FuturesCom Investment Publications
Morning Comments, Friday
December
11,1998
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
Thursday, Dec. 10, 1998
9:15 PM
On the Frenzied Forex Front
March Japanese-Yen
Support
is near 8629 and 8589 to 8580. Day traders can buy at 8580, risk 65 pts. Below that support is at 8565 and 8532.Resistance is at 8679 to 8683 and 8767. Day traders can sell at 8679, risk 65 pts.
March D-Mark
Resistance
is at 6104 to 6113. Day traders can sell at 6108 for a turn lower, risk 30 pts. Beyond that resistance should appear near 6140 to 6161.Support is at 6061 to 6058 and 6040 day traders can buy at 6058, risk 55 pts Below that support is at 6035 to 6023.
March Swiss
Resistance
is at 7587 to 7601. Day traders should sell at 7609, for a quick turn lower. Risk 65 pts. Beyond that sellers should appear near 7652 to 7659.Support is at 7552, under that 7518 to 7513 offers support. Day traders can buy at 7518 for a good bounce. Risk 50 pts. Below that support is at 7509 then 7486 Trade Accordingly
March British Pound
Support
is at 1.6620 then 1.6550 and 1.6420. Resistance is at 1.6712 Day traders can sell at 1.6712, risk 100 pts. A close over 1.6720 augurs for a test of 1.6890.March Canadian Dollar
Support
is at 6491 and 6482.. Day traders can buy at 6492, risk 35 pts. Under that 6441 should hold. Resistance is at 6541 an extended trade over 6541 is friendly and augurs for a test of 6577 to 6591. Day traders can sell an early rally at 6591, risk 35 pts.Trade accordingly.
Precious Metals
Feb. Gold
recommended position long at 298.10Support
is at 295 and 292 day traders can buy at 292.0, risk $ 4.00.Resistance is at 296.90 to 297.60 and 300.40.
March Copper:
Support
is at 6760 and 6675 under that 6590 should hold.Resistance is at 6870. Beyond that 6970 and 7055 offer resistance Day traders can sell at 7055, risk 100 pts. A close over 6835 is friendly.
Jan. Platinum recommended position long at 349.5
Support
is at 351.7 then 347.60 and 344.5 where it should hold basis the close. Resistance is at 356.5 and 361.0. *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 479.5 and 477 Under that 458 should hold. Day traders should buy at 479.5 risk 10 cents.On the Upside. Nearby Resistance is at 484.5 and 492, a close over 492 is friendly for a test of 508 and eventually 518 to 523. Trade Accordingly.
The Exciting Energies
Jan Crude
Nearby Support
is at 1068 to 1058 and 1044. Under that support is at 1036 to 1032. Day traders can buy at 1036, risk 30 cents. Resistance is at 1096 and 1101 to 1109. day traders can sell an early rally at 1109, risk 30 cents.A close over 1101 is friendly
Jan Unleaded Gas
Support
is at 3385 and 3345 to 3328/ 3319. Day traders can buy at 3328, risk 80 pts. Below that support is at 3270. Resistance is at 3439 and 3493 to 3503 day traders can sell at 3501, risk 100 pts. Beyond that resistance is at 3584.A close over 3443 is friendly.
Jan Heating Oil
Support
is at 3080 and 3045 to 3026 day traders can buy at 3063 risk 100 pts. Below that support is at 2990 to 2972. Resistance is at 3232 and 3265. Day traders can sell at 3270, risk 100pts. Beyond that resistance is at 3319 to 3328.The Grande Grains
January Soybeans recommended position long at 575 1/2
Support
is at 557.1/2 and 555. Below that support is at 552 1/4.Resistance is at the 566 1/2 and 569.
Jan Soybean Meal recommended position long at 150.50 and 144.50
Support
is at 144.4 and 142.6 then 141.8 Resistance is at 145.7 Beyond that good sellers should appear at 149.7 and 152.4.Jan. Soybean Oil
Support
is at 2419 and 2411 to 2406 where it should hold. Resistance is at 2442 then 2461 to 2469.March Corn. Recommended position long at 226
Support
is at 221 3/4 and 228 3/4. Day traders can buy at 219 risk 5 cents. Resistance is at 223 1/4 and 227 1/4 to 228 1/2 day traders can sell at 228 1/2 for a turn lower, risk 4 cents.March Wheat recommended position long 2 at 290 and 288
Support
is at 272 1/2 to 270 1/2 and 266, Day traders can buy at 272 3/4 and hold for higher prices. Resistance is at 276 3/4 and 278 1/2 beyond that resistance is at 282 and 284.The Satisfying Softs
March Cotton recommended position long at 6510
Support
is at 6240 and 6189. Under that 6165 should hold.Resistance is 6270 and 6320. Beyond that resistance is at 6365 and 6442.
March Sugar
Support
is at 823 and 814 then 800 to 795/ 791 Day traders can buy at 800, risk 15 pts. Below that support is 773. Resistance is at 838 and 840 Day traders can sell at 840, risk 20 pts. However a close over 852 is friendly and augurs for a test of 877March Coffee: Recommended position long at 110.20
On the downside,
Early support is at 115.00. Well Heeled day traders can buy at 115.00 for a good bounce, 113.90 / 113.60 and 113.00 . Hearty Day traders can buy at 113.60, risk 200 pts. Below that support is at 111.55 where it should hold basis the close. Under that support is at 110.10 to 109.60. On the Upside, Early Resistance is at 116.40 to 116.90 region. Beyond that sellers should appear at 117.90 to 118.05 and 118.80. a close over 118.05 is friendly and augurs for a test of 119.20 to 120.30.Buy Dips..
March Cocoa recommended position long at 1504
Suppo
rt is at 1422 and 1415 then 1383. Resistance is at 1434 then 1453 and 1472The Lively Livestock
Feb. Cattle
Support
is at 5880 and 5855 below that 5817 then 5777 should hold.Resistance is at 5927 then 5945 to 5955. Day traders can sell an early rally to 5942, risk 45 pts.
Feb. Hogs
Support
is at 2990 to 2972 and 2937 to 2907. Day traders can buy at 2937 ,risk 50 pts. Resistance is at 3047 then 3097 to 3102 and 3137. Day traders can sell at 3137, risk 40 pts.June Hogs
recommended position long 4 at 4790.April Hogs Recommended position long at 3682
Resistance
is at 3587 and 3612 t 3622 an extended trade over 3622 augurs for a test of 3697 and 3732. Support is at 3552 and 3507 then 3482.From the Frying Pan into the Fire--
Feb. Bellies
recommended position long 4 at 4845, 4 at 4435, 4550 and 4207.Support is at 4242 and 4190. Below that support is near 4117 and 4092. Resistance is at 4387 and 4412. Beyond that 4542 offers resistance.
The Sensational Stock and Bond Markets
March Bonds
On The DownSide
, support is at 130-15 then 130-10 Day Traders can buy an early dip at 130-10 for a turn higher. Risk 20 pts, Below that support is at 129-18 and 129-10. On the Upside: Resistance is at 131-10 a close over 131-10 augurs for a test of the 132-10 to 132-16 region. Day traders can sell at 132-10 risk 20 pts
March SP500
Recommended position short at 1185 and 1178.60On the DownSide, Nearby Support at 1176 and 1170.30 to 1169 a slip under. A slip under 1169 augurs for a test of 1167.60/ 1167.50 and 1164 to 1162.90. Which appears more likely than not. A close under 1162.50 is negative and augurs for an eventual test of 1150. Beneath that support is near the 1136 to 1130 region.
On the Upside, Resistance is at 1180.50 and 1183.60 day traders can sell at 1183.60 for a turn lower. Put your own risk on it. Beyond that resistance at 1189.70. a trade to 1192 to 1194.90 should bring out sellers...Day traders with Ice Water running through their veins should go short at 1194.90 and hold for lower prices.. Above that resistance is at 1197.50 and 1199.60.
Stay Tuned for SP500 Updates and Flashes.
The Dow Jones Industrial Average
Support
is at 8839 which needs to hold basis the close for upward momentum to continue. If it fails a test of 8777 to 8762 region is likely. Below that 8746 offers support as does 8683 to 8668. Resistance should first appear at 8856 to 8857.5 and 8871. Beyond that resistance is at 8934 to 8964 and 9044 to 9060.A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Thursday
10:31 PM
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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.