Morning Comments
June 10, 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.
"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.
Wed , June 10, 1998
6:10 AM
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 7229 and 7236, day traders should sell at 7236 for a turn lower, risk a trade over 7259. More resistance should appear near 7329.

Sept. Swiss

Nearby support is at 6829 to 6816 and 6809. Day Traders can Buy at 6829 risk 35 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 6879. 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 5631. Under that 5609 to 5602 offers support Day traders should buy at 5629 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 5653 then 5681 and the 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 6836 and 6809. Traders should Buy at 6836 risk a close under 6809 for three days in a row. Resistance is near 6853 then 6872 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 2 at 294.80

Nearby Support is at 293.70 Day traders can buy at 293.70 risk $ 5.00. Below that

Support is at 288.30. Resistance is at 299.7. 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 7520 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 355 and 350. 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 360 then 368 and 370.0

Long Term Friendly

July Silver Recommended Position long at 531 and 525.5

On the Downside: Support is at 522.5 and 520.5. Day Traders can Buy at 522.5 for a turn higher. Risk 5 cents. Below that traders should buy at 492 and hold.

On the Upside resistance is at 541 and 562.

The Exciting Energies

July Crude Recommended Position long at 1511

Early support is at 1348. Resistance is at 1406

July Unleaded Gas

Support is at 4675. Below that support is near 4615.

Resistance is near 4765 and 4875.

July Heating Oil Recommended Position long at 4080 and 3869

Resistance at 3895 and 4000. Support is at 3805 and 3725.

The Grande Grains

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

Support is at 607 1/4 and 6031/2. Resistance is 611 1/4 and then 614 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 151.80 and 150.60 Resistance is at 155.30 then 156.00 and 157.7

July Soybean Oil Recommended Position Long at 2542

Early support is at 2576 and 2545 Day Traders should buy at 2545

Risk a trade under 2510. Resistance is at 2612 and 2625 which should be tested shortly. It appears to me that many of the same traders who bought at near the high 29's are the same ones shorting down here at 2550 ..go figure...

Commodities are a funny thing...

July Corn

Support should appear near 230 1/4. Under that 228.5 offer's support. Resistance is near 232 1/2 then 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 280 1/2 then 284. Support should appear near 274 and 272.

The Satisfying Softs

July Cotton Recommended Position Short at 6940 and 7330.

Support is 7283 and 7205 under that 7235 to 7205 offers support then 7180 to 7105

Resistance is at 7305 and 7335 then 7405,

July Sugar

Support is 752 the 735 and 722 Resistance is 762 and 775.

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

On the DownSide, Early support is at 120.05 to 119.65 then 117.45 to 116.90 and 115.75

On the Upside, Resistance is 122.55 and 123.20 then 124.45 to 125.05

July Cocoa

Support is at 1618/1615 and 1615 below that support is at 1602 and 1568.

Resistance is 1640 to 1642 and 1668.

The Lively Livestock

August Cattle Recommended Position long at 6665

Support is at 6672 and 6632 then 6597. Resistance is at 6722 beyond that resistance is at 6747 and 6822.

July Hogs

Early support is 6217 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 5757. Day Traders should Buy at 5757 for a quick turn higher. Stay tuned. Below that support is at 5592.

On the Upside Resistance is at 5907 and 5917. Beyond that resistance is 6057.

--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 121-30 then 121-23 A close under 121-23 augurs for a pullback towards 121-09. Below 121-23 support lies near 121-16 and 120-09 and 120-00.

Resistance is at 122-10. Day traders should sell at 122-10 for a turn lower. Risk 8 to 10 pts. 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 to 1114.90. Below that, a test of the support at 1109.00 is likely to occur.

On the Upside, Resistance is at 1120.80 and 1124.10 then 1124.90 Day Traders should sell at 1124.90 and risk 400 pts. Beyond that resistance should appear near 11298.40 and 1130.00 Sell at 1130 and Hold. Above that 1136 should Cap a rally.

The Dow Jones Industrial Average

Initial support is at 9044. Below that 9014 to 9104 and 8964 offer support.

Resistance is at 9085 then 9104 and 9140/ 9156.

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

Happy Trading
Bill
Wed, June 10 1998
8:30 AM
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