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Morning Comments
12-15-1998
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"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.
Monday, December 14, 1998
8:05 PM
On the Frenzied Forex Front
March Japanese-Yen
Nearby Support
is at 8722 and 8693. Day Traders can buy at 8693.Risk 65 pts Below that support is at 8683 and 8668 to 8653/ 8644 then 8589 to 8560.Resistance is at 8737 to 8742 then 8762 to 8777. Beyond that resistance is at 8792, A close over 8792 augurs for a test of 8856 to 8871. Above that sellers should appear at 8934 to 8963, traders can go short at 8934, risk a close over 8954 for three days in a row.
March D-Mark
Early Support
is at 6080, Below that support is at 6069 then 6026 and 6018. Day traders can buy at 6033 for a bounce, risk 35 pts. A close under 6023 augurs for a test of 5957 and 5945 where a decline should hold.Resistance is at 6101 and 6118. Beyond that resistance should appear near 6126 and 6165 to 6190. Traders can sell at 6165 for a turn lower, a close over 6190 for two days in a row.
Trade Accordingly.
March Swiss recommended position long at 7594
Nearby Support
is at 7571/ 7566 where an early decline should find buyers. Day Traders can buy at 7572 for a bounce risk 40 pts. Below that 7538 offers good support. A close under 7538 augurs for a test of 7513 to 7487. Traders can buy a 7513 for a good bounce. Risk 50 pts. Below that support is at 7487 and 7462 then 7428.Early Resistance is at 7616. An extended trade over 7612 augurs for a test of 7638 and 7665 to 7675 then 7689 and 7712. A close over 7712 is friendly and indicates a test of 7745 and 7763 to 7777. Traders can sell at 7777 for a turn lower, risk a close over 7836. Trade Accordingly
March British Pound
Support
is at 1.6820 and 1.6720, day traders can buy at 1.6720 for a bounce, risk 100 pts. Below that support is at 1.6550 and 1.6420.Resistance is at 1.6960. Traders can sell at 1.6960, for a turn lower risk a close over 171.34. Beyond that a trade to the 1.7310/ 17380 region is likely. Traders can sell at 1.7310, risk a close over 1.7390 for three days in a row.
March Canadian Dollar
Support
is at 6483. Traders can buy at 6484 for a turn higher risk a close under 6444 for three days in a row. Under that support is at 6430 to 6417.Resistance is at 6541 an extended trade over 6541 is friendly and augurs for a test of 6577 to 6591. Beyond that resistance is at 6626. Trade accordingly.
Precious Metals
Feb. Gold
recommended position long at 298.10Support
is at 291.00 and 288, a close under 287 is negative for a dip towards the 280 to 277.8 region where good buyers should surface.Resistance is at 295.50 then 297.60, a close over 298 is friendly
March Copper:
Support
is at 6570 and 6480 under that 6430 to 6415 should hold.Resistance is at 6670 and 6840. Beyond that 6970 and 7055 offer resistance.
Jan. Platinum recommended position long at 349.5
Support
is at 347.60 and 342. 5 where it should hold basis the close. Traders can go long at 342.5 risk a close under 333.Resistance is at 352.5 and 355.5. Traders should go long if a close over 355.5 occurs. Beyond that a test of 363.5 is likely.
March Silver long 496.5 and 487.5
On the DownSide
: Support is at 486 and 478. Day traders can buy at 486, risk 5 centsOn the Upside. Resistance is at 492 and 504 beyond that resistance is at 516 to 523. Trade Accordingly.
The Exciting Energies
Feb. Crude
Nearby Support
is at 1164, day traders can buy at 1165 risk 20 cents. Below that support is at 130 and 1121 to 1118. Beneath that 1101 to 1096 should hold basis the close.. Traders can buy at 1118, risk a close under 1096 for two days in a row..Resistance is at 1195 and 1220 then 1254.
Feb. Unleaded Gas
Support
is at 3625 and 3548. Traders can buy at 3565, risk a close under 3470for three days in a row. Below that support is at 3480.
Resistance is at 3743. Traders can sell at 3743 for a quick turn lower, risk a close over 3806 for two days in a row. Beyond that resistance is at 3858 to 3867.
Feb. Heating Oil
Support
is at 3340 and 3280 to 3255, traders can buy at 3270 risk a close under 3190 for three days in a row. Below that support is at 3155 and 3102 to 3092.Resistance is at 3467 to 3493. Traders can sell at 3493, for a quick turn lower, risk a close over 3565 for three days in a row.
The Grande Grains
January Soybeans recommended position long at 575 1/2
Support
is at 548 1/4 and 542 to 539 1/2Resistance is at 553 1/2 and 556 1/4, A close over 556 1/2 augurs for a test of 564 then 567. Traders should go long or add if a close over 559 1/2 occurs.
Jan Soybean Meal recommended position long at 150.50 and 144.50
Support
is at 142, below that 138 to 135 1/2 should hold.Resistance is at 143.5 Beyond that good sellers should appear at 145.9 and the
149 region.
Jan. Soybean Oil
recommended position long at 2419Support
is at 2391 where it should hold. A close under 2391 is negative and augurs for a test of the 2370 to 2354 region.Resistance is at 2411 to 2419 and 2430 then 2461 to 2469
March Corn. Recommended position long at 226
Support
is at 222 1/4. Below that 219 to 218 should hold. Traders can buy at 219 risk 5 cents.Resistance is at 226 3/4 and 228 3/4, a close over 229 is friendly and augurs for a test of 234.
March Wheat recommended position long 288
Support
is at 273 1/2 and 269 1/2.Resistance is at 279 and 281 then 285. Traders should go long or add if a close over 276 occurs.
The Satisfying Softs
March Cotton recommended position long at 6510 and 6214
Resistance
is 6235. Beyond that resistance is at 6300. A close over 6320 is friendly and augurs for a test of 6410 and most likely 6510.Support is at 6190 to 6165 and 6113 to 6101.
March Sugar
Support
is 803 to 795/ 791 regions. Traders can buy at 803, risk 15 pts. Below that support is 767 to 763.Resistance is at 823 and 831, beyond that sellers should surface at 843 and 847 to 852. Traders can sell at 843, risk 20 pts. A close over 852 is friendly and augurs for a test of 877.
March Coffee: Recommended position long at 114.50
On the downside,
Early support is at 117.45 to 117.15 then 116.90 to 116.40. Day traders should buy at 117.15 for a quick bounce, risk 100 pts. Below that 114.20 should hold, basis the close. More support should be evident near the 113.60/ 113.00 region. Hearty Day traders can buy at 113.60, risk 150 pts.On the Upside, Resistance should appear near the 119.20 to 120.30 region then 121.60. A close over 121.60 is friendly and augurs for a test of 123.20 to 123.80.
Buy Dips.
March Cocoa recommended position short at 1425
Suppo
rt is at 1383 to 1377 and 1346 to 1334. Traders can buy at 1346 for a bounce, risk 30 pts.Resistance is at 1421 and 1425. Beyond that sellers should appear near 1453 to 1459 and 1469 to 1475. Traders can sell at 1475 for a turn lower, risk a close over 1496 for three days in a row.
The Lively Livestock
Feb. Cattle
Resistance i
s at 5967 to 5997 then 6042. Support is at 5892 and 5847 then 5817.Day traders can buy at 5852, risk 50 pts.
Feb. Hogs
Resistance
is at 3022, beyond that resistance is at 3122 to 3127, a close over 3127 is friendly for a test of 3227, traders can sell at 3227 for a turn lower, risk a close over 3387 for two days in a row.Support is at 2927 to 2917. Day traders can buy at 2932 for a bounce, risk 50 pts.
Below that 2837 to 2822 should hold
June Hogs recommended position long 4 at 4790.
April Hogs Recommended position long at 3682 and 3570
Resistance
is at 3617 and 3667 then 3717. Beyond that sellers should appear near 3742 to 3790.Support is at 3517 and 3467 then 3417.
From the Frying Pan into the Fire--
Feb. Bellies
recommended position long 2 at 4435, 1 at 4550, 1 at 4207Support should appear near 4372 and 4317. Day traders can buy at 4317 for a good bounce, risk 150 pts. Below that 4167 should hold.
Resistance is at 4467, a close over is friendly and augurs for a test of 4617 and 4672. Stay tuned...
March Bellies recommended position long 4 at 4165
The Sensational Stock and Bond Markets
March Bonds
On The DownSide, nearby support is at 129-12, traders can buy an early dip at
129-12, for a bounce risk 20 pts. Below that 128-25 and 128-14 to 128-11 offers good support.Traders should buy at 128-15 for a good bounce, risk a close under 128-07 for two days in a row.
On the Upside: Resistance is at 130-12. Day Traders can sell an early rally at 130-12 for a turn lower, risk 10 pts . Beyond that resistance is at 131-11 and 131-25.
Trade Accordingly.
March SP500
On the DownSide, Nearby Support at 1142.50 , a slip under 1142.50 indicates a test of 1136 and 1130.40 . Below that 1115.50 and 1105 to 1100 offer support.
On the Upside, Resistance is at 1150 then 1151.90 and 1153.80 Beyond that good sellers should surface at 1162.40 to 1164 and 1167.90 to 1169. Beyond that resistance at 1180.50. and 1183.70 Aggressive traders can sell at 1180.50 for a turn lower. Beyond that good sellers should surface at 1183.70, Traders can sell at 1183.70 for a turn lower.
Stay Tuned for SP500 Updates and Flashes.
The Dow Jones Industrial Average
Support
is near the 8683 to 8668 region then 8642. A close under 8642 augurs for a test of 8589 to 8560 where buyers should contain the decline for a bit...Resistance should first appear at 8753 and 8772 then 8801. Beyond that resistance is at 8842 to 8856/8871.
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Monday
9:00 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.