Morning Comments
June 11, 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
7:01 PM
On the Frenzied Forex Front
Sept. J-Yen

Sept. Yen should find some support at 7143 and 7136t. Under that 7112 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 7170 and 7208, day traders should sell at 7208 for a turn lower, risk a trade over 7249. More resistance should appear near 7314.

Sept. Swiss

Nearby support is at 6782. Day Traders can Buy at 6782. 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 6799 and 6809 to 6832 beyond that Day traders can sell at 6882 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.

A close over 6799 is friendly.

Trade Accordingly
Sept. British Pound:

Support is at 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 1.6276 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 5584. 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 5603 then 5634 and the 5641 to 5653 region. Above that Resistance is near 5684. Way up there 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.

A clsoe over 5603 is friendly

Sept. Canadian Dollar Recommended Position long at 6836

Support is at 6809 /6807. Resistance is near 6843 then 6857 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 294.30 Day traders can buy at 293.70 risk $ 5.00. Below that

Support is at 292 and 288 Resistance is at 298.2. 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 7665 and 7465. Resistance is at 7830. Above that resistance is at 7865 and 8065 Trade Accordingly.

July Platinum Recommended Position Long at 358

Support is near 353 and 351. 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 358 then 361 and 371.0

Long Term Friendly

A close over 361.5 is friendly.

July Silver

On the Downside: Support is at 526 and 519 under that 514 should hold.

Day Traders can Buy at 526 for a turn higher. Risk 4 cents. Below that traders should buy at 492 and hold. On the Upside resistance is at 536 and 542.

Over that and 562 should trade..

Still friendly.

The Exciting Energies

July Crude Recommended Position long at 1511

Early support is at 1329. Resistance is at 1345 beyond that 1379 offer resistance.

July Unleaded Gas

Support is at 4502. Below that support is near 4480.

Resistance is near 4617 and 4730.

July Heating Oil Recommended Position long at 4080 and 3869

Resistance at 3945 and 4000. Support is at 3862 to 3845 and 3695.

The Grande Grains

July Soybeans Recommended Position Long at 640, 639,645, 617 3/4(3) and 613 1/2 (6)

Support is at 609 1/4 and 607 1/2. Resistance is 614 3/4 and 621..

August Beans Recommended Position Long at 632, 608 and 601 (2) Hold

Spread Long August Short Nov. at 24 cents over Hold

July Soybean Meal

Support is 151.40 and 150.60 Resistance is at 153.30 then 154.00 and 158.

A close over 153.30 is friendly

July Soybean Oil

Early support is at 2612 and 2599 Below that 2568. Day Traders should buy at 2569

Risk a trade under 2535. Resistance is at 2649 and 2663 which should be tested shortly.

July Corn

Support should appear near 228.5 and 227 3/4. Resistance is near 232 1/2 then

233 1/2. Beyond that a trade to 237 1/4 is likely.

A close over 233 is friendly.

July Wheat

Resistance is at 2801/4 and 283 1/2 then 286. Support should appear near 274 and 271 1/2.

The Satisfying Softs

July Cotton Recommended Position Short at 6940 and 7330.

Support is 7190 under 7140 and 7105. Resistance is at 7240 then 7290 and 7340.

July Sugar

Support is 725 and 722 Resistance is 745 to 749 and 765.

A close over 749 is friendly.

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

On the DownSide, Early support is at 121.20 and 120.15 to 119.45 then 117.45 to 116.90 and 115.75

On the Upside, Resistance is 122.65 and 123.20 then 124.45 to 125.15

July Cocoa

Support is at 1609 then 1604 below that support is at 1572 and 1556.

Resistance is 1622 to 1633 and 1668 to 1672

The Lively Livestock

August Cattle Recommended Position long at 6665

Support is at 6667 and 6647 then 6602. Resistance is at 6682 beyond that resistance is at 6712 and 6752. Beyond that 6817 should trade.

July Hogs

Early support is 6197 under that 6147 offers some support.

Resistance is at 6247 and 6292 beyond that 6367.

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

July Bellies Recommended Position Long at 5970

On the DownSide Early support is near 6035 to 6022. Below that support is at 5912

Day Traders should Buy at 5917 and put your own risk on it about 150 pts to avoid the noise. Below that 5880 to 5855 should contain a break.

On the Upside Resistance is at 6062 above that resistance is 6102 to 6112 beyond that 6207 should trade.

Recommended Spread Long July Short August at 225 July over Aug. Hold.

--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 122-13 to 122-11 then 121-27 A close under 122-13 augurs for a pullback towards 121-11. Resistance is at 123-11 beyond that 124-06 offers resistance. Sell at 124-06 and hold.

SP500 Analysis will roll to Sep shortly
June SP500 Recommended Position Short at 1078.30 and 1115.50

On the DownSide, Support is at 1109.30 below that 1104.40 and 1101 offer support

Under that 1098.50 should hold today. If not 1096 is likely below that support lies at 1092.

On the Upside, Resistance is at 1115.50 to 1116.80 and 1120.80 to 1121.90 beyond that resistance should appear at 1124.90. Beyond that resistance should appear near 1129.40 and 1130.00 Sell at 1130 and Hold. Above that 1136 should Cap a rally.

The Dow Jones Industrial Average

Initial support is at 8964 and 8934, below that 8928 offers support. Below that 8899 to 8892 and 8871 to 8856. below that a test of 8814 to 8807 is likely.

A close under 8798 is negative and augurs for a pullback towards 8777. A close under 8762 indicates a test of 8703 and 8683 to 8668 is likely. Below that 8539 should hold, if not a slip towards 8262 is likely.

Resistance initially should appear at 9044 and 9060. Above that resistance is at 9083 and 9104. Beyond that 9140 to 9156 should bring out some sellers.

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