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Morning Comments
Wed July 23 1998 

"A man can have great mathematical ability and unusual power of accurate observation and yet fail in speculation unless he also possesses the experience and memory. "
-Reminiscences of a Stock operator-

 

Wed. July 23 1998
4:29 AM 

On the Frenzied Forex Front

Sept. J-Yen Recommended Position Long at (3) 7247

Nearby Support is 7088 and 7076. A close under 7074 augurs for a slip towards 7030 and the 7003 to 6990 region.

Resistance is 7143 and 7176, then 7207 to 7211, Beyond that a test of 7242 to 7269 is likely. A close over 7176 is now friendly for a move to resistance at 7242.

-Patience-

Sept. Swiss

Resistance is at 6661 and 6673 to 6683. A close over 6661 augurs for a test of 6707 to 6708 then 6733/ 6741 beyond that resistance is at 6755 and 6773 and 6782

Support is at 6633 with more support is at 6601, day traders can buy at 6633 for a bounce, then hold for higher prices.

Buy this dip.

Sept. British Pound:

Support is at 1.6322 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 1.6420 then 1.6460 and 1.6492. A 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 5609 to 5620 then 5632 and 5641. A close over 5610 augurs for another test of 5640 and 5682 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 5594 and 5587 to 5582 then 5577 to 5553 which should contain a break today. Day traders can buy at 5587 and hold for higher prices

Traders should try to buy this dip.

Sept. Canadian Dollar

Support is at 6673 to 6659, day traders can buy at 6674 for a bounce only, risk 25 pts.

Resistance is at 6705 to 6707 and 6724. A close over 6707 is friendly and indicates a test of 6741 to 6755 if it holds.

Precious Metals

August Gold Recommended Position Long at 298.10 and 293.10

Support is at 291.90 then 288.10, day traders can buy at 288.30, risk $ 4.00.

Resistance is at 294.00 and 295.30 and 296.70. A close over 296.70 augurs for a test of the 303.60 to the region, where good sellers should appear.

Sept. Copper:

Support is at 7770, and 7735 to 7705, day traders can buy at 7735 for a bounce, risk 100 pts. Below that support is at 7585 and 7535

Resistance is at 7835 and 7935, beyond that sellers should appear at 8105 to 8130, day traders can sell at 8130 for a turn lower, risk 80 pts.

Oct. Platinum

Nearby Support is at 384.5 and 381 day traders can buy at 382 for a bounce, risk $5.00  a sustained slip under 380.0 augurs for a pullback towards 365, go long at 365, risk a close under 361 for three days in a row.

Resistance is at 391.5 and 400.5 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 Recommended Position Long at 555 and 565

On the Downside: Nearby Support is at 565 and 556 then 543.5 and 537. Day traders can buy at 565. for a turn higher.

On the Upside. Resistance is at 575.5 and 582 A close over 582 is friendly for a test of the resistance at 603 beyond that a trade to 617 is likely, if it holds.

Buy dips

The Exciting Energies

September Crude

Support is at 1411 then 1385, hearty day traders should go long at 1411 for a quick turn higher. Put your own risk on it. More support is at 1386 /1383 to 1377/1374, day traders should buy at 1377 for a turn higher, risk 30 pts.

Resistance is at 1424 then 1436 and 1461. However, a close over 1421 augurs for an eventual test of 1484.

September Unleaded Gas

Support is at 4350 and 4333, day traders should buy at 4333 for a day turn higher, risk 50 pts

Resistance is at 4447, an extended trade over or a close over 4410 augurs for a test of 4532 beyond that resistance is at 4610

Trade accordingly.

September Heating Oil Recommended Position long at 3748

Resistance is at 3856 beyond that 3915 offers resistance. A close over 3930 augurs for a test of 4020.

Support is at 3788 then 3765 and 3735, below that support is at 3657. Day Traders can buy at 3765 for a bounce, risk a trade under 3640.

Buy Dips.

The Grande Grains

August Soybeans Recommended Position Long 646 3/4 and 624

Support is at 606 3/4 and 6043/4 to 601 day traders can buy at 601 for a good bounce.

Resistance is at 611 a thrust over or close over 615 indicates a test of the 629 to 632 region. Trade accordingly.

A close over 611 is friendly.

November Soybeans recommended position long at 588

Support is at 566 3/4 and 563 below that support is at 559 and 545. Traders should buy for the Pull at 549 1/2.

Resistance is at 574 1/4 and 577 1/2. A sustained trade over or close over 577 1/2 augurs for a test of 591 and more likely 604 If it holds.

A close over 574 1/4 is friendly.

August Soybean Meal

Support is at 162.5 and 161.1 then 159.9 which should contain a decline today.

Resistance is at 164.5 and 168.3 to 169.0,

Buy Dips

August Soybean Oil

Support is at 2352 and 2322

Resistance is at 2412 and 2415 to 2419 beyond that resistance is 2452

A close over 2412 is friendly.

Trade accordingly.

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

Support is at 227 3/5, day traders can buy at 227 3/4 for a bounce, risk 5 cents. Below that support is at 224 1/2

Resistance is at 232 1/2 and 234 1/2 beyond that resistance is at 237 1/2.

A close over 234 1/2 is friendly.

Sept. Wheat Recommended Position Long at 290 3/40

Resistance is at 270 1/2 and 276 1/2, a close over 271 is friendly

On the Downside Support is at 2651/2 and 264 1/2 Below that support should appear at 258 Day traders can buy at 258 3/4 for a turn higher, risk 7 cents.

The Satisfying Softs

Dec. Cotton Recommended Position Long at 7513 and 7235

Support is at 7295/ 7291 and 7241. Below that support is at 7195 to 7191

Resistance is 7328 to 7342, a close over 7342 is friendly and augurs for a test of 7560 Trade Accordingly

Oct. Sugar

Support is at 839 then 823. Below that support should be firm at 818 to 814. Traders can buy at 823 risk a close under 814 for three days in a row. Below that support is at 795 to 782.

Resistance is at 847 to 852 and 858, beyond that resistance is at 874/ 877 to 882.

Sept. Coffee:

On the DownSide, support is 113.60 and 113.30/ 113.00 then 112.70. Below that a slip to 110.80 to 110.10 is likely. Under that support is near 109.60.

On the Upside, Resistance is at 115.80 to 116.40/ 116.90 Beyond that a test of 1117.70 to 118.30 and eventually 119.20 to 120.30 is likely, if it holds.

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 1564 and 1552. Below that support is at 1536 to 1529 which should hold.

Day traders can buy at 1569, for a bounce only. risk a trade under 1551 beneath that Traders can buy at 1537, risk a trade under 1490. traders can buy at 1560 for a good bounce.

Resistance is at 1576 and 1590, beyond that a test of 1609 to 1615 is likely. Beyond that resistance is at 1642 then 1655/1660 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

Oct. Cattle Recommended position long at (3) 6210

Support is at 6257 and 6222, day traders can buy at 6222 for a bounce, below that support is at 6147.

Resistance is at 6287 and 6297, a trade over 6297/ 6307 is friendly for a pop to 6372.

August Hogs Recommended Position long (2) 5265 and (2) 4977

Support is at 4932 to 4917. Below that buyers should appear at 4857 then 4842 to 4832.

Resistance is at 5025 to 5032/ 5037. A close over 5027 or extended trade over 5037 is friendly for test of resistance at 5127.

October Hogs Recommended position Long at 4612

Resistance is at 4477 to 4487 Support is at 4387 to 4347 and 4287

August Bellies

Support is at 5752 to 5677 then 5607, hearty day traders can buy at 5757 for a quick bounce. Put you own risk on it..

Resistance is at 5907 then 5977 to 6055 and 6102 to 6112.

Stay tuned for Updates

-From the Frying Pan into the Fire-

The Sensational Stock and Bond Markets

Sept. Bonds

On The Downside, Nearby Support is 122-24 and 122-18 Below that good support is at 122-11. On the Upside: Resistance is at 123-04 and 123-11 Beyond that resistance is at 124-11 and 124-18.

Sept. SP500

On the DownSide, Support is at 1169 and 1166.50 below that support is at 1164.Under that support remains at 1159.90, a close under 1159.90 indicates a test of 1155.60 and 1150.

On the Upside, Resistance is at 1177.30 then 1179.10 and 1180.50 and 1186. Beyond that good sellers should show up at 1190.50 and 1191.70 to 1192

Day traders can sell at 1180.50 for a turn lower. Failure to rally and close over 1180.50 today is negative for another test basis the close of 1169 and 1164.

Stay tuned.

The Dow Jones Industrial Average

Support is 9115 and 9074 then 9060 and 9044 A slip under or close under 9052 is negative for a test of 9012 then 8965 to 8934/ 8929 and 8871 to 8856, under that support is at 8805.5. A Slip under 8798 is negative and augurs for a pullback towards the 8777 to 8762

Resistance should first appear at 9140 and 9156. Beyond that resistance is at 9184 then 9197

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

Happy Trading

Bill

Tuesday 21 1998

10:47 PM

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