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September 24th 1998
Thursday September 24th 1998
5:55 AM
On the Frenzied Forex Front
Dec. Japanese-Yen recommended position long at 7489
Resistance is at 7414 to 7428 and 7493 to 7513. Above that resistance is at 7587 to 7601 then 7675 to 7685. Traders can short at 7685 for a turn
Dec. D-Mark Recommended position short at 5815 and 5945
Resistance
is at 5945 to 5957 then 5975. Above that 5991 and 6023 should cap a rally.Nearby Support is at 5925 then 5912. A close under 5925 augurs for a test of 5891 to 5880 and 5855.
Dec. Swiss
Nearby Resistance
is at 7256 and 7282. Beyond that good sellers should appear at 7292 /7295 and 7328 to 7342.Support is at 7218 then 7206 to 7195. A close under 7206 augurs for another test of the 7170 to 7143 region.
Trade Accordingly
Dec. British Pound
recommended position short at 1.6680Resistance is at 1.6802 then 1.6842 and 1.6876 to 1.6890 and
1.6960.
Traders can sell at 1.6890 for a turn lower, risk a close over 1.6962
for
three days in a row.
Dec. Canadian Dollar recommended Position short at 6609
Support
is at 6588 and 6564. Below that Support is at 6509 to 6483 traders can go long at 6509 for a turn higher, risk a close under 6480 for three days in a row. Below that 6467 and 6430 to 6417 offer support.Resistance is at 6609 and 6664 Beyond that resistance is at 6741 to 6755.
Precious Metals
Dec. Gold
Recommended Position Long 293.80Support is at 291 and 288. Beneath that support is at 286 and 284
Traders can buy at 284. Initially plan to risk a close under 282 for three days in a row.
Resistance is at 294.8 then 296.1 A close over 294 augurs for a test of 297.90 to 299.00 Traders should go long/ add if a close over 294.00 occurs.
Dec. Copper: recommended position long at 7515 and 7405
Nearby Support
is at 7395 to 7385. Below that support is at 7240. A close under 7240 augurs for a test the 7175 to 7143 region where traders can buy at 7175, risk a close under 7070 for three days in a row.Early Resistance is at 7595 to 7605. Beyond that good resistance is at 7655. A close over 7655 indicates a trade higher towards resistance at 7770 /7795 and 7835.
Oct. Platinum
Recommended position long at 372.5 and 379.5Nearby Support is at 351. Below that support is at 347 to 341 where
it should hold.
Resistance is at 357.5 and 361.5 to 363.
Dec. Silver
Recommended Position long at 4 at 521On the DownSide: Support is at 494 and 485. Below that 478.5 should hold.
Traders can buy at 478.5 for a good 2 to 3 day bounce. Stay tuned for a
protective stop.
On the Upside. Nearby Resistance is at 513 and 524
Be
long
The Exciting Energies
Nov. Crude recommended position short at 1609
Early Support
is at 1563 to 1560 and 1548. Below that 1541 should hold.Resistance is at 1576 and 1585 then 1598 to 1610.
Nov. Unleaded Gas recommended position long at 4513
Nearby Support
is at 4561 then 4535. Below that support is at 4480 and 4446 to 4418. A failure there on the close augurs for a test of the 4380 to 4370 then 4315 to 4304 where a break may stop. Traders can buy at 4315, risk a close under 4163 for three days in a row.Resistance is at 4565 and 4620 then 4735
Nov. Heating Oil recommended position long at 4258
Early Resistance
is at 4365 to 4387. Beyond that resistance is the 4419 to 4446Nearby Support is at 4311 then 4267 to 4249 and 4225. Below that support is at 4187 to 4163,
The Grande Grains
November Soybeans
Support
is at 522 3/4 then 519 to 515 1/4. Traders can buy at 517 1/2 for a 2-day bounce, Risk 8 cents.Resistance is at 529 1/2 and 533
Dec. Soybean Meal
Recommended long 143.80 and 138.30Support is near 130.1 and 1245,
Resistance is at 132.1 to 133.6. A close over 133.60 augurs for a
test of
136.6 and 138, where good sellers should appear.
Trade
Accordingly.
Dec. Soybean Oil recommended position long at 2530
Nearby Support
is at 2519 and 2511 region. Then 2498 and 2469.Resistance is at 2537 to 2540. a close over 2540 augurs for a test of 2592. Beyond that resistance is at 2612 to 2620 and 2630.
Dec. Corn
Support
is at 203 to 201 1/2. a close under 201 1/2 augurs for a test of 197 1/2Resistance is at 207 1/2. A close indicates at test of 209 and 211
1/2 to 213 3/4.
Dec. Wheat recommended position long at 267 3/4
Resistance
is at 274 1/2 and 277 to 280 1/4Support is at 272 3/4 and 268. Below that Traders can buy at 262, risk a close under 255 for three days in a row.
The Satisfying Softs
Dec. Cotton
Early Support
is at 7587 to 7565 then 7539 and 7513 to 7487.Oct. Sugar
Support
is at 704 and 691 to 686 /682.Resistance is at 712 to 714 then 718 Beyond that good sellers should
appear at 735 to 739.
Dec. Coffee:
Recommended Position Long at 111.20On the downside,
Early support is at 102.55 and 101.50 Below that support is at 100.95 then 9935/ 9920. A close Under 9880 augurs for a test of 9835 to 9820, Below that 9735 to 97.05 should hold.On the Upside, Early Resistance is at 103.20 to 103.60 and 104.05. A
close over 103.60 augurs for test of 105.80 to 106.50/
106.80
Dec. Cocoa
Suppo
rt is at 1525 and 1509 to 1493Resistance is at 1535 to 1539 and 1543 to 1547. Beyond that 1569 to 1576 offers resistance. A close over 1576 augurs for a test of 1609 to 1615
Trade Accordingly.
The Lively Livestock
October Cattle
Support
is at support is at 6072 to 6067. Below that 6035 to 6022 should hold, traders can buy at 6037 for a bounce risk 100 pts.Resistance is at 6122 and 6162 then 6222.
October Hogs
Resistance is at 4192 to 4202. A close over 4202
augurs for a pop to 4272.
Support is 4150 then 4122 to 4112. Below that 4092 and 4007 to 3997 should hold.
Dec. Hogs
Support
is at 3987, under that support is at 3927 to 3917. Traders should buy at 3927 for a turn higher, risk a close under 3907 for three days in a row.Resistance is at 4022 then 4057. A close over 4057 is friendly for a pop to
4122 and beyond..
Feb. Bellies:
Recommended position long at 5500, 5550, 2 at 4825 and 4665Nearby Support is at 4752 then 4717 to 4695, below that 4602. should
hold.
Traders should buy at 4592 for a two day bounce, Risk a close under
4502.
Resistance is at 4782. A close over 4782 is friendly for a test of 4902 to 4927.
A close over 4927 augurs for a thrust towards 5042 then 5152 and 5202 to
5222.
Stay tuned for Updates,
--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, Nearby Support is 129-14 then 129-09/ 129-08 and 128-30.
Below that 128-13 to 128-09 offer support.
A close under 129-14/ 129-08
is negative and augurs for an eventual slip to the 127-10 region. On the
Upside: Resistance is at 130-01 to 130-09 which should cap a rally for a
bit. Day Traders can sell short at 130-05, risk 15 pts.
Dec. SP500 Recommended position short at 1068 and 1076.
On the DownSide,
Support is at 1075.40 to 1072 then 1070.20, a slip 1070.20 augurs for a test of 1068, below that Support is at 1063 then 1058 to 1054.20 to 1051.The Dow Jones Industrial Average
Support
is 8134 to 8119. 8095, below that support should appear at 8047Resistance should first appear at 8194 to 8223 region which should cap a rally for now. Beyond that resistance is at 8285.
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Thursday Sept. 24 1998
07:10 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.