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Morning Comments
Tuesday July 21 1998
Monday July 20 1998
6:00 PM
On the Frenzied Forex Front
Sept. J-Yen
Nearby Support is 7256 and 7242, below that 7207 and 7170 to 7163/56 offer good support. Beneath that support is 7088 and 7074 to 7063. A close under 7074 augurs for a slip towards 7030 and the 7003 to 6990 region.
Resistance is at 7263 and 7292. The close over 7256 augurs for a pop to resistance at 7328 to 7342. Beyond that resistance is at 7367.
Sept. Swiss
Resistance is at 6707 then 6715 to 6727. A close over 6707 augurs for a test of 6741 beyond that resistance is at 6755 and 6773 and 6782
Support is at 6677 and 6659 day traders can buy at 6659, below that support is at 6627 with more support is at 6615, day traders can buy at 6627 for a bounce, risk 20 pts.
Sept. British Pound:
Support is at 1.6392 and 1.6336 to 1.6280. Beneath it all support is at 1.6150 to 1.6090. Traders can Buy at 1.6150 for a bounce, and hold for higher prices. Below that support should appear at 1.6090 and 1.5936.
Resistance is at 1.6460 and 1.6492. The close over 1.6420 augurs for a test of 1.6550. Traders can sell at 1.6510, risk a close over 1.6550 for three days in a row.
Sept. D-Mark Recommended Position long at 5490
Nearby Resistance is at 5640 and 5653. A close over 5653 augurs for a test of 5676 and 5688 then 5702 and 5726. Traders should go short at 5688 for a quick turn lower. Risk a close over 5729 for two days in a row.
Support is at 5626 to 5618 and 5602 then 5577 to 5553 which should contain a break today. Day traders can buy at 5577, risk 30 pts.
Trade accordingly.
Sept. Canadian Dollar Recommended Position long at 6836,6856 and 6847
Support should appear near the 6712 and 6707. Below that a test of 6686 to 6673 is likely.
Resistance is at 6726 and 6741. A close over 6726 is friendly and indicates a test of 6762.
Precious Metals
August Gold Recommended Position Long at 298.10 and 293.10
Support is at 295.70 and 292.60 then 288.10, day traders can buy at 288.30, risk $ 4.00.
Resistance is at 297.20 and 299.50. A close over 297.20 augurs for a test of the 302.60 to the region, where good sellers should appear.
Sept. Copper:
Support is at 7845 and 7735, day traders can buy at 7735 for a bounce, risk 100 pts.
Resistance is at 7920 and 8030, beyond that sellers should appear at 8120, day traders can sell at 8115 for a turn lower, risk 100 pts
Oct. Platinum
Nearby Support is at 390.90 below that day traders can buy at 389.5 for a bounce, risk $ 5.00 as support should appear at 387.5 A slip under 387.5 augurs for a pullback towards 379.5 and 365, go long at 365, risk a close under 361 for three days in a row.
Resistance is at 396.5 and 399.8 then 407.5 to 409.5 Traders should Go Short at 409 for a quick turn lower. Risk a Close over 412 for two days in a row.
Sept. Silver
On the Downside: Nearby Support is at 542 and 535. Day traders can buy at 542 for a turn higher. Traders can buy at 521 and hold.
On the Upside. Resistance is at 550.5 and 575. The close over 543.5 augurs for a test of resistance at 555 and 575
Buy dips

The Exciting Energies
September Crude
Support is at 1357 and 1335, day traders should go long at 1334 for a good bounce. Risk 35 pts. More support is at 1324 and 1310 which should hold today.
Resistance is at 1374 and 1382 A close over 1383 indicates a test of the resistance at 1407 to 1421.
September Unleaded Gas
Support is at 4319 to 4305, day traders should buy at 4319 for a bounce, risk 50 pts.
Resistance is at 4416 and 4419 to 4438. Beyond that resistance is at 4515. Day traders can sell at 4519 for a turn lower, risk 60 pts.
A close over 4419 is friendly.
September Heating Oil
Resistance is at 3819 to 3829 beyond that 3910 offers resistance
Support is at 3743 and 3629. Traders can buy at 3748 for a good two to three day bounce, risk a close under 3610 for two days in a row.
A close over 3819 is friendly.
The Grande Grains
August Soybeans Recommended Position Long 646 3/4 and 624
Support is at 623 3/4. Below that support is at 621 1/2 and 613 3/4, day traders can buy at 614 for a bounce. Below that 607 should hold.
Resistance is at 627 1/2 and 635 1/4 a thrust over or close over 635 indicates a test of the 641 region
Trade accordingly.
November Soybeans recommended position long at 588
Support is at 580 1/2 and 575 3/4, below that support is at 561
Resistance is at 587 3/4 and 589 3/4 more resistance is 594
August Soybean Meal
Support is at 168.70 and 167.30. Day traders should buy at 167.30 for a bounce and risk 5.00. Below that support is at 164.10 and 160.70 to 160.20 which should contain a decline today
Resistance is at 171.5 then 176.20 to 176.70 beyond that resistance is at 178.30 and 180.50
Buy Dips
August Soybean Oil recommended position, long at 2525 and 2469
Traders should now use a stop close under 2435 for 2 more days in a row on all positions.
Support is at 2419 to 2411 then 2402 Day Traders should Buy at 2402 and risk 30 pts. Below that support is at 2370 to 2354 and 2345
Resistance is at 2430 to 2440 and 2445 Beyond that resistance is at 2461 to 2469
A close over 2440 is friendly.
Trade accordingly.
Dec. Corn Recommended Position long at 258 1/2 and 257 1/2
Support is at 235 3/4 and 232 1/4, day traders can buy at 232 1/2 for a bounce, risk 4 cents.
Resistance is at 236 3/4 to 237 1/2 and 242 beyond that firm resistance is at 245 1/2.
Sept. Wheat Recommended Position Long at 290 3/40
Resistance is at 278 3/4 and 281 1/2, a close over 281 1/2 is friendly for a test of 287.
On the Downside Support is at 275 1/2 and 269 1/2. Below that support should appear at 266 3/4 Day traders can buy at 269 3/4 for a turn higher, risk 4 cents.

The Satisfying Softs
Dec. Cotton Recommended Position Long at 7513 and 7235
Support is at 7308 and 7277 Below that support is at 7253.
Resistance is 7406 to 7424. A close over 7430 is friendly and augurs for a test of 7540 to 7565. We see an eventual test of Resistance at 7720
Trade Accordingly
Oct. Sugar
Support is at 891 then 888 and 873 Below that 851 offers support.
Resistance is at 906 and 912 A close over 912 augurs for a test of 931 to 941 Traders should sell at 932 for a turn lower, risk a close over 942 for three days in a row.
Sept. Coffee: Recommended Position Long at 121.95 and 106.80
On the DownSide, support is 108.15 and 107.70 then 106.80 and 105.70. Below that support is near the 103.80 to 103.50/ 103.05 region.
On the Upside, Resistance is at 108.25 to 108.80. Beyond that a test of 109.60 is likely, above that resistance is 110.10 to 110.65 A close over 110.65 augurs for a test of 112.35 then 113.00 to 113.60, a close over 113.60 augurs for a test of 116.40 to 116.90
Trade accordingly.
Sept. Cocoa Recommended position long at 1586
Traders should use a stop close under 1561 for two days in a row for protection
Support is at 1607 to 1602 and 1576 to 1569 under that Day traders can buy at 1554 for a good bounce.
Resistance is at 1609 to 1615 and 1642 to 1654/ 1657 where traders can go short for a turn lower at 1655, risk a close over 1692 for two days in a row.
The Lively Livestock
August Cattle Recommended Position long at 6665,6532 and 6437.
Oct. Cattle
Support is at 6157 and 6137 day traders can buy at 6142 for a bounce, risk a trade under 6042.
Resistance is at 6207 and 6212 then 6287 to 6307. A close over 6212 is friendly for an eventual test of 6367.
August Hogs Recommended Position long 2 at 5265
Support is at 4917 and 4867
Resistance is at 5017 and 5067 to 5082. A close over 5082 is friendly for another test of the 5212 region.
October Hogs
Recommended Long Oct. at 5370 from the spread Hold and 4612
Resistance is at 4482 then 4517 Support is at 4312 and 4270
August Bellies
Support is at 5147, hearty day traders can buy at 5147 for a bounce. Below that support is at 5112 and 5092.
Resistance is at 5297 and 5392 beyond that resistance is at 5410 to 5447
-From the Frying Pan into the Fire-
The Sensational Stock and Bond Markets
Sept. Bonds
On The Downside, Nearby Support is 122-09 to 122-06 and 121-30. Below that support is at 121-09
On the Upside: Resistance is at 122-23 and 123-03 to 123-09. to 123-10
Sept. SP500 Recommended position short at 1188.60 and 1191.50 (2)
On the DownSide, Support is at 1192/ 1191.90, then 1189.30 which is critical basis the close. Below that support is at 1187.20, Beneath that at 1181.50 and 1177.40.
On the Upside, Resistance is at 1197.50 and 1199.10 Beyond that good sellers should show up at 1200.50 and 1203.
* A close under 1192 is negative if this occurs, traders who have 'Ice Water Running through their Veins.' Should Go Short.
The Dow Jones Industrial Average
Support is 9292.60 and 9244 to 9236 then 9197. A close under 9236 augurs for a test of 9156 to 9140.
Resistance should first appear at 9316 and 9347. Beyond that resistance is at 9388 then 9429 to 9445 and 9478.
A close today under 9292 is negative
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Monday July 20 1998
7:13 PM
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