FuturesCom Investment Publications
Morning Comments, Wed December 23,1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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"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 Wish Everybody a Happy and Safe Christmas !

December 22, 1998
10:42 PM

On the Frenzied Forex Front

March Japanese-Yen

Nearby Support is at 8651 and 8734. Below that support is at 8589 to 8560. Below that traders can buy at 8499, risk a close under 84848 for three days in row.

Resistance is at 8792 to 8820. 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 5986 to 5983, where day traders can buy for a bounce. At 5983 Risk 40 pts.

Resistance is at 5023 to 6038 and 6083 then 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

Nearby Support is at 7395 to 7386 and 7342 to 7328

Early Resistance is at 7436 and 7486 to 7495. A Close over 7513 Is friendly for a test of 7573 and 7612.

March British Pound

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 6430 to 6417 and 6389

Resistance is at 6468 and 6518 then 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 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 295,40 and 297.60, a close over 295.4 is friendly

March Copper:

Support is at 6570 and 6430

Resistance is at 6740 and 6790 to 6915 then 6970 beyond that 7055 offers resistance.

Jan. Platinum recommended position long at 356.7 and 342.5

Support is at 342. 5 and 337 to 333

Resistance 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 3387 to 3370 and 3312. Day traders can buy at 3380, risk 100 pts.

Resistance is at 3470 and 3588 then 3625 and 3680. Beyond that 3743 offers resistance..

Feb. Heating Oil recommended position long at 3270

Nearby Support is at 3255. Below that support is at 3165 and 3102 to 3092.

Resistance is at 3365 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 1/2

Resistance is at 548 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 144.3 and 146.7 beyond that 150 offers good resistance.

We will Cover March Soybean Oil in the Next Issue of Bi-weekly Investment Outlook II

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 276 1/4 to 275 then 269 1/2 and 264

Resistance is at 281 and 288.

The Satisfying Softs

March Cotton recommended position long at 6510 and 6214

Resistance is 6127 then 6149 and 6249. A close over 6265 is friendly and augurs for a test of 6410 and most likely 6510. Support is at 6113 to 6101 and 6046 then 5947.

March Sugar

Support is 754 and 747. Resistance is at 763 to 767 then 780 to 787,

March Coffee: Recommended position long at 114.50 and 113.60

On the downside, Early support is at 115.75 and 114.95 Day traders should buy at 115.00 for a quick bounce, risk 100 pts. Below that 113.60/ 113.00 to 112.45 region. Should Hold. Hearty Day traders can buy at 113.60, risk 150 pts.

On the Upside, Resistance should appear near 116.40 to 116.9-0 and 117.45. A close over 117.45 is friendly and augurs for a test ofd 119.40 then 119.95 to 120.30. A close over 119.40 is friendly and indicates a trade towards the 123.20 to 123.80.

Buy Dips.

March Cocoa

Support is at 1419 and 1399 then 1383 to 1377. Resistance is at 1423 then 1449 Beyond that 1469 to 1476 offers resistance.

The Lively Livestock

Feb. Cattle

Resistance is at 5912 and 5955. And 5987 beyond that 6022 offers good resistance

Support is at 5865 then 5832 to 5827 below that 5757 should hold.

Feb. Hogs

Resistance is at 2962 and 3042 to 3062. Beyond that sellers should appear near 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 2890 and 2862 to 2842.

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 3657, However that close over 3642 is friendly for a rally to the 3757 3782 region. Support is at 3582 and 3557, below that 3457 to 3367 should contain a break

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 4037, day traders can buy at 4037 for a bounce, below that 3992 to 3977 and 3887 offer support. Resistance is at 4187 and 4212. A close over 4187 is friendly and augurs for a test of 4327 to 4337. Beyond that resistance is at 4477 and 4512..

March Bellies recommended position long 4 at 4165

The Sensational Stock and Bond Markets

March Bonds recommended position long at 128-15

On The DownSide, nearby support is at 127-18 and 127-09 below that 126-30 and 126-20 should hold.

On the Upside: Resistance is at 127-30 and 127-30, beyond that resistance is at 128-19 A close over 127-30 is friendly for a test of 128-19. Trade Accordingly.

March SP500 recommended position short at 1180.50,1183.70

On the DownSide, Nearby Support at 1203 and 1200.70, a close under 1200.70 is negative and indicates a test of 1197.50 and 1192. A close under 1192 augurs for a test of 1184.50 and 1180.50.. On the Upside, Resistance is at 1216.70 and 1224.40 beyond that 1232 to 1232.70 should cap a rally.
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

12/22/98 11:27 PM

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.

X-MAS AND NEW YEARS HOLIDAY SCHEDULE

CBOT :Thursday, December 24

All financial, electricity, and insurance contracts will close at 1:00 p.m. Stock index contracts will close at 12:15 p.m.

Agricultural and metal contracts will close at 12:10 p.m. The afternoon Project A and overnight Project A will be closed.

Friday, December 25

All CBOT trading sessions will be closed.

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 24

CSCE and NYCE -- Half Trading Day

NYFE - 13:15 Close

FINEX - 13:00 Close

Cantor Exchange - 14:00 Close

December 25

All Markets closed for trading.

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

Thursday, December 24, 1998

RTH: 12:00 noon closing for Agricultural, Currency, and Interest Rate products

12:15 p.m. closing for GSCI and Equity products

ETH: 12:15 p.m. closing for E-Mini S&P 500

Friday, December 25, 1998

RTH: Trading Floor is closed

ETH: No Globex2 Session

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.