FuturesCom Investment Publications
Morning Comments
9-14-1998
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Saturday Sept. 12th 1998
5:57 AM
On the Frenzied Forex Front
Dec. Japanese-Yen
Support
is at 7739 and 7689 to 7673, below that 7601 and 7587 should hold. Resistance is at 7763 to 7770 and 7839 to 7864. Above that good sellers should appear at 7902 and 7939 to 7954. Traders should sell short at 7934 for a turn lower, risk a close over 7954 for two days in a row.Dec. D-Mark Recommended Position short at 5815 and 5945 (avg. 5880)
Nearby Resistance
is at 5958 Beyond that good resistance is at 6008 and 6014. Beyond that 6023 to 6035 and 6056 should provide good resistance and cap the rally for a bit.Support is at 5914 to 5908, below that 5888 and 5858 should hold. A close under 5855 augurs for a test of 5808 to 5792.
Dec. Swiss recommended position short at 7242
Resistance
is at 7296 then 7328 to 7342 and 7368Support is at 7256 and 7242, A close under 7242 augurs for a test of the 7170 to 7143 region , below that and 7098 to 7088 offers support.
Trade Accordingly
Sept. British Pound:
Recommended position short at 1.6420Support
is at 1.6550 and 1.6420. Below that support is at 1.6380 and 1.6320 then 1.6200 to 1.6150. Resistance is at is at 1.6730 and 1.6890 to 1.6960 Traders can sell at 1.6890 for a turn lower, risk a close over 1.6960 for three days in a row.Dec. Canadian Dollar
Support
is at 6593 to 6587 then 6577. Resistance is at 6637 and 6645.Precious Metals
Dec. Gold
Recommended Position Long at 293.80Support is at 293.30 and 292.90 Beneath that support is at 290.6 and
289.90
Day Traders can buy at 290.90 for a bounce, risk $ 4.00
Resistance is at 297.30. Beyond that resistance is at 300.60 and 303.60 where good sellers should appear. However close over 300.60 augurs for a test of 310.60 to 312.90 and our eventual target of 314.80 to 318.. if it holds.
Dec. Copper:
Nearby Support
is at 7605 and 7580, below that aggressive traders can buy at 7515 for a turn higher.Resistance is at 7740 and 7790 then 7835 to 7865. Above that resistance is at 7900 and 7940 . Beyond that resistance is near 8120, traders should go short at 8115 and hold for lower prices.
Oct. Platinum
Recommended position long at 372.5 and 379.5Nearby Support is at 365.6 and 363.1 then 359.7
Resistance is at 369.5 and 373 to 375.6 A close over 375 is friendly
for a rally towards 387.5.
Dec. Silver
Recommended Position long at 4 at 521On the DownSide: Support is at 494 and 491.5 Below that 487.8 should hold. Under that Traders can buy at 480 for a good 2 to 3 day bounce. Stay tuned for a stop.
On the Upside. Resistance is at 507.5 and 513.5 then 517.5 to 520.
A close over 507. 5 augurs for a test of 519 to 524. Eventually a test of
547 is not out of the question.
Oct. Crude recommended position long at 1427
Support
is at 1421 and 1415 to 1409. Below that 1383 and the 1377 /1368 regions should hold. Traders can buy at 1383, risk a close under 1346 for three days in a row.Resistance is at 1435 and 1453 to 1459 and 1472.
A close over
1459 augurs for a test of 1484 to 1496
Oct. Unleaded Gas
Support
is at 4236 below that 4163 and 4137 should hold.Resistance is at 4298 then 4336 and 4423 to 4446.
Oct. Heating Oil recommended position long at 3830
Resistance is at
4116 and 4163 to 4180.A close over 4117 is friendly and augurs for a test of 4222 to 4238.Support is at 4022 , day traders can buy at 4022 for a bounce , risk 70 pts. Below that support should appear at 3992 to 3982
The Grande Grains
November Soybeans
Recommended Position Long 540 and 516 1/2Friday's close was above the highs from the previous 10 sessions. Combine
that with a Down Opening within a 4 1/2 cents or so from contract lows and you
get very interesting picture. Early Support is at 527 3/4 and 525 1/4 Day
traders should buy at an early dip to 526 3/4 and plan on a risk of 8 cents.
Below that support is at 520 1/4 then 513 1/2.
Resistance is 537 1/2
and 541 3/4. The close over 527 1/2 augurs for a test of 541.If it holds a test
of 555 1/4 is likely.
Dec. Soybean Meal
Recommended long 143.80 and 138.30Support is at 130.90 and 129.20 where it should hold.
Resistance is at 134.80 and 135.60 then 137.10 and 138.90 Where
good sellers should appear. Trade Accordingly.
Dec. Soybean Oil recommended position long at 2466
Fridays Outside Day Up resulted in the highest close since Mid July.
Support is at 2537 to 2533 then 2519 and 2513 to 2511. Day traders
should buy at 2537, risk 50 pts. Below that 2499 should
hold.
Resistance is at 2552 then 2560 and 2568. An extended trade or
close over 2568 augurs for a test of 2612 to 2620. Where good resistance should
appear.
Dec. Corn
Support
is at 207 1/2 then 204 3/4 Resistance is at 209 3/4, Beyond that resistance is at 214 1/2 to 217 1/2Dec. Wheat
Resistance
is at 259 3/4 to 261 1/2 and 265 3/4. On the DownSide Support is atTrade Accordingly.
The Satisfying Softs
Dec. Cotton
Recommended position long at 7385, 7593 and 7428Support is at 7385 then 7342 to 7328 and 7319. Below that 7260 should
hold basis the close on any real sell-off.
Resistance is 7414 to 7435
and 7486 to 7513 . A close over 7515 augurs for a test of 7600 to 7630. Traders
should add/go long if a close over 7515 occurs.
Oct. Sugar recommended position long at 739
Resistance is at 712 and 724 to 728. A close over 728 is friendly for a test of 735 to 739. Beyond that 753 and 763 to 767 offers resistance.
Dec. Coffee: recommended position long at 111.20
Dec. Cocoa recommended position long at 1616 and 1577.
Suppo
rt is at 1576 and 1569 to 1566 to 1561.The Lively Livestock
October Cattle
Support
is at 6092 then 6057 and 5992.Day traders can buy at 6092 for a bounce . Risk 80 pts. Resistance is at 6182 to 6207 and 6290.October Hogs Recommended Position Long 3 at 4302 avg., 4327,
4057.
Resistance is at 3907 then 3927 and 3977, beyond that 3992
offers resistance.
Support is 3852 , day traders can buy at 3852 and risk 100pts. Below that 3777 should hold.
Dec. Hogs
Recommended position Long at 4057Support is at 3887 and 3867 to 3857, below that 3787 and 3732 offer
good support.
Resistance is at 3927 and 3987, above that resistance
is at 4022 and 4087.
Feb. Bellies
recommended position long at 5500, 5550 and 2 at 4825Support is at 4537, a slip augurs for a test of 4450 Day traders can buy at 4422 for a good bounce. Below that support is at 4382 to 4367 and 4322, under that and 4272 should hold. Resistance is at 4572. An extended trade over 4572 is augurs for a test of 4722. A close over 4722 is friendly for a test of 4837.
--From the Frying Pan into the Fire-
The Sensational Stock and Bond Markets
Dec. Bonds
Recommended Position Short at 127-07 and 127-19On The DownSide, Support is 128-01 and 127-27 A slip under 127-27 augurs for a test of support at 127-16 and 127-01. On the Upside: Resistance is at 129-01 to 129-05. Above that 129-10 offers good resistance as does 129-27 to 130-01.
Dec. SP500
On the DownSide,
Support is at 1021.50 and 1018.50 a slip under 1012.80 augurs for a test of 1012.80. Beneath 1005.00 should hold basis the close. Day traders can Buy at 1005.60 for a good bounce, put your own risk on it. Below that 1000 and 994.50 to 993.70 / 992.10 should stop a decline for now.On the Upside, Resistance is at 1030 to 1033 then 1036.00 to 1037.50 where good sellers should appear. An extended trade over 1037.50 augurs for a test of 1044.80 to 1047. Day traders should sell at 1044.80 for a turn lower. Stay tuned ..Beyond that resistance is at 1049 to 1051.60. Above that 1058 to 1059.10 should Cap a rally for now.
The Dow Jones Industrial Average
Support
is at 7777 and 7763 a slip under augurs for a test of 7689 to 7675 and 7646. Under that support is at 7601 to 7587 where if it's any good a decline should hold basis the close. Resistance should first appear at 7798.9, beyond that resistance is at 7836 to 7864 and 7901 then 7939/ 7944.3 and 7954. Beyond that resistance is 7992 and 8029 to 8044. Beyond that 8052 and 8119 to 8134 should cap a rally. .Traders should 'play' the Stock Markets as porcupines make love -- Carefully !
-A ship in Harbor is Safe.. But that's not what ships are built for-
Happy Trading
Bill
9-12-1998 8:31 AM
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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.