FuturesCom Investment Publications
Morning Comments, Thurs December 17,1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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"A man can have great mathematical ability and unusual power of accurate observation and yet fail in speculation unless he also possesses the experience and memory. "
-Reminiscences of a Stock operator-

Tuesday, Dec. 8, 1998

Thur, December 17, 1998

6:05 AM

On the Frenzied Forex Front

March Japanese-Yen

Nearby Support is at 8708 , day traders can buy at 8708, risk 65 pts. Below that support is at 8683 to 8668 and 8653 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 6012 and 5975 then 5957 and 5945 where a decline should hold.

Resistance is at 6075 and 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 7525, a close over Is friendly for a test of 7573 and 7612.

March British Pound Recommended position long at 1.6720

Support is at 1.6720, Below that support is at 1.6550 and 1.6420.

Resistance is at 1.6890 and 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.

March Canadian Dollar

Support is at 6504 and 6483 then 6463 to 6453.. 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 292.8 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 6690 and 6570.

Resistance is at 6895 to 6915 and 6970 beyond that 7055 offers resistance.

Jan. Platinum recommended position long at 356.7

Support is at 354.5 and 351 where it should hold basis the close.

Resistance is at 360 and 364.5

March Silver long 487.5

On the DownSide: Support is at 503. Day traders can buy at 503, risk 5 cents for a quick bounce..Below that 493 should hold and be bought With both Hands..day traders should buy at 494, risk 10 cents

On the Upside. Resistance is at 508.5 then 516 to 523 and 532.. Trade Accordingly.

The Exciting Energies

Feb. Crude

Nearby Support is at 1223 and 1184 Below that support is at 1130.

Resistance is at 1248 and 1260 to 1273 then 1298 to 1310

Feb. Unleaded Gas recommended position short at 3743

Support is at 3830 and 3790 then 3725 and 3648. Below that support is at 3580.

Resistance is at 3943 and 4060

Feb. Heating Oil recommended position short at 3493

Support is at 3565 and 3510 then and 3440 Below that support is at 3380.

Resistance is at 3710 and 3745 then 3810

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 554 augurs for a test of 560.

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 and 2377. 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 224 and 225

March Wheat recommended position long 288 and 278

Support is at 2741/2 and 269 1/2.

Resistance is at 279 and then 285.

The Satisfying Softs

March Cotton recommended position long at 6510 and 6214

Resistance is 6300. A close over 6320 is friendly and augurs for a test of 6410 and

most likely 6510. Support is at 6190 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 814 then 823, 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 119.90 to and 119.40 Aggressive day traders should buy at 119.40 for a quick bounce , below that support is at 117.45 to 116.90 / 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 121.90. A close over 121.90 is friendly and augurs for a test of 123.20 to 123.80. Buy Dips.

March Cocoa

Support is at 1435 and 1421 to 1414 then 1383 to 1377.

Resistance is at 1448 then 1459 and 1469 to 1475/ 1485. 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 5897 and 5977 to 5987

Support is at 5832 to 5827 below that 5752 should hold.

Feb. Hogs recommended position short at 2952.

Resistance is at 2832 and 2897 to 2932 and 2992.

Support is at 2737 and 2697 and 2632.

June Hogs recommended position long 4 at 4790.

Recommended Spread Long June Short Aug. at 625

April Hogs Recommended position long at 3682 and 3570

Resistance is at 3527 and 3637

Support is at 3437 and 3427 below that 3327 should hold.

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 4322 and 4212 below that 4172 offers good support below that 4057 should contain a decline.

Resistance is at 4357 4472 beyond that resistance is at 4622.

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 129-14 and 128-25 then 128-14 to 128-07 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 130-07 and 130-14. Day Traders can sell an early rally at 130-07 and 130-14 for a turn lower, risk 15 pts . Beyond that resistance is at 131-14.

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


Thur
Dec. 17 1998

7:50 AM

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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.