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Morning Comments 12-16-98
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Wed, December 16, 1998

5:05 AM

On the Frenzied Forex Front

March Japanese-Yen

Nearby Support is at 8683 and 8668 to 8653/ 8644 then 8589 to 8560.

Resistance is at 8762 to 8777 region is likely. 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 6023 and 6014. 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 6108 and 6113. Beyond that resistance should appear near 6133 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 and 7513

Nearby Support is at 7513 to 7487. Below that support is at 7462 then 7428.

Early Resistance is at 7566 and 7612. An extended trade over 7612 augurs for a test of 7642 and 7662 then 7675 to 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 1.6720, 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 298.10

Support 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 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 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 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 cents On 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 1204 and 1184 Below that support is at 1130.

Resistance is at 1254 and 1265 then 1303

Feb. Unleaded Gas recommended position short at 3743

Support is at 3725 and 3648. Below that support is at 3580.

Resistance is at 3858 to 3867 and 3943

Feb. Heating Oil recommended position short at 3493

Support is at 3490 and 3440 Below that support is at 3380.

Resistance is at 3565 and 3670

The Grande Grains

 

January Soybeans recommended position long at 575 1/2

Support is at 548 1/4 and 542 to 539 1/2

Resistance 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 2419

Support 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 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 120.30 and 119.40 then 117.45 to 117.15 and 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 121.60. A close over 121.60 is friendly and augurs for a test of 123.20 to 123.80. Buy Dips.

March Cocoa

Support is at 1383 to 1377 and 1346 to 1334. Traders can buy at 1346 for a bounce, risk 30 pts.

Resistance is at 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 is at 5825 and 5857 then 5887. A close over 5887 augurs for a test of 5962 and 6097. Traders can sell at 6097, risk a close over 6182 for three days in a row.

Support is at 5737 below that 5537 should hold. Traders can go long at 5577, risk a close under 5537 for three days in a row.

 

Feb. Hogs

Resistance is at 2827 then 2872 to 2882 and 2917 then 2942 to 2957. Traders can sell at 2952, risk a close over 2992 for two days in a row. Beyond that resistance is at 3227, traders can sell at 3227 for a turn lower, risk a close over 3387 for two days in a row.

Support is at 2752, a close under 2752 augurs for a test of 2652 and 2522. Below that support is at 2412 and 2382. Traders can buy at 2380, risk a close under 2352 for three days in a row.

June Hogs recommended position long 4 at 4790.

April Hogs Recommended position long at 3682 and 3570

Resistance is at 3427 to 3447. Beyond that resistance is near the 3492 to 3507 region. An extended trade over or close over 3507 augurs for a test of 3742 to 3790.

Support is at 3342 and 3292 to 3282. A close under 3257 is negative and augurs for a test of 3092.

From the Frying Pan into the Fire--

Feb. Bellies Feb. Bellies recommended position long 2 at 4435, 1 at 4550, 1 at 4207 Support should appear near 4162 and 4122 to 4107 below that 4092 to 4082 offer support. Under that 3982 should contain a decline. A close under 3982 is negative and augurs for a test of 3857 and 3747.

Resistance is at 4242. And 4382 to 4392. A close over 4447 is friendly and augurs for a test of 4512 to 4572.

March Bellies recommended position long 4 at 4165

The Sensational Stock and Bond Markets

March Bonds recommended position long at 129-12

On The DownSide, nearby support is at 128-25 and 128-14 to 128-11 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 129-15 then 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 recommended position short at 1167.20

On the DownSide, Nearby Support at 1169 and 1164 then 1150 and 1142.50 , a slip under 1142.50 indicates a test of 1136 and 1130.40 .

On the Upside, Resistance is 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.

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

Happy Trading

Bill


Wed
Dec. 15 1998

6:05 AM

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