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Morning Comments July 2nd 1998

 

Wed July 1, 1998

7:57 PM

On the Frenzied Forex Front

Sept. J-Yen

Support is 7281 and 7256 to 7242 below that 7174, Day traders can buy at 7256 for a bounce only, risk 40 pts.

Resistance is at 7328 to 7342. A close over 7342 indicates a test of 7381 and 7412 above that resistance is 7513 and 7665. Traders can go short at 7675, risk a close over 7690 for three days in a row.

Sept. Swiss Recommended Position Long at 6695, 6755 and 6628

Support is at 6591 to 6577, below that support is at 6537. A dip to the 6509/ 6483 region should contain a break.

Resistance is at 6626 and 6640. Above that resistance is 6659 to 6673 A close over 6626 is friendly for a test of the 6690 region. Beyond that resistance is near 6741 and 6809.

Sept. British Pound:

Support is at 1.6420 Traders should Go long at 1.6420 risk a close under 1.6290. For two days in a row. Below that support is at 1.6150 to 1.6090. Buy at 1.6090 for a bounce, risk 100 pts.

Resistance is at and 1.6616 and 1.6686. A close over 1.6550 augurs for a test of 1.6726. Beyond that a rally to the 1.6960 region is likely. Traders should sell short at 1.6960, risk a close over 1.7140 two days in a row.

*Traders should Go long on a close over 1.6720

Sept. D-Mark Recommended Position long at 5593

Early support is at 5504 /5495. Below that Traders can buy at 5490 for a turn higher. Risk a close under 5470. Below that support is at 5430 to 5418. Day traders can buy at 5430 for a bounce, risk 20 pts.

Resistance is at 5553 to 5577. Beyond that sellers should raise their heads near the 5595 and 5625. However a trade or close over 5632 augurs for a test of 5653 beyond that a rally to 5688 is likely, Traders should go short at 5688 for a turn lower. Risk a close over 5729 for two days in a row.

Sept. Canadian Dollar Recommended Position long at 6836,6856 and 6847

Support 6836 and 6822. Below that support at 6809 should hold today.

Resistance is at 6872. A close over 6872 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.

Trade Accordingly.

Precious Metals

August Gold Recommended Position Long at 298.10

Nearby Support is at 296.70 and 294.5

Below that Traders should buy at 293.10 and hold.

Resistance is at 299.10 and 303.60. A close over 299.10 augurs for a test of 301 to 303.80 and most likely to 307 region

Be patient

Sept. Copper: Recommended position Long at 7480

Support is at 7105 A close under indicates a test of 7015 to 6990. Traders can buy at 7015 for a turn higher, risk a close under 6990 or two days in a row.

Resistance is at 7330 and 7430. Above that resistance is at 7550 and 7615.

Beyond that 7770 and 7820 offer good resistance. Trade Accordingly,

Oct. Platinum Recommended position Long at 358

Support is near 365 and 361 to 358

Resistance is at 374. Beyond that 377 offers good resistance. Traders should exit/ Go Short at 377, risk a Close over 383 for two days in a row.

Long Term Friendly

Sept. Silver

On the Downside: Support is at 534.5 and 521.5 Day Traders can buy at 534.5 risk 5 cents below that Traders can buy at 521 and hold. On the Upside. Resistance is at 556.5 and 574.5.

Trade Accordingly.

The Exciting Energies

August Crude Recommended Position long at 1425 and 1397

Support is at 1421 and 1417, day traders should go long at 1417 and risk 30 pts.

Below that support is 1392. Under that 1377 should hold. A slip under augurs for test of 1310. Traders should buy at 1310 for a bounce, risk 20 pts.

Resistance is at 1442. Beyond that another thrust towards 1467 and 1484 is likely.

August Unleaded Gas Recommended Position Long at 4635 and 4742

Support is at 4748 and 4725. Below that support is 4690 and 4582. Below that support is near 4535 and 4450.

Resistance is at 4852 and 4915 to 4948.

August Heating Oil Recommended Position long at 3910

Resistance at 3982 and 4105. Above that 4170 offers resistance.

On the Downside Support is at 3905, more should appear at 3858 and 3735.

The Grande Grains

August Soybeans Recommended Position long at 601,615,646 3/4

Support is at 627 and 624 3/4. Day traders should buy support at 619 3/4, risk 6 cents

Below that support should appear near the 605 region.

Resistance is at 633 3/4, Beyond that resistance is at 636 and 647

A close over 647 augurs for a test of 652.

Trade accordingly.

Spread Long August Short Nov. at 24 cents over Hold

August Soybean Meal Recommended Position Long at 166.10

Support is 163.60 and 159

Resistance is at 167.0 and 168.90 Beyond that resistance is at 170.0 and 175.0

August Soybean Oil Recommended Position Long at 2594

Support is 2552 and the 2516 to 2501 region. Below that Traders should Buy at 2469 and Hold. Resistance begins at 2568. Beyond that resistance is 2605

A close over 2568 augurs for a test of 2612

Dec. Corn Recommended Position long at 258 1/2 and 257 1/2

Support is at 248 and 245. Below that Day Traders can buy at

243 for a bounce. Resistance is at 253 3/4 and 255 1/2. Beyond that resistance is at 258 3/4

Sept. Wheat Recommended Position Long at 290 3/4

Resistance is at 286 and 292 3/4. Above that a trade to 297/299 is likely to occur.

On the Downside Support is at 280 3/4 then 275.

Trade Accordingly

The Satisfying Softs

Dec. Cotton

Support is at 7697 and 7656 Day Traders can buy at 7656 for a bounce beneath that Traders can buy at 7513 for a turn higher and hold for higher prices.,

Resistance is at 7820 and 7845 and 7940. A close over 7840 indicates a move towards 8050. Conversely a close under 7730 indicates a slip towards 7550.

Trade Accordingly

Oct. Sugar

Support is 822, traders can buy at 823, risk a close under 814 for three days in a row. Below those 810 and 795 to 782 offer some support.

Resistance near at 850 and 877 to 887. Beyond that 901 offers good resistance

September the Monster Coffee: Recommended Position Long at 121.95

On the DownSide, Early support is at 111.50 and 110.20. A slip under 109.00 augurs for a test of support at 108.05 and 107.00 to 106.40. Below that 105.80 should hold.

On the Upside, Resistance is at 111.70 to 112.00 a rally over 112.00 augurs for a test 113.00 to 113.60/ 114.05 with an outside chance of testing 116.55

Be patient

Sept. Cocoa Recommended position Long at 1569

Support is at 1595 and 1571 to 1567 below that 1541 and 1535 to 1517 should hold.

Below that Day traders can buy at 1511, risk a trade under 1480.

Resistance is at 1609 to 1615 /1617 and 1621

A trade through 1619 is friendly, traders should go long using a 1620 stop, risk a close back under 1609.

The Lively Livestock

August Cattle Recommended Position Long at 6665 ,6532 and 6437.

Support is at 6412 and 6372 where it should hold today. Resistance is at 6422 and 6447 and 6462. Beyond that good resistance is at 6522 and 6562

Long term Friendly

A close over 6422 indicates a rally next week

July Hogs Recommended Position Long at 6035

Support is 5752 and 5737. Below that support is at 5657 to 5640. Should hold
Day traders should buy at 5737 for a good bounce, risk a trade under 5637.

Stay Tuned..

Resistance is at 5802 and 5857.

A close over 5802 is friendly

August Hogs

Support is at 5442 and 5417, day traders should buy at 5417 for a good bounce, risk 150 pts. With a RSI of only 17 a bounce is over due. Stay Tuned

October Hogs

Recommended Long Oct. at 5370 from the spread Hold.

A close over 4987 is friendly.

Ditto.

July Bellies Recommended Position Long at 5957.

On the DownSide Support is 6262 and 6212 Day Traders can buy at 6212 for a good bounce, risk 150 pts. Below that support is 6102 and 6022 which should hold for a bit.

On the Upside Resistance is at 6412 A close over 6412 augurs for a test of 6502 and 6732

August Bellies

Support is at 5937 and 5857. Resistance is 6077 and 6157

Recommended Spread Long 2 July Short 2 August at 225 July over Aug. Hold.

--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Sept. Bonds Recommended position short at 123-25

On The Downside, Nearby Support is 123-08 and 122-27. A close under 122-27 is negative and augurs for an eventual slip to support at 121-27 to 121-21. Where traders can buy at 121-25 for a turn higher, risk a close under 121-13 for two days in a row.

Below that 121-02 should hold.

On the Upside: Resistance is at 123-18 and 123-28 Beyond that Resistance is at

123-30 and 124-28.

Sept. SP500 Recommended Position Short at 1123.80,1125.80.1136 and 1143

On the DownSide, Support is at 1150 and 1142.10 under that support is at 1137.50 and 1136. A trade under 1136 augurs for a test of 1133 and 1130. Below that support lies at 1126.20 and 1122.20.

On the Upside, Resistance is at 1158.20. Above that resistance is at 1162.80 and 1164 to 1169 which should cap the Rally. Sell Short at 1164 and Hold. Initially risking a close over 1169 for three days in a row Beyond that 1171. and 1172.90 offers resistance.

A close under 1150 is negative

The Dow Jones Industrial Average

Support is at 9044 and 9004 below that 8964 to 8934 should hold if it's any good. if not a slip towards 8871 to 8856 is likely. Under that support is at 8805.5. A Slip under 8798 is negative and augurs for a pullback towards the 8777 to 8762/ 8859 region.

Resistance is at 9060 which offers good resistance as does 9100 and 9140 to 9156 which should contain a rising mkt. If not a touch of 9236 to 9247 is likely.

A ship in Harbor is Safe.. But that's not what ships are built for.

Happy Trading

Bill

Wed July 1st 1998

10:25 PM

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