FuturesCom Investment Publications
Morning Comments, December 1,1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Tues., Dec. 1, 1998

6:00 AM

On the Frenzied Forex Front

Dec. Japanese-Yen recommended position long at 8145

Early Support is near 8134 to 8119 and 8105. Below that 8044 to 8048 offers support... Hearty Traders can buy at 8017 for a good 2 to 3 day turn higher, risk a close under 7990 for two days in a row.

Resistance is at 8194 to 8205. A close over 8205 is friendly and augurs for a test of the 8300 to 8314 region. Beyond that resistance is at 8335 and 8391 to 8406.

*Traders should go long if a close over 8205 occurs

Dec. D-Mark Recommended position long at 5855

Early Resistance is at 5945 to 5957, then 6023 to 6035.

Support is at 5898 then 5880 to 5855 and 5805 to 5790. Traders should go long at 5813 for a turn higher, risk a close under 5790 for three days in a row. Below that support is at 5729 to 5716.

March D-Mark recommended position long 2 at 5864. Hold

Dec. Swiss

Resistance is at 7242 and 7255 and 7300

Support is at 7207 and 7198 then 7135

Trade Accordingly

March Swiss Franc: recommended position long 2 at 7147 Hold

Dec. British Pound recommended position long at 1.6550

Support is at 1.6420. Below that support is at 1.6380 then 1.6290 and 1.6150 .

Resistance is at 1.6550 and 1.6596. A close over 1.6596 augurs for a test of 1.6720 beyond that sellers should appear at 1.6822 and 1.6890. A close over 1.6890 augurs for a test of 1.6960.

Dec. Canadian Dollar

Nearby Support is at 6509 to 6482. Below that support is at 6430 and 6417.

Resistance is at 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 298.10

Support is at 293.20 to 292. 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 297.60 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 7140 to 7105. Below that support is at 6955 and 6755 to 6700.

Resistance is at 7225 and 7275. A close over 7275 augurs for a test of 7355 and eventually 7505 to 7555 Trade accordingly. Traders can go short for a turn lower at 7550, risk a close over 76-05 for three days in a row.

Jan. Platinum

Support is at 349.50 then 345.5 and 342 where it should hold basis the close. Traders can go long at 349.5, risk a close under 344.5 for two days in a row. Below that support is at 337 and 329 to 327. Resistance is at 355.50 and 365.5 Beyond that resistance is near 373. Traders can go short for a turn at 375, risk a close over 380.6 for two days in a row.

* 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 487.5 day Traders can go long at 487.5 risk 5 cents below that 478 offers support.

On the Upside. Nearby Resistance is at 496 and 507, a close over 507 is friendly for another test of 520 Trade Accordingly.

The Exciting Energies

Jan Crude

Nearby Support is at 1109 then 1101 to 1096 and 1082

Resistance is at 1128 and 1154 then 1200

Jan Unleaded Gas

Support is at 3365 and 3215 Early Resistance is at 3485, a close over augurs for a test of 3665.

Jan Heating Oil

Support is at 3165 and 3052

Early Resistance is at 3298 and 3404.

 

The Grande Grains

January Soybeans

Early Support is at 590 and 588 then 5741/2 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 598 1/4 to 602 region. Beyond that a test of 615 is likely. Beyond that a test of 647 is not out of the question if it holds..

Jan Soybean Meal recommended position long at 150.50

Support is near 148.5 and 144.5 then 140.5 Traders can go long at 144.5 Risk a close under 140.5 for three days in a row.

Resistance is at 153 to 154 beyond that good sellers should appear at 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 2561 then 2554 / 2552. Day traders should Buy at 2542, risk a 50 pts . Below that Support should appear near the 2519 to 2511 region.

Resistance is at 2592 , beyond that a test of 2612 to 2620 is likely.

A close over 2620 is friendly and augurs for a test of 2663 to 2672. Traders can sell short at 2663, risk a close over 2672 for three days in a row.

March Corn.

Support is at 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 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. Beyond that a test of 242 and 247 is likely.

Dec. Wheat recommended position long at 287 1/4 and 276

Support is at 272 to 270 where a break should contain it self.

Nearby Resistance is at 278 1/4. A close over 278 1/2 augurs for a test of 282 and 284 then 290. Beyond that resistance is at 294 to 296.

March Wheat

Support is at 293 and 2881/4. Traders can buy at 288, risk a close under 282 for three days in a row. Nearby Resistance is at 299 1/2. A close over 299 1/2 is friendly and augurs for a test of 306 Beyond that resistance is at 315 and of 322. Traders can sell at 321 1/4, risk a close over 328 for three days in a row.

The Satisfying Softs
March Cotton recommended position long at 6510

Support is at 6380 and the 6335 to 6315. Under that a decline to 6235 should hold. Traders can Buy at 6237 and hold for higher prices

Resistance is 6435 and 6475. A close over 6485 augurs for a test of 6590. Beyond that resistance at 6670 and 6745.

March. Sugar recommended position long at 814

Support is at 814 to 809. Below that support is at 795 to 791 and 769. Traders can go long at 769 for a turn higher, risk a close under 763 for two days in a row.

Resistance is at 847 to 852. A close over 849 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 109.60 then 108.90 to 108.20. Below that

support is at 106.80 and 105.80 to 105.30 Below that 103.60 to 103.00 should hold. Traders should buy at 103.60 and Hold.

On the Upside, Early Resistance is at 110.60 . a close over is friendly and augurs for a test of 112.65 and 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.

Beyond that resistance should be firm at 123.90 and 130.30.

If a sharp advance takes place Traders can go short at 130.30 , risk a close over 131.90 for three days in a row.

March Cocoa recommended position long at 1504

Support is at 1441 and 1411

Resistance is at 1459 and 1484.

 

The Lively Livestock

Dec. Cattle Recommended position long at 6297

Support is at 6272 Under that support should appear at 6205 to 6182.

Resistance is at 6377 and 6417. Beyond that resistance should appear at 6477. A close over 6477 is friendly and indicates a test of 6592. A close over 6592 augurs for an eventual test of 6707 and 6742. Beyond that a test of 6812 is likely.

Feb. Cattle recommended position long at 6322

Support is at 6257. Below buyers should appear at 6232 and 6182 to 6152

Resistance is at 6367 and 6452. Beyond that resistance should appear at 6592.

A close over 6592 augurs for an eventual test of 6707 and 6742. Beyond that a test of 6812 is likely.

 

Feb. hogs Recommended position long 4 at 4302 avg. and 5 at 3780

(from a spread at 4225 less the gain from the April Shorts)

Support is at 3637 and 3592 then 3557 below that support is at 3492 to 3462 then 3427.

Resistance is at 3692. A close over 3692 is friendly and augurs for a test of for a test of 3792. Beyond that a trade to 3907 is likely. A close over 3902 is friendly and augurs for a test of 4057.

April Hogs

Early Resistance is at 4097 day traders can short an early rally at 4077, risk 75 pts. However a close over 4097 is friendly and augurs for a test of 4160. Beyond that resistance is at 4237

Support is at 3982 and 3877, a close under 3877 is negative and augurs for a test of 3777 .

From the Frying Pan into the Fire--

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

Support is at 4512, day traders can buy at 4512 for a bounce , risk 150 pts.

Below that 4442 offers support as does 4362 to 4357. Below that support is at 4277 and 4207.

Resistance is at 4662. A close over 4662 is friendly and augurs for an eventual rally to the 4717/ 4737 region. A close over 4747 is friendly and indicates a test of 4812 and 4897. patience..

-Stay tuned for Updates in the Meat Complex.-

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide, early support is at 129-23 then 129-17 to 129-15

Day traders can buy at 129-23 , risk 15 pts.

On the Upside: Resistance is at 130-17, Traders can go short at 130-16 , risk a close over 130-24 for three days in a row. Beyond that 131-15 to 131-17 should cap a rally.

1170.09 1138.09

Dec. SP500 recommended position short at avg. 1162.50 (4)

On the DownSide, Nearby Support 1147.50, which should trade today , under that support is at 1144.10 then 1138.10 to 1136 and 1132.50.

On the Upside, Resistance is at 1164 then 1166.50 and 1169 to 1170.10 where sellers should appear, day traders with Ice Water running through their veins should go short at 1170.10, put your own risk on it... Above that resistance is at 1180.50

Stay Tuned for SP500 Updates and Flashes .

The Dow Jones Industrial Average

Support is 9083 and 9044. Below that 8833 needs to hold basis the close for upward momentum to continue. Resistance should first appear at 9144 to 9164 and 9256

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

Happy Trading

Bill


Tues.
 Dec. 1 1998

7:21 AM

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