FuturesCom Investment Publications
Morning Comments, December 29,1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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The Exchange Holiday Schedule is at the end of today's letter.
The Comments are rather short today as New Years Eve Holiday approaches. 

The next issue of FuturesCom's Bi-weekly investment Outlook II will be issued this weekend.

We Wish Everybody a Happy and Safe New Year!

December 29, 1998
5:15 AM

On the Frenzied Forex Front

 

March Japanese-Yen

Nearby Support is at 8683 and 8668. Below that support is at 8654.

Resistance is at 8762 to 8777. A close over 8778 augurs for a test of 8808 then 8856 to 8871.

March D-Mark

Early Support is at 5957 to 5945

Resistance is at 6023 Beyond that resistance should appear near 6035.

March Swiss

Nearby Support is at 7342 to 7328.

Early Resistance is at 7414 to 7428

March British Pound

Support is at 1.6550 and 1.6420.

Resistance is at 1.6890 and 1.6960.

March Canadian Dollar

Support is at 6428 to 6417

Resistance is at 6478 to 6484.

Precious Metals

Feb. Gold recommended position long at 298.10

Support is at 285 and the 280 to 277.8 region where good buyers should surface.

Resistance is at 288 and 291.40

 

March Copper:

Support is at 6540 and 6430

Resistance is at 6740 and 6820.

Jan. Platinum recommended position long at 356.7 and 342.5

Support is at 342. 5 and 341 to 339

Resistance is at 349 and 352

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 1135 Beneath that support is at 1101.

Resistance is at 1164 to 1169. A close over 1171 is friendly

Feb. Unleaded Gas recommended position long at 3565

Support is at 3550 and 3505 to 3490.

Resistance is at 3613 to 3623 and 3680

Feb. Heating Oil recommended position long at 3270

Nearby Support is at 3270. Below that support is at 3190.

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 541 below that 529 should hold.

Resistance is at 545 1/2, a close over 546 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 275

Resistance is at 285 and 288.

The Satisfying Softs

March Cotton recommended position long at 6510 and 6214

Resistance is 6035 and 6101 to 6115 Support is at 5967 and 5947

March 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 115.00 to 114.90 and 113.60/ 113.00 then 112.90. Hearty Day traders can buy at 112.90, 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 115.35 and 116.40 to 116.90 then 117.85. A close over 115.35 is friendly and augurs for a test of 116.90

Buy Dips

 

The Lively Livestock

Feb. Cattle

Resistance is at 6115 and 6147 then 6222

Support is at 6082 to 6077 then 6035 to 6022

The all important USDA Hog report will be issued this eve.

FuturesCom will issue an analysis after the report.

 

Feb. Hogs

Resistance is at 3282 and 3327 then 3382 to 3397.

Support is at 3197 to 3182 and 3082.

June Hogs recommended position long 4 at 4790.

Recommended Spread Long June Short Aug. at 625

April Hogs

Resistance is at 3777 and 3877 offers good resistance Support is at 3737 and 3677 then 3577

From the Frying Pan into the Fire--

Feb. Bellies

Support should appear near 4497 and 4347 to 4307 day traders can buy at 4317 for a bounce Resistance is at 4607 and 4647 and 4717 beyond that resistance is at 4797.

 

March Bellies recommended position long 4 at 4165

The Sensational Stock and Bond Markets

March Bonds

On The DownSide, nearby support is at 126-22 top 126-20

below that support is at 125-22

On the Upside: Resistance is at 127-22 to 127-24 and 128-12

March SP500 recommended position short at 1183.70

On the DownSide, Nearby Support at 1233.90 to 1233.10 and 1232. A close under 1232 is negative and indicates an eventual test of 1218 and 1203.

On the Upside, Resistance is at 1238/ 1239 and 1242.60 beyond that 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

12/29/98 6:47 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

 

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 31

Closing Range

Palladium Futures 12:58-13:00

Platinum Futures & Options 13:08-13:10

Heating Oil Futures & Options 12:58-13:00

Unleaded Gas Futures & Options 12:58-13:00

Crude Oil Futures 12:58-13:00

Natural Gas Futures & Options 12:58-13:00

Copper Futures & Options 12:59-13:00

Silver Futures & Options 13:04-13:05

Gold Futures & Options 13:09-13:10

CME

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.