FuturesCom Investment Publications
Morning Comments, December 30,1998
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
5:50 AM

On the Frenzied Forex Front

March Japanese-Yen

Nearby Support is at 8762 and 8712 under that 8683 to 8668 should hold.

Resistance is at 8777 and 8794 . Beyond that resistance is at 8871.

March D-Mark

Early Support is at 6002 and 5988 then 5957.

Resistance is at 6023 Beyond that resistance should appear near 6035 and 6052 

March Swiss

Nearby Support is at 7365 and 7342 to 7328.

Early Resistance is at 7400 then 7414 to 7428 and 7450

March British Pound

Support is at 1.6720 and 1.6550.

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 6750 and 6670

Resistance is at 6800, a close over 6800 indicates another test of the 6950 region.

Beyond that 7150 offers resistance.

 

Jan. Platinum

Support is at 355 and 349

Resistance is at 360 and 369

 

March Silver long 487.5

On the DownSide: Support is at 496 and 492 then 480.5.

On the Upside. Resistance is at 508.5, beyond that a test of 516 is likely.

 

The Exciting Energies

Feb. Crude

Nearby Support is at 1164 to 1162 Beneath that support is at 1137 to 1130

Resistance is at 1182 to 1187 and 1192 to 1203

Feb. Unleaded Gas

Support is at 3615 and 3565 then 3505.

Resistance is at 36717 and 3815

Feb. Heating Oil

Nearby Support is at 3335 and 3270. Below that support is at 3220.

Resistance is at 3415. Beyond that resistance is at 3493 and 3520.

The Grande Grains

 

March Soybeans recommended position long at 547 1/2

Support is at 543 below that 539 should hold.

Resistance is at 551 1/2, a close over is friendly and augurs for a test of 562 1/2.

 

March Soybean Meal recommended position long 2 at 142.9

Support is at 141 below that 138.8 should hold.

Resistance is at 146.7 beyond that 150 offers good resistance.

March Corn. Recommended position long at 219

Support at 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 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 6101 to 6115 and 6165 to 6185

Support is at 6035 to 6023 and 5967 and 5947

March Sugar

Resistance is 791 to 795 and 800. Support is at 762 then 752,

March Coffee: Recommended position long at 113.60

On the downside, Early support is at 116.40 and 115.50 to 115.00, day traders can but at 115.50 for a bounce.. Below that 114.60 and 113.60/ 113.00 should hold, Hearty Day traders can buy at 113.00, risk 150 pts.

On the Upside, Resistance should appear near 116.90 then 117.95. A close over 117.95 is friendly and augurs for a test of 119.20 to 120.40

Buy Dips

 

The Lively Livestock

Feb. Cattle

Resistance is at 6077 and 6115 and 6152

Support is at 6035 to 6022 and 6002

The all important USDA Hog report was issued last eve. And was deemed neutral

Stay tuned.

Feb. Hogs

Resistance is at 3287 and 3327 then 3382 .

Support is at 3187 to 3182 and 3087.

June Hogs recommended position long 4 at 4790.

Recommended Spread Long June Short Aug. at 625

April Hogs

Resistance is at 3687 and 3727 then beyond that 3787 offers resistance

Support is at 3622 and 3587 then 3522.

From the Frying Pan into the Fire--

Feb. Bellies

Nearby Support should appear near 4352, under that day traders can buy at 4302 for a bounce Resistance is at 4502 and 4602 then 4652 beyond that resistance is at

4702.

The Sensational Stock and Bond Markets

March Bonds

On The DownSide, nearby support is at 127-20 and 127-04 below that support is at 126-23

On the Upside: Resistance is at 127-23, above that resistance is at 128-12

and 128-23

March SP500 recommended position short at 1183.70

On the DownSide, Nearby Support at 1249.50 and 1243, below that a test of 1238 is likely A close under 1243 is negative and indicates an eventual test of 1222 to 1218 .

On the Upside, Resistance is at 1253 and 1254.40 then 1262 and 1268 to 1274.

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

Happy Trading

Bill

12/30/98 7:35 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.