FuturesCom Investment Publications
Morning Comments 9-9-1998
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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.

 

September 9th 1998

 

Tuesday Sept. 9th 1998

4:44 AM

On the Frenzied Forex Front

Dec. Japanese-Yen, recommended position short at 7685

Support is at 7428 and 7414 then 7342 to 7328. Traders can go long at 7342, risk a close under 7326 for three days in a row. Below that 7256 to 7242 should hold.
Resistance is at 7512 and 7587 to 7601 then 7675 to 7685.

Dec. D-Mark Recommended Position short at 5815

Resistance is at 5841 to 5855 then 5871 to 5888. Day traders can sell at 5891 risk a trade over close over 5907. Beyond that good resistance is at 5945 to 5957. Traders can sell short at 5945 and hold for lower prices.

Support is at 5738 and 5729 to 5716. Traders can buy at 5729 for a bounce, initially risk a close under 5616 for three days in a row.


Dec. Swiss Recommended Position Short at 7142

Nearby Resistance is at 7142 then 7170. A close over 7190 augurs for a test of resistance at 7242. Traders sell at 7242 and hold for lower prices. Initially risk a close over 7256 for three days in a row.

Support is at 7060 and 7003 to 6990. Below that Traders should buy at 6965 for a good bounce, risk a close under 6919 for three days in a row.

Trade Accordingly

-A close under 7133 is negative-

Sept. British Pound: recommended position short at 1.6420
Dec. British Pound

Support is at 1.6420. Below that support is at 1.6380 and 1.6320 then 1.6200 to 1.6150. Traders should buy at 1.6150 and hold for higher prices, risking a close under 1.6090 for three days in a row.

Resistance is at 1.6550 and 1.6736.

Dec. Canadian Dollar

Support is at 6567 and 6527. Under that traders can go long at 6509 for a turn higher, risk a close under 6480 for three days in a row.

Resistance is at 6577 to 6591.A close over 6591 augur for a test of 6619 to 6624. Traders should sell at 6624, risk a close over 6673 for two days in a row.

Precious Metals

Dec. Gold Recommended Position Long 3 at avg. 289.8

Support is at 288.50, day traders can buy at 288.50, risk $ 3.00, Beneath that support is at 387.40 and 283.4.

Resistance is at 291.80 and 293 A close over 293.00 augurs for a test of 298 where good sellers should appear.

Traders should go long/ add if a close over 293.00 occurs. Be long, our eventual target is still 314.80 to 318.. if it holds

Dec. Copper:

Nearby Support is at 7730 and 7720 below that 7620 should hold. if not aggressive traders can buy at 7515 for a turn higher.

Resistance is at 7715 and 7760. A close over 7770 indicates another trade higher
towards resistance at 7845 to 7890. Above that resistance is at 8120, traders should go short at 8115 and hold for lower prices.

Oct. Platinum Recommended position long at 372.5 and 379.5

Nearby Support is at 357.3 and 353.5.
Resistance is at 363.5 and 373.5. A close over 373 is friendly for a rally towards 387.5.

Dec. Silver Recommended Position long at 4 at 521

On the DownSide: Support is at 481 to 479. Traders can buy at 480 for a good 2 to 3 day bounce. Stay tuned for a stop.

On the Upside. Resistance is at 499 and 501.5. A close over 501.5 augurs for a test of 523 and 533


The Exciting Energies

Oct. Crude recommended position long at 1427

Support is at 1421 Below that 1414 and the 1404 should hold. Below that Traders can buy at 1383, risk a close under 1346 for three days in a row.

Resistance is at 1433 and 1454, then 1479 /1483 to 1486. A close over 1484 is friendly for a test of 1502

Oct. Unleaded Gas

Nearby Support is at 4115. Traders should Buy at 4110 for a turn higher, risk a close under 3980 for three days in a row.
Below that good support is at 4060 and 4045 where it should hold. A failure there augurs for a test of the 3990 to 3980 region where a break should stop.

Resistance is at 4141 and 4215. A close over 4215 augurs for a test of the resistance at 4310 to 4355.

Oct. Heating Oil recommended position long at 3830

Today resistance is at 3905 and 3981. A close over 3992 augurs for a rally to 4045 with a likely test of 4163 to 4183.

Support is at 3805 and 3780. Below that 3767 to 3745 should hold. Traders can buy at 3767 for a turn higher. Risk a close under 3734 for two days in a row.

The Grande Grains

November Soybeans Recommended Position Long 540

Support is at 5181/2 and 512. Traders should buy at 516 1/2 for a turn higher, risk 8 cents.
Resistance is at 525 1/2 and 529 1/2. A close over 525 1/2 augurs for a test of 531, if it holds..

Dec. Soybean Meal Recommended long 143.80 and 138.30

Support is at 131.9 and 128.60, below that 124.5 should hold.

Resistance is at 133.6 A close over 134 augurs for a test of 140. 4
Where good sellers should appear. Trade Accordingly.

Dec. Soybean Oil recommended position long at 2466

Support is at 2461 then 2446 and 2419 to 2411 then 2399. Traders should buy at 2399 for a turn higher, risk a close under 2354 for three days in a row.

Resistance is at 2469. Beyond that resistance is near 2486 and 2503 then 2511 to 2519/2521. A close over 2521 is friendly for a test of 2552 to 2568. Traders should sell at 2552, risk a close over 2612 for three days in a row.

Dec. Corn

Support is at 211 and 209 3/4 to 208

Resistance is at 213 3/4, day traders can sell at 213 3/4 risk 3 cents. Beyond that resistance is at 215 and 219 3/4

Dec. Wheat

Resistance is at 266 and 270 3/4 then 275 3/4

On the DownSide Support is at 264 3/4 and 263 3/4 then 258 3/4

Trade Accordingly.

The Satisfying Softs

Dec. Cotton Recommended position long at 7385, 7593 and 7428

Support is at 7465 and 7428 to 7422 to 7414, beneath that 7365 and 7325

offer good support. Below that 7260 should hold basis the close on any real sell-off.
Resistance is 7513 and 7522 then 7565.

A close over 7515 augurs for a test of 7600 to 7630. We feel a test of 7600 is more likely then not..Beyond that, resistance at 7675 to 7689
*Traders should add/go long if a close over 7515 occurs.

Oct. Sugar recommended position long at 739.

Support is at 729. Below that support is at 717 and 712 to 704 which should hold.

Resistance is at 737 to 739 a close over 739 is friendly for an eventual test of 755 and 763/ 767 to 769. Beyond that good resistance is at 788.
*Traders should go long/ add if a close over 767 occurs.

Dec. Coffee:

On the downside, Early support is at 114.55 and 114.30, hearty day traders can buy at 114.30 for a bounce, risk 150 pts. Below that support is at 113.60 and 113.00 and 111.80 then 111.15 to 111.05 Traders can buy at 111.20 for a turn higher, risk a close under 107.70 for three days in a row. Below that 110.10 and 109.60 offer good support

On the Upside, Resistance is at 116.00 and 116.40 to 116.90. Beyond that resistance is at 117.90 to 118.05. Good sellers should appear at 119.20 to 119.55 and 120.30. where day traders can short for a quick turn at 119.55 lower, risk 125 pts. Above that 125.50 and 126.80 to 127.40/ 128.05 offer good resistance. Traders can go short at 127.40 for a quick turn lower, risk a close over 128.90 for three days in a row.

Dec. Cocoa

Support is at 1583 then 1576 to 1569. Traders should Buy at 1577 for a turn higher, risk a close under 1569 for three days in a row. Below that support is at 1556.

Resistance is at 1606 and 1609 to 1615. A trade over 1615 is friendly for a rally towards

1622 to 1633. Beyond that 1642 to 1652 offers resistance.

*Traders should go long using a 1616 buy stop.

The Lively Livestock

October Cattle

Support is at 5882 then 5855 to 5852 below that Traders can buy at 5807 for a turn higher, risk a close under 5707 for three days in a row. Under that 5747 should bring out a few buyers.

Early Resistance is at 5897. The close over 5880 augurs for a test of 5947 to 5957. Beyond that resistance is at 6002 and 6022 to 6032.

October Hogs Recommended Position Long 3 at 4302 avg., 4327, 4057.
Resistance is at 3837 then 3877 and 3892 above that resistance is at 3962.

Support is 3762 and 3757 below that, traders can buy at 3682, for a turn higher risk a close under 3662 for two days in a row, Below that Support is at 3617.

Dec. Hogs Recommended position Long at 4057

Support is at 3772 to 3757 then 3672 Below that 3592 to 3562 should hold.
Traders should Go long at 3567 and hold for the pull into December..

Resistance is at 3867 and 3912. A close over 3877 is friendly for an eventual test of 3957 and 3972

Feb. Bellies recommended position long at 5500, 5550 and 2 at 4825

Support is at 4430 and 4412. Below that 4332 and 4262 offers good support and should hold.

Resistance is at 4562. An extended trade over or close over is friendly for a test of 4607 and 4712 --From the Frying Pan into the Fire-

The Sensational Stock and Bond Markets

Dec. Bonds Recommended Position Short at 127-07

On The DownSide, Nearby Support is 126-13 and 126-05 to 126-01 / 125-29 below that 125-16 offers good support.

On the Upside: Resistance is at 126-29 then 127-05 , beyond that resistance is at

127-16 to 127-19. Traders can sell short at 127-19 risk a close over 128-08 for two days in a row. Above that resistance is at 127-29 and 128-08 which should cap a rally today.

Sept. SP500

On the DownSide, Support is at 1005 and 1004.60 then 1002.5 and 1000. Below that Support is at 993.70 to 992.10 and 983.70 and 982.10 . Which should hold basis the close. However a close under 982.10 augurs for a test 973.60 to 970.
On the Upside, Resistance is at 1007 and 1009.30 and 1110.80 then 1018.50. a close over 1018.50 indicates another pop towards 1030 to 1036. Where good sellers should show up at. Beyond that resistance is at 1058. Which should cap a rally,

 

The Dow Jones Industrial Average

Support is 7825 7770 to 7760 then 7601 to 7587, below that 7501 to 7486 may hold, basis the close. Under that support is at 7428 to 7414 then 7342 to 7328. Below that 7292 and 7256 should stop a decline for now.

Resistance should first appear at 7901 then 7939 to 7954. Beyond that resistance is near 7987.7 and 8029 to 8044. A close over 8044 is friendly for a test of the 8114 to 8119 region which should cap a rally for now.

Have a Happy

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

Happy Trading

Bill

9-09-1998
6:15 AM

Saturday Sept. 5 1998

09:35 PM

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