FuturesCom Investment Publications
Morning Comments, December 7,1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Sunday, Dec. 6, 1998

12:57 PM

On the Frenzied Forex Front

March Japanese-Yen

Early Support is near 8452 then 8423 and 8406 to 8390. Day traders can buy at 8452, risk 65 pts. Below that support is at 8355 and 8314 to 8300.

Early Resistance is at 8552 /8560 to 8589. Day traders can sell at 8552 for a quick turn lower, risk 55 pts Beyond that resistance is at 8629 and 8668 to 8683.

March D-Mark

Early Resistance is at 6012, then 6023 to 6035. Beyond that resistance is at 6048 and 6069. An extended trade over 6069 augurs for a test of 6098 to 6113. Day traders can sell at 6098, risk 35 pts.

Support is at 5998 then 5969 and 5959 to 5940, day traders can buy at 5972, risk 45 pts. Below that support is at 5912 and 5898 then 5880 to 5855.

March Swiss

Resistance is at 7395 then 7418 to 7428 beyond that resistance is at 7446 and 7481 to 7496 to 7513. Day traders can sell at 7495 for a quick turn lower, risk 35 pts.

Beyond that sellers should appear near 7555.

Support is at 7381 and 7346 to 7342. Day traders can buy at 7346 for a good bounce. Risk 40 pts. Below that support is at 7328 and 7296 to 7281

Trade Accordingly

March British Pound

Support is at 1.6620 and 1.6550, a close under 1.6550 augurs for a test of 1.6420.

Resistance is at 1.6720 Day traders can sell at 1.6720, risk 100 pts. A close over 1.6720 augurs for a test of 1.6890.

March Canadian Dollar

Support is at 6509 to 6494 Day traders can buy at 6509, risk 35 pts. Below that

Support is at 6482 and 6477. Under that 6430 should hold.

Resistance is at 6520 and 6527, an extended trade over 6527 is friendly and augurs for a test of 6577 to 6591. Day traders can sell an early rally at 6577, risk 35 pts.

A close over 6591 augurs for a test of 6623 and 6687 beyond that a thrust to 6741 to 6755 is likely.

Trade accordingly.

 

Precious Metals

Feb. Gold recommended position long at 298.10

Support is at 294.2, day traders can buy at 294.2, risk $ 4.00 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 297.40 and 299.00 Beyond that 304.20 offers resistance

 

March Copper: recommended position long at 71.55

Nearby Support is at 6845 to 6825 then 6755 to 6700.

Resistance is at 6915, a close over 6915 is friendly and augurs for a test of 7040.

Day traders can sell at 7035, risk 100 pts.

Jan. Platinum recommended position long at 349.5

Support is at 347.50 then 345.5 and 342.5 where it should hold basis the close.

Day Traders can go long at 342.5 risk $ 2.00. Below that support is at 337 and 329 to 327. Resistance is at 349 and 353.5 to 359.50. A close over 349 is friendly and augurs for an eventual. Test of 358.

*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 474 and 472, below that buyers should appear near 465 Traders can go long at 465 risk 10 cents.

On the Upside. Nearby Resistance is at 483.5 and 492, a close over 492 is friendly for a test of 499 and 504. Trade Accordingly.

The Exciting Energies

Jan Crude

Nearby Support is at 1115 then 1101. Day traders can buy at 1101 for a turn higher. Under that support is at 1096 and 1090 and 1068.

Resistance is at 1122 and 1130 to 1136 then 1140. Beyond that a test of 1164 to 1169 is likely,

Jan Unleaded Gas

Support is at 3388 to 3372 and 3357 day traders can buy at 3357, risk 80 pts.

Early Resistance is at 3446, day traders can sell at 3446, risk 70 pts. Beyond that resistance is at 3557. A close over 3557 is friendly.

Jan Heating Oil

Support is at 3210. Day traders can buy at 3210, risk 60 pts. Below that support is at 3180 and 3117 then 3055. Early Resistance is at 3258 and 3355 then 3410. Day traders can sell at 3410, risk 80 pts. A close over 3258 is friendly..

The Grande Grains

January Soybeans

Early Support is at 577 3/4 to 575 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. Below that support is at 563.

Resistance is at the 583 to 585 and 591 1/2. Day traders can sell at 591, risk 5 cents. A close over 593 augurs for a test of 604.

Jan Soybean Meal recommended position long at 150.50

Support is near 150.60 and 149.1 day traders can buy at 149.6, risk $3.00 Below that good support is near 145.10 to 144.5. Traders can go long at 144.5 Risk a close

Under 140.5 for three days in a row.

Resistance is at 153.1 to 153.5 Beyond that good sellers should appear at 157.1 and 161. Traders can go short at 161, risk a close over 167 for three days in a row.

Jan. Soybean Oil 

Support is at 2434 and 2419 to 2411/ 2409. Day traders can buy at 2409, risk 25 pts.

Resistance is at 2455 and 2492 and then 2509 to 2519. Day traders can sell at 2509, risk 30 pts.

March Corn. Recommended position long at 226

Support is at 222 1/4 and 221 1/2. Day traders can buy at 221 3/4 risk 3 cents.

Below that 217 should hold. Resistance is at 224 1/4 and 227 1/4 day traders can sell at 227 1/2 for a turn lower, risk 4 cents. A close over 224 1/2 indicates a test of 231.

March Wheat recommended position long 2 at 290 and 288

Support is at 285 1/2 and 283 1/4, day traders can buy at 283 1/2 for a quick bounce. Risk 8 cents. Below that support is at 279 then 277 1/2.

Nearby Resistance is at 287 1/4 and 289 1/2. A close over 287 1/4 is friendly and augurs for an eventual test of 295 to 297.

The Satisfying Softs

March Cotton recommended position long at 6510

Support is at 6320, day traders can buy at 6290 for a bounce, Under that a decline to 6235 should hold. Traders can Buy at 6237 and hold for higher prices

Resistance is 6371 and 6425. Beyond that a test of 6505 is likely..

March Sugar

Support is at 823 then 814 Below that support is at 801 and 795 to 791.

Day traders can buy at 795, risk 30 pts. Resistance is at 826 and 847 to 852. Beyond that sellers should appear at 866. Day traders can sell at 866, risk 20 pts. A close over 866 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

113.31 110.81 108.31 114.19 109.19

March Coffee: Recommended position long at 110.20

On the downside, Early support is at 110.80 and 110.10 and 109.60 to 109.60 and

109.20. Day traders can buy at 109.60, risk 200 pts. Below that support is at 108.35 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 113.00/ 113.20 and 113.60. An extended trade over 113.35 augurs for a test of the 114.20 region. Beyond that a trade to

116.40 /116.90 region is likely.

March Cocoa recommended position long at 1504

Support is at 1459 to 1453. Day traders can buy at 1458 for a quick bounce,

risk 20 pts. Below that Support is at 1421 to 1415 and 1409. Resistance is at 1484 to 1496 and 1505. Day traders can sell an early rally at 1496, risk 20 pts. Beyond that resistance is at 1529 to 1535.

 

The Lively Livestock

Feb. Cattle recommended position long at 6322

Support is at 6207 then 6182. Day traders can buy at 6182, risk 50 pts. Below buyers should appear at 6102. Resistance is at 6252, a close over is friendly for a test of 6327. Day traders can sell an early rally at 6327, risk 50 pts.

Feb. hogs Recommended position long 4 at 4302 avg.

Support is at 3632. Day traders can buy at 3632, risk 80 pts. Below that 3557 and 3527 offers support. Resistance is at 3727 and 3757 A close over 3757 is friendly and augurs for another test of 3827 and eventually 3912. day traders can sell at 3827 for a quick turn lower, risk 50 pts.

April Hogs

Early Resistance is at 4112 Beyond that resistance is at 4212 and 4222. Day traders can sell at 4222, risk 50 pts. Support is at 4062 day traders can buy at 4062 risk 75 pts. Below that support is at 4022 and 4012. A close under 4012 is negative for a test of 3912.

From the Frying Pan into the Fire--

Feb. Bellies recommended position long 4 at 4845, 4 at 4435, 4550

Support is at 4377 where Day Traders who have Ice Water in their veins should buy and hold for higher prices Below that 4227 should contain a break today.

Early Resistance is at 4412 and 4527 beyond that resistance is at 4677.

A close over 4417 is friendly and augurs for another test of the 4677 region.

-Stay tuned for Updates in the Meat Complex-

The Sensational Stock and Bond Markets

March Bonds

On The DownSide, early support is at 129-06 Day Traders can buy an early dip at 139-06 for a turn higher. Below that support is at 128-25 and 128-06.

On the Upside: Resistance is at 129-21, Beyond that 130-06 offers resistance Day traders can sell at 130-06 for a turn lower. Beyond that resistance is at 130-25 and 131-06.

Dec. SP500 recommended position short at avg. 1171.10 (3)

On the DownSide, Nearby Support at 1176.10 under that support is at 1170.40 and 1169 to 1166.50 and 1164. A close under 1170.40 is negative and augurs for a test of 1156.20 and 1150.

On the Upside, Resistance is at 1180.50 beyond that resistance is at 1190.20 and 1192 to 1194.20. day traders can sell at 1194.20 for a turn lower. Put your own risk on it. Beyond that 1202.10 to 1203 should bring out sellers...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. Beyond that the 1232 to 1238 region should Cap a rally.

Stay Tuned for SP500 Updates and Flashes.

The Dow Jones Industrial Average

Support is 8988. A slip under 8988 is negative and augurs for a pullback towards the 8964 /8955 and 8934 regions. Below that 8871 and 8856 offer support. Under that 8833 needs to hold basis the close for upward momentum to continue.

Resistance should first appear at 9044 to 9064 to 9065.2. Beyond that resistance is at 9104 and 9144 to 9164 then 9222/ 9233 and 9256

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

Happy Trading

Bill


Sunday
 Dec. 6 1998

4: 11 PM

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