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Morning Comments
June 16, 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.

Tue, June 16, 1998
07:11 AM e.s.t.
Well last eve was interesting to say the least...

On the Frenzied Forex Front
Sept. J-Yen

Support is 6998 and 6983, below that some buyers should appear near 6954 to 6949. A close under 6954 augurs for a slip to 6919 to 6906. A close under 6906 indicates a test of 6836. Traders can buy at 6836 for a bounce only, risk 40 pts.

Nearby Resistance is at 7015 then 7049 and 7068 to 7088. Beyond that beyond that resistance is at 7094 to 7112. A close over 7068 is friendly, a close over 7088 indicates a test 7143 and 7197. Traders should sell short at 7170 , risk a close over 7207. Beyond that resistance is a t 7328 to 7342. Sell at 7328, risk a close over 7345 for three days in a row.

Traders should be prepared for a eventual rally to the 7328 to 7344 region..

Sept. Swiss Recommended Position Long at 2 at 6695

Nearby support is at 6704 , below that support is at 6692 to 6687. A slip under augurs for a test of 6673. Resistance is near 6741 and 6756. A close over 6756 is friendly for a test of the 6789 / 6794 to 6809 region. A close over 6809

indicates a test of 6836.Beyond that resistance is near 6890. Traders can exit longs / go short at 6890. Initially Risk a close over 6919 for two days in a row.

Traders should Go long / Add on a close over 6756.

Trade Accordingly
Sept. British Pound:

Support is at 1.6230 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 and 1.6360. However a close over 163.16. augurs for a test of 1.6420. Beyond that a rally to the 1.6550 166.10 region is likely. Traders should sell short at 1.6550, risk a close over 1.6610, risk a close over 167.36 for two days in a row.

Traders should Go long on a close over 163.16 stay tune if it is much higher than that.

Sept. D-Mark Recommended Position long 5577.

Early support is at 5555. Below that support is at 5541. More support is near the 5504 region with good support at under that 5490 to 5480 which should contain a break.

If not a slip to 5461 is likely.

Resistance is at 5594. However close over 5577 is friendly for an eventualy rise to 5615. Beyond that sellers should raise their heads near the 5641 to 5643 region. Beyond that at test of 5688 is likely,

Traders should go short at 5688 for a turn lower. Risk a close over 5729 for two days in a row.

* A close over 5577 is friendly , traders should add or go long on a close over 5577.

Sept. Canadian Dollar Recommended Position long at 6836

Early Support remains at 6781 with more at 6755 and 6741. Again we think the Canadian Dollar has suffered enough at this point a good short covering rally is over due. Resistance is near 6820 and 6836. A close over 6820 is friendly and inddicateds a test of 6863 to 6865. A close over 6865 augurs for a thrust towards 6906 to 6914 where traders should sell at 6906 , risk a close over 6922 for three days in a row.

Go long or Add on a close over 6820.

Trade Accordingly.

Precious Metals
August Gold Recommended Position Long at 2 at 294.80

Nearby Support is at 285.8 282 to 282.6, below that buyers can be found at 275.5 to

276.5. Resistance is at 288.5 and 293.6 to 295. A close over 295 augurs for a test of

Beyond that resistance is at 299. A clsoe over 299 id bullsih a augurs for a rally to 310.

In the short term a close over 288.5 is friendly. Traders should add or go long on a close over 288.5 the initial target would be 295.

July Copper: Recommended Position Long at 7780

Support is at 7280 and should hold. Nearby Resistance is at 7625 and 7680. Above that resistance is at 7805 and 7880 to 7950.

Trade Accordingly,

July Platinum Recommended Position Long at 358 and 349. Traders should risk a three days close under 331 on all positions.

Early Support is near 346.5 and 343.below that 338.7 and 331 should hold.

Resistance is at 350.5 and 352.5. A close over 350.5 augurs for a test of 355 and 358.

Beyond that a rally to 362.5 and 374 is likely to occur. Beyond that 377 offers good

resistance. Traders should Go Short at 377 , risk a Close over 383 for two days in a row.

Long Term Friendly

July Silver

On the Downside: Support is at 503.5 and 499.0 Below that traders can buy at 493 and hold. On the Upside early resistance is at 517.5 to 520. A close over 520 augurs for a test of 532.5 and 538. A close over 536 augurs for a test of the 557 to 563 region.

Trade Accordingly.

The Exciting Energies
August Crude Recommended Position Long at 1304 (2)

August Crude has support at 1280 and 1256. Resistance is at 1332 and 1353. A close over 1332 indicates a test of the 1419.

August Unleaded Gas Recommended Position Long at 4717

Support is at 4570 and 4465. Nearby Resistance is at 4665 and 4710. A close over 4660 augurs for a test of 4860 . A close over 4927 is bullish for a test of the 5085 /5125 region.

*Traders should go long on a close over 4927

July Heating Oil Recommended Position long at 3869 Hold

August Heating Oil

Resistance at 3850 and 3945 Above that 4077 to 4137 offers resistance.

Beyond that a test of 4400 is likely. Traders should Go Short at 4400 for a quick turn lower, risk a close over 4447 for three days in a row.

On the Downside Support is at 3740. Traders should Buy at 3745 and hold.

Below that 3730 and 3660 should contain the break.

* Traders should go long using a 3957 Buy stop.

The Grande Grains

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

Support is at 608 3/4 and 605 1/2. Below that 603 1/2 to 601 then 591 to 587 offers support. Nearby resistance is at 615 3/4 and 617 1/2 to 619 1/2. Above that 622 3/4 offers resistance but a test of the 625 to 628 region is more likely.

Beyond that 629 3/4 and 633 1/2 to 636 3/4 offer resistance.

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

Spread Long August Short Nov. at 24 cents over Hold

August Soybean Meal

Support is 149.30 and 145.90 offer support. Resistance is at 154.90, a close over augurs for a test of 157.30 and 161.

Trade Accordingly.

August Soybean Oil Recommended Position long at 2568

support should appear at 2519 to 2511 and the 2469 to 2461 region .

Traders should Buy at 2469 and Hold. Resistance is at 2609/ 2612 to 2620 .

Dec Corn Recommended Position long at 243 1/2

Support should appear near 238 3/4 below that 232 should hold.

Resistance is near 245 and 248 3/4 and

Sep Wheat

Resistance is at 288 then 293 3/4 and 296 3/4. On the Downside Support is at 284 . Below that some support should appear at 280 1/2 Traders under that traders can go long at 277 1/2 for a turn higher risk a close under 272 1/2 for three days in a row.

Trade Accordingly

The Satisfying Softs

Dec Cotton

Nearby Support next week is at 7525 and 7502 traders can buy at 7502 for a turn higher and hold for higher prices. Below that support is at 7430 then 7350 and 7205. Resistance is at 7642. Beyond that a test of the highs near 7720 is likely, above that resistance is at 7777 and 8050.

Trade Accordingly

Oct Sugar Recommended Position long at 755

Support is 770 and 763, Below that 756 and 747 should hold, a slip under that augurs for a test of the 739 to 726 region which should contain the break for the near term.

resistance near the 791 to 795 region with a likely test of 810 above that.

Beyond that 838 offers resistance as does the 847 to 852 region. Beyond that traders can go short for a turn lower at 877, risk a close over 882 for three days in a row.

Sept Coffee: Recommended Position Long at 121.95 and 120.30

On the DownSide, Early support is at 120.15 Below that support is at 119.20 and 117.90 and 116.90 to 116.40 On the Upside, Resistance is at 121.70 then 123.30 to 123.80 and 125.45 to 125.65. Beyond that a test of the 126.80 / 127.4 region is likely to occur. In addition a close olver 125.70 augurs for a rally to 131.75.

Sept Cocoa Recommended Position long at 1635

Support is at 1627 and 1615 to 1609. A close under 1609 indicates a slip towards support at 1577 where traders can Buy for a turn higher , risk a close under 1569 for two days in a row. Resistance is at 1655. A close over 1655 is friendly fopr a test of 1677 then 1689 to 1696 . traders should go short at 1696 for a turn lower, risk a close over 1738 for two days in a row.

The Lively Livestock

August Cattle Recommended Position long at 6665

Initial Support is at 6587 below that 6537 to 6507 should hold. Below that 6432 offers support. Resistance is at 6607 then 6652 and 6687. A close over 6607 augurs for a test of 6687. Beyond that good resistance is at 6757.

*Traders should go long or add on a close over 6687.

Long term Friendly

July Hogs

Nearby Support is 6170 and under that 6122. Resistance is at 6277 and 6307 beyond that resistance is at 6370. Traders can go short at 6367 for a quick turn lower , risk a close over 6432 for three day in a row.

Recommended Spread Long Oct. Short July Hogs at 870 Hold.
July Bellies Recommended Position Long at 6117 (2)

On the DownSide Support should be appear near 6067 and 6035 to 6022. Under that 5917offers support. Below that the 5887 to 5855 region should contain a break

On the Upside Resistance is at 6217 and 6257 to 6270. A extended trade or close over 6217 augurs for a test of 6337 then 6367

Recommended Spread Long 5 July Short 5 August at 225 July over Aug. Hold.

--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets
Sept. Bonds

On The Downside, Nearby Support is 123-20 and 123-14 / 123-13 and 123-09 /123-05. Below that 122-20 and 122-14 offers good support. A close under 123-20 is negative. On the Upside: Resistance is at 123-27 and 124-14. Above that resistance is at 125-13 to 125-14 which should cap the current rally.

Sept. SP500 recommended position short at 1097

On the DownSide, Support is at 1092.30 and 1090.20 Under that a slip to 1082 is likely. Below that support lies at 1076.30 and 1068 to the 1060 /1058 region.

A slip under 1058 or close under 1058 indicates a test of 1052.50 . traders can go long at 1052.50 and hold for higher prices. Under that support is at 1042.20. which should contain a decline for the moment.

On the Upside, Resistance is at resistance is at 1096 to 1098.5. Above that 1101 and 1108 offer good resistance . Beyond that a trade to 1115.50 and 1122.70 and 1123.80 may occur and where good resistance can be found. Traders should go short at 1123.80 for a quick turn lower. Stay tuned for the stop Beyond that sellers should appear at 1130 then 1132.20 and 1133. Above that 1136 1138.80 offers good resistance. Sell at 1136 and hold for lower prices. Beyond that resistance is at 1150 and 1151.70 with 1158.80 above that. If a sharp advance takes place 1164 to 1169 should Cap a Rally.

Sell Short at 1164 and Hold.

The Dow Jones Industrial Average

Initial support is at 8589 and 8650 Below that 8539 should hold, if not a slip towards 8262 is likely. Resistance should first appear at 8686 and 8760 to 8777 above that 8840 and 8856 to 8871 and 8892, above that good resistance is now at 8904 to 8910.2 and 8934 to 8964. Above that sellers should raise their heads at 8993 and 9004. Beyond that 9044 to 9060 offers good resistance as does 9100 and 9140 to 9156 whichshould contain a rising mkt.

If not a touch of 9236 to 9247 is likely.

These Days one should play the Stock Market like Porcupines make Love,

very carefully..