Morning Comments
June 9, 1998
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.
"A loss never bothers me after I take it. I forget it overnight. But being wrong -- not taking the loss- that is what does the damage to the pocket book and to the soul." - Jesse livermore-
Monday, June 08, 1998
7:18 PM
On the Frenzied Forex Front
Sept. J-Yen

Sept. Yen should find some support at 7170 and 7143 offers support. Under that 7122 should bring out a few buyers for the Yen.. Traders should Go long for a go long or a good 2 day bounce at 7112. Risk a close under 7074 for two days in a row. Resistance should appear at 7256 and 7270, day traders should sell at 7256 for a turn lower, risk a trade over 7298. More resistance should appear near 7328.

Sept. Swiss

Nearby support is at 6825 to 6823 and 6809. Day Traders can Buy at 6809 risk 15 pts. As a failure there indicates at slip to support at 6775. Under that Traders should go long at 6755. Initially risk a close under 6740 for two days in a row. Below that 6673 offer support. Position traders should buy for the ‘Pull’ at 6673 risk a close under 6590 for three days in a row.

Resistance is near 6836 and 6875. Day traders can sell at 6875 for a quick turn lower, risk 20 pts. Beyond that resistance is near 6937. Above that resistance is at 6965 and 6990 to 7003 then 7074 to 7088. Traders should Sell short at 7074, and risk a close over 7091 for three days in a row.

Trade Accordingly
Sept. British Pound:

Support is at 1.6194 and 1.6150 to 1.6090. Traders should Go long at 1.6150 risk a close under 1.6090. For two days in a row. Resistance is at 1.6294 and 1.6380 to 1.6420. A close over 1.6382 augurs for a test of 1.6420 to 1.6550. Traders should sell short at 1.6550, risk a close over 1.6620 for two days in a row.

Sept. D-Mark

Early support is at 5640. Under that 5627 to 5609 offers support Day traders should buy at 5627 for a good bounce, risk 30 pts. Below that Traders should go long at 5577 for a turn higher, risk a close under 5549 for two days in a row.

Resistance is at 5677 then 5709 to 5727 region. Day Traders can short at 5721, risk 20 pts. Above that Resistance is near 5771 and 5792 to 5805. Traders should sell at 5760, Risk a close over 5806 for two days in a row. More Resistance is near 5855 and 5880. Go short at 5855, risk a close under 5880 for two days in a row.

Sept. Canadian Dollar

Support is at 6850. Under that traders should Buy at 6836 risk a close under 6809 for three days in a row. Resistance is near 6894 and 6900 to 6909. A close over 6909 augurs for a test of 6940 and 6990. Traders should sell at 6990 risk a close over 7005 for two days in a row.

Trade Accordingly

Precious Metals
August Gold Recommended Position Long at 291.20 and 295.60

Nearby Support is at 293.70 Day traders can buy at 293.70 risk $ 3.00. Below that Support is at 288.30. Resistance is at 299 and 301.0 Beyond that resistance is at 303.00 to 303.60, a close over 304. Indicates a likely test of 309.70 to 312

*Add to longs on a close over 304

Trade Accordingly.

July Copper: Recommended Position Long at 7780

Support is at 7540 and 7460. Resistance is at 7655. Above that resistance is at 7760 and 7860 Trade Accordingly.

July Platinum Recommended Position Long at 358

Support is near 360.3 and 356 Day Traders can Buy at 360.5 risk $6.00. Additional support is near 348, buy at 349, risk a close under 331 for two days in a row on all positions. Nearby Resistance is at 368 and 370.0

Long Term Friendly

July Silver Recommended Position long at 544 and 525.5

On the Downside: Support is at 528.5 and 519.5. Day Traders can Buy at 528.5 for a turn higher. Risk 5 cents. Below that traders should buy at 492 and hold.

On the Upside resistance is at 559 to 563.

The Exciting Energies

July Crude Recommended Position long at 1511

Early support is at 1431 and 1425. Resistance is at 1450 to 1460 and 1475.

July Unleaded Gas

Support is at 4760 and 4720. Below that support is near 4690.

Resistance is near 4885 and 4915.

July Heating Oil Recommended Position long at 4080 and 3869

Resistance at 3955 and 4020. Support is at 3820 and 3750.

The Grande Grains

July Soybeans Recommended Position Long at 640, 639,645 and 617 3/4(3)

Support is at 611 and 6061/2. Resistance is 613 1/2 and then 618 3/4,

August Beans Recommended Position Long at 632 and 608 Hold

Spread Long August Short Nov. at 24 cents over Hold

July Soybean Meal

Support is 153.70 and it should contain the break. Resistance is at 154.20 then 156.00 and 157.7

July Soybean Oil Recommended Position Long at 2542

Early support is at 2542 Day Traders should buy at 2542 Risk a trade under 2513.

Resistance is at 2568 and 2577. Beyond that a trade to 2612 is likely.

July Corn

Support should appear near 230 1/4. Under that 229 offer's support. Resistance is near 233 1/2 and 234 1/4. Beyond that a trade to 238 1/4 is likely.

July Wheat

Resistance is at 279 1/4 and 282 1/2. Support should appear near 273 3/4 and 272 1/4

The Satisfying Softs

July Cotton Recommended Position Short at 6940 and 7330. Traders should plan on a Stop Close over 7513 Today .

Support is 7501 and 7475, below that 7375 offers support.

Resistance is at 7575 and 7620 to 7655.

July Sugar Recommended position Long at 823.

Traders should Risk a close under 759 today Only.

Support is 776 and 759 Day Traders should Buy at 764 for a turn higher , risk 20 pts.

Resistance is 799 to 802 then 814 to 823.

July, the Monster, Coffee: Recommended Position Long at 143.60 and 129.45

On the DownSide, Early support is at 119.80. to 119.20 then 117.45 to 116.90.

On the Upside, Resistance is 120.45 and 122.45 to 123.20

July Cocoa

Support is at 1574 and 1565 below that support is at 1548.

Resistance is 1605 and 1615.

The Lively Livestock

August Cattle Recommended Position long at 6665

Support is at 6562 and 6535 to 6520. Resistance is at 6595 and 6612 beyond that resistance is at 6670.

July Hogs

Early support is 6237 under that 6147 offers some support.

Resistance is at 6267 and 6292 beyond that 6367.

Recommended Spread Long Oct. Short July Hogs at 870 Hold.

July Bellies

On the DownSide Early support is near 6112. Day Traders should Buy at 6112 for a quick turn higher. Stay tuned. Below that support is at 6052 then 5937 and 5887.

On the Upside Resistance is at 6202 and 6225. Beyond that resistance is 6352. Above that 6412 offers resistance.

--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

June 30 Yr. Bonds Recommended Position Short at 119-30,119-29 and 121-19

Sept. Bonds

Support is 121-22 A close under 121-23 augurs for a pullback towards 121-09. Below that support lies near 120-09 and 120-00.

Resistance is at 122-00 to 122-09. Day traders should sell at 122-07 for a turn lower. Risk 8 to 10 pts. As more resistance should appear near 122-11 beyond that

123-08 offers resistance.

June SP500 Recommended Position Short at 1078.30 and 1115.50

On the DownSide, Support is at 1115.50 and 1112.10 . Below that, a test of the support at 1108.90 is likely to occur.

On the Upside, Resistance is at 1120.80 and 1124.90. Day Traders should sell at 1124.90 and risk 400 pts. Beyond that resistance should appear near 1130.00 Sell at 1130 and Hold. Above that 1136 should Cap a rally.

The Dow Jones Industrial Average

Initial support is at 9060 to 9044. Below that 9034 and 8964 offer support.

Resistance is at 9083 then 9104 and 9140 / 9156.

This Newsletter is Dedicated to Risk. Without Risk there is no Reward .

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