FuturesCom Investment Publications
Morning Comments, December
28,1998
"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.
The Exchange Holiday Schedule is at the end of today's letter.
We will issue a New Bi-Weekly Investment Outlook II
after the New Years holiday .
We Wish Everybody a Happy and Safe New Year !
Morning Comments
On the Frenzied Forex Front
March Japanese-Yen
Nearby Support is at 8683 and 8668. Below that support is at 8647 and 8622.
Resistance is at 8747 and 8762 to 8777. A close over 8778 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 5957 to 5945, where day traders can buy for a bounce. At 5947 Risk 40 pts.Resistance is at 5969 and 5995 then 6023. Beyond that resistance should appear near 6035. Trade Accordingly.
March Swiss
Nearby Support
is at 7293 to 7281 and 7255 to 7242Early Resistance is at 7328 and 7343. A Close over 7343 Is friendly for a test of 7414
March British Pound
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 6424 to 6417 day traders should buy at 6424 risk, 30 ptsResistance is at 6474 and 656482 to 6509 an extended trade over 6509 is friendly and augurs for a test of 6577 to 6591.
Precious Metals
Feb. Gold
recommended position long at 298.10Support
is at 287, a close under 287 is negative for a dip towards the 280 to 277.8 region where good buyers should surface.Resistance is at 291 and 295,40 to 297.60.
March Copper:
Support
is at 6540 and 6430Resistance is at 6650 and 6735.
Jan. Platinum recommended position long at 356.7 and 342.5
Support
is at 342. 5 and 337 to 333Resistance is at 352 and 355 then 360 and 364.5
March Silver long 487.5
On the DownSide
: Support is at 491 and 487 then 480.5.On the Upside. Resistance is at 499 and 508.5 then 516 to 523.
The Exciting Energies
Feb. Crude recommended position long at 1118
Nearby Support
is at 1105 to 1101 and 1096 Beneath that support is at 1080 and 1068 to 1058. Resistance is at 1130 and 1146 then 1155 and 1164 to 1169.A close over 1171 is friendly
Feb. Unleaded Gas recommended position long at 3565
Support
is at 3402 and 3345. Day traders can buy at 3410, risk 100 pts.Resistance is at 3470 and 3545 then 3625 and 3680.
Feb. Heating Oil recommended position long at 3270
Nearby Support
is at 3255. Below that support is at 3190 and 3102 to 3092.Resistance is at 3390 and 3445. Beyond that resistance is at 3493 and 3544.
The Grande Grains
January Soybeans recommended position long at 575 1/2
Support
is at 546 1/4 and 543 1/2 to 541 below that 529 should hold. 539 1/2Resistance is at 549 1/2, a close over is friendly and augurs for a test of 553 1/2 and 557 1/2, A close over 557 1/2 indicates an eventual test of 571 to 574.
Jan Soybean Meal recommended position long at 150.50 and 144.50
Support
is at 142.7 to 142.1, below that 138.8 should hold.Resistance is at 145.7 beyond that 147.5 and 150 offer good resistance.
March Corn. Recommended position long at 226 and 219
Support
at 218 and 216 1/2 then 212 1/2 Resistance is at 221 1/2 and 222 3/4 beyond that 226 1/4 offers resistance.March Wheat recommended position long 288 and 278
Support
is at 280 then 276 1/4 to 275Resistance is at 285 and 288.
The Satisfying Softs
March Cotton recommended position long at 6510 and 6214
Resistance
is 6023 then 6101. A close over 6023 is friendly Support is at 5967 and 5947 then 5890March Sugar
Support
is 754 and 747. Resistance is at 767 then 780 to 787,March Coffee: Recommended position long at 114.50 and 113.60
On the downside,
Early support is at 113.60/ 113.00 and the 112.75 region. Hearty Day traders can buy at 11275, risk 150 pts. Below that day traders should have buy orders resting at 110.25 to go long and hold...On the Upside, Resistance should appear near 115.20 and 116.40 to 116.9-0 and 117.45. A close over 115.25 is friendly and augurs for a test of 116.40
Buy this Dip.
March Cocoa
Suppo
rt is at 1383 to 1377. Resistance is at 1395 and 1423 then 1449
The Lively Livestock
Feb. Cattle
Resistance i
s at 6057 and 6092Support is at 5992 then 5947 should hold.
Feb. Hogs
Resistance
is at 3137. Above 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 3077 and 3012 then 2977.June Hogs recommended position long 4 at 4790.
Recommended Spread Long June Short Aug. at 625
April Hogs
Resistance
is at 3757 and the 3772 region beyond that 3857 offers good resistance Support is at 3717 and 3672 then 3622 should contain a breakFrom 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 4197, day traders can buy at 4197 for a bounce, below that 4162 and 4112 then 4042 offer good support. Resistance is at 4237. A close over 4237 is friendly and augurs for a test of 4317 to 4342. Beyond thatresistance is at 4477 and 4492..
March Bellies recommended position long 4 at 4165
The Sensational Stock and Bond Markets
March Bonds
On The DownSide, nearby support is at 125-25 and 125-21 below that 124-21 should hold.
On the Upside: Resistance is at 126-11 and 126-21, beyond that resistance is at
127-21 A close over 126-12 is friendly for a test of 127-21. Trade Accordingly.
March SP500
recommended position short at 1183.70On the DownSide, Nearby Support at 1238 and 1232.90 to 1232 a close under 1232 is negative and indicates a test of 1218 and 1203. On the Upside, Resistance is at 1243 then 1253 offer resistance. Stay Tuned for SP500 Updates and Flashes.
Traders should prepare for a decent decline shortly
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
12/27/98 10:07 AM
Copyright@1998 FuturesCom Investment Publications
All Rights Reserved
FuturesCom is Not Responsible for Transmission Errors and Omissions.
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.
NEW YEARS HOLIDAY SCHEDULE
CBOT
Sunday, December 27
Project A overnight session will reopen.
Thursday, December 31
All financial, electricity, and insurance contracts will close at
1:00 p.m. Stock index contracts will have a normal schedule.
Agricultural and metal contracts will close at 12:10 p.m. The
afternoon Project A and overnight Project A sessions will be closed.
Friday, January 1, 1999
All CBOT trading sessions will be closed.
Sunday, January 3
The Project A overnight session will reopen.
**Note** For concurrently ("side-by-side") traded financial futures
closing times apply for both open outcry and Project A sessions.
CSCE, NYCE
December 31
CSCE and NYCE - Half Trading Day
NYFE - 16:15 Close
FINEX - 13:00 Close
NYMEX & COMEX
December 24 December 31
Closing Range Closing Range
Palladium Futures 12:58-13:00 12:58-13:00
Platinum Futures & Options 13:08-13:10 13:08-13:10
Heating Oil Futures & Options 12:58-13:00 12:58-13:00
Unleaded Gas Futures & Options 12:58-13:00 12:58-13:00
Crude Oil Futures 12:58-13:00 12:58-13:00
Natural Gas Futures & Options 12:58-13:00 12:58-13:00
Copper Futures & Options 12:59-13:00 12:59-13:00
Silver Futures & Options 13:04-13:05 13:04-13:05
Gold Futures & Options 13:09-13:10 13:09-13:10
CME
Sunday, December 27, 1998
ETH: Globex2 opens at 5:30 p.m.
Thursday, December 31, 1998
RTH: 12:00 noon closing for Agricultural, Currency,
and Interest Rate products
Normal closing for GSCI and Equity products
ETH: Normal closing for E-Mini S&P 500
Friday, January 1, 1999
RTH: Trading Floor is closed
ETH: No Globex2 Session
Sunday, January 3, 1999
ETH: Globex2 opens at 5:30 p.m.