy at 7268, risk 40 pts.
Trade Accordingly
Dec. British Pound
Support is at 1.6620 and 1.6550. Day traders can buy at 1.6550, risk 60 pts.
Resistance is at 1.6720 beyond that sellers should appear at 1.6822 and 1.6890.
Day traders can sell at 1.6890, risk 100 pts. A close over 1.6890 augurs for a test of 1.6960.
Dec. Canadian Dollar
Support
is at 6509 and 6504 to 6494. Day traders can buy at 6504, risk 30 pts.Below that support is at 6430 and 6417.
Resistance is at 6544 and 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 6537 occurs.
Trade accordingly.
Precious Metals
Feb. Gold
recommended position long at 298.10Support
is at 292.9, day traders can buy at 293.1, risk $ 2.00 A close under 292.00 augurs for a test of 283. Traders can Buy at 283, risk a close under 275 for three days in a row. Resistance is at 296.30 then 297.60 and 300.80 and 303.60 to 304.60. A close over 304.60 s friendly and would indicate a test of 310 to 314.80 if it holds..**Traders should go long/ add if a close over 304.60 occurs.
March Copper: recommended position long at 71.55
Nearby Support
is at 6975 and 6755 to 6700.Resistance is at 7080 and 7175, a close over 7080 is friendly and augurs for a test of 7225 and 7275. A close over 7275 augurs for a test of 7355 and eventually 7505 to 7555 Trade accordingly.
Jan. Platinum recommended position long at 349.5
Support
is at 349.50 then 345.5 and 342 where it should hold basis the close.Day Traders can go long at 345.5, risk $ 3.00. Below that support is at 337 and 329 to 327. Resistance is at 347.5 and 350 then 355.50.
* Traders should go long if a close over 355.5 occurs.
March Silver long 3 at 496.5 and 1 at 487.5
On the DownSide
: Support is at 467 and 458 day Traders can go long at 458 risk 10.On the Upside. Nearby Resistance is at 477 and 486, a close over 477 is friendly for a test of 486 and 497. Trade Accordingly.
The Exciting Energies
Jan Crude
Nearby Support
is at 1123 then 1112 and 1087Resistance is at 1137 and 1162 then 1200
A close over 1137 is friendly..
Jan Unleaded Gas
Support
is at 3412 and 3388, day traders can buy at 3412, risk 80 pts.Early Resistance is at 3480 a close over augurs for a test of 3580 and 3601.
Jan Heating Oil
Support
is at 3180 and 3117. Day traders can buy at 3194, risk 40 pts.Early Resistance is at 3233 and 3267 then 3298 and 3355
A close over 3267 is friendly..
The Grande Grains
January Soybeans
Early Support
is at 583 1/2 and 5761/2 Below that good buyers should appear at 570 1/2. Traders can buy at 575 1/2 for a good bounce, risk a close under support at 570 for three days in a row.Resistance is at the 590 and 594. Beyond that a test of 604 is likely.
Jan Soybean Meal recommended position long at 150.50
Support
is near 148.8 and 146 under that support is at 144.5. Traders can go long at 144.5 Risk a close under 140.5 for three days in a row.Resistance is at 152.8 and 154.1 Beyond that good sellers should appear at 156.8 and 161. Traders can go short at 161, risk a close over 167 for three days in a row.
Jan. Soybean Oil recommended position long at 2555
Support
is at 2511 and 2503. Day traders can buy at 2504, risk 30 pts.under that 2448 should hold..
Resistance is at 2519 and 2542 then 2555, a close over augurs for a test of 2592.
March Corn.
Support
is at 226 1/2 and 225 3/4 to 224 1/2, below that support is at 220 1/2.Traders can go long at 226 risk a close under 220 for three days in row.
Resistance is at 229 to 231 1/2. Beyond that a trade to 235 is likely. A close over 235 is friendly Traders can go long if a close over 235 occurs, risk a close under 225 for three days in a row.
March Wheat recommended position long 2 at 290
Support
is at 288 1/4. Traders can buy at 288, risk a close under 282 for three days in a row. Nearby Resistance is at 291 1/2 and 294 then 299 1/2. A close over 291 1/2 is friendly and augurs for an eventual test of 306.The Satisfying Softs
Support
is at 6455 and 6430 under that support is at 6355 to 6315.Resistance is 6507. A close over 6507 augurs for a test of 6590. Beyond that resistance at 6670 and 6745.
March. Sugar
Support
is at 823 then 819 and 814. Day traders can buy at 819, risk 30 pts.Below that support is at 801 and 795 to 791.
Resistance is at 847 to 852 and 859. A close over 859 augurs for a test of 907 to 912, Traders can sell short at 912, risk a close over 922 for three days in row.
Trade accordingly
March Coffee: recommended position long at 110.20
On the downside,
Early support is at 110.10 and 109.75 to 109.60. Day traders can buy at 190.60, risk 200 pts. Below that support is at 108.05 and 106.80 and 105.80 to 105.40/ 105.05 Below that 103.60 to 103.00 should hold. Traders should buy at 103.60 and Hold.On the Upside, Early Resistance is at 110.55 /110.60. A close over 110.60 is friendly and augurs for a test of 113.00 to 113.60. A close over 113.60 augurs for a test of the 116.40 to 116.90 region. Beyond that a push to the 119.20/ 120.30 region is likely.
March Cocoa recommended position long at 1504
Suppo
rt is at 1452 and 1426 Resistance is at 1496 and 1502, a trade over 1505 augurs for a test of 1519.. beyond that resistance is at 1529 to 1535.
The Lively Livestock
Feb. Cattle recommended position long at 6322
Support
is at 6190 to 6170. Day traders can buy at 6192, risk 50 pts. Below buyers should appear at 6162. Resistance is at 6247, a close over is friendly for a test of 6322Feb. hogs Recommended position long 4 at 4302 avg.
Support
is at 3742, under that 371 should hold. Day traders can buy at 3742, risk 80 pts. Resistance is at 3782 and 3812. A close over 3812 is friendly and augurs for a test of 3912 and eventually 4057April Hogs
Early Resistance
is at 4192 Beyond that resistance is at 4237 and 4267 to 4292 and 4372. If a sharp advance takes place traders can go short at 4372 and hold for lower prices.Support is at 4097 and 4052 day traders can buy at 4097 risk 75 pts. A close under 4042 is negative for a test of 3997
From the Frying Pan into the Fire--
Feb. Bellies
recommended position long 4 at 4845, 4 at 4435, 4550Support is at 4522, day traders can buy at 4522 for a quick bounce.. Below that 4427 offers support. A slip under 4427 augurs for a test of 4372 where Day Traders who have Ice Water in their veins should buy and hold for higher prices...
Resistance is at 4637 and 4672 beyond that resistance is at 4727.. A close over 4727 is friendly and augurs for an eventual rally to the 4817 and 4897 regions.
-Stay tuned for Updates in the Meat Complex-
The Sensational Stock and Bond Markets
Dec. Bonds
On The DownSide
, early support is at 130-08, say traders can buy an early dip to130-08, risk 12 pts. Below that support is at 129-18 and 129-12
On the Upside: Resistance is at 130-28, Beyond that 131-12 offers resistance as does to 131-18 which should cap a rally.
A close over 130-19 is friendly for a test of 131-12.
Dec. SP500
recommended position short at avg. 1162.50 (4)On the DownSide, Nearby Support 1169 then 1166.50 to 1164 then 1162.80. A close under 1164 augurs for a test of 1150 under that support is at 1144.10 then 1138.10 to 1136 and 1132.50.
On the Upside, Resistance is at 1170.30 and 1180.50, day traders can sell at 1180.50, put your own risk on it...Beyond that resistance is at 1187.10 then 1192 to 1194.60 and 1196.
Above that, day traders with Ice Water running through their veins should go short at 1201.90 and hold for lower prices.. Above that resistance is at 1207.30 and 1217.50.
Stay Tuned for SP500 Updates and Flashes.
The Dow Jones Industrial Average
Support is 9060 and 9044. A close under 9044 is negative and augurs for a test of 8979 to 8964 and 8934. Below that 8833 needs to hold basis the close for upward momentum to continue. Resistance should first appear at 9144 to 9164 and then 9222 and 9256
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Wed.
8:20 PM
Copyright@1998 FuturesCom Investment Publications
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.