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Morning Comments
7/29/1998
Wed July 29 1998
2:05 AM
On the Frenzied Forex Front
Sept. J-Yen Recommended Position Long at (3) at 7245
Nearby Support
is 7115 and 7096 then 7088 to 7073Resistance is at 7142 then 7170 to 7182 to 7190. A close over 7170 augurs for a test of resistance at 7207/ 7214 with a likely push towards 7242 to 7256.
Beyond that resistance is 7328 to 7342.
Sept. Swiss Recommended Position long at 6714 and 6990
Resistance
is 6741 to 6755. A close over 6755 augurs for a test of 6786 to 6790.A close or extended trade over 6790 is friendly for a pop to 6809. Beyond that resistance is at 6836/ 6840. Traders can go short for a quick turn lower at 6840. Risk a close over 6840 for two days in a row. Beyond that resistance is at 6906 to 6919.Support is at 6707 and 6693 then 6673 .
Buy Dips
Sept. British Pound: Recommended position short at 1.6510
100 pts. Below that support should appear at 1.6332 and 1.6220.
Resistance is at 1.6550 and 1.6612 then 1.6672, beyond that resistance should appear at 1.6720.
Sept. D-Mark Recommended Position long at 5490
Nearby Resistance
is at 5673 to 5689.. A close over 5690 indicates likely test of 5716 to 5729. Beyond that good resistance is at 5792 to 5805 and 5820 to 5855 then 5880. Traders can sell short at 5855 and hold for lower prices.Support is at 5653. Below that support is at 5643 and 5610.
Sept. Canadian Dollar
Support
is at 6659 and 6636 then 6591 and 6577.Resistance is at 6707 to 6741.
A near term close over 6695 is friendly. Traders can go long if a close over 6695
Precious Metals
August Gold Recommended Position Long at 298.10 and 293.10
Support
is at 288.30 and 286. Day traders can buy at 285.30, risk $ 4.00. Beneath that support is at 275.3 and 273.80Resistance is at 292.40 and 296 A close over 295.30 augurs for a test of 301 to 303.60 where good sellers should appear. Traders should go long if a close over 295.30 occurs.
Trade Accordingly.
Sept. Copper:
Support
is at 7855. A close under 7855 augurs for a test of 7770 and 7710 where traders should have buy orders waiting to go long for a good two to three day bounce. Risk a close under 7480 for three days in a row.Resistance is at 8005 and 8135, a close over 8135 augurs for a test of 8190 to 8225. Beyond that good resistance is at 8290.
Trade Accordingly,
Oct. Platinum
Nearby Support
is at 375 and 373.2. Traders can go long at 372.5, risk a closeunder 365 for three days in a row. Below that support is at 359 and 355. 0
Resistance is at 392.5 and 409. Traders should Go Short at 409 for a quick turn lower. Risk a Close over 412 for two days in a row.
Bullish long term.
Sept. Silver Recommended Position long at 565 and 570
On the Downside
: good buyers should appear at 553.5 to 548.5 traders should go long at 553.5 for a good 2 to 3 day bounce. Risk close under 541 for three days in a row.On the Upside. Resistance is at 592. A close over 588.5 augurs for a test 596 to 603. Beyond that resistance is at 619 and 629 Trade accordingly.
Buy Dips
The Exciting Energies
September Crude Recommended Position Long at 1418
Support
is at 1390 then 1377 and 1367, traders should go long at 1377 for a good bounce. Risk a close under 1334 for two days in row.Resistance is at 1440 Beyond that resistance is at 1453 to 1465. However a close over 1459 indicates a test of the 1484 to 1496 region. Beyond that another thrust towards the 1529 to 1535 region is possible.
September Unleaded Gas recommended position long at 4249 (last eve)
Nearby Support
is at 4205. Below that support is 4183 then 4115.Resistance is at 4367. A close over 4347 augurs for a test of the 4425 to 4446 region. Beyond that resistance is 4570 and 4630.
September Heating Oil Recommended Position long at 3748
Early Resistance
is at 3745 then 3822 to 3880. Beyond that 3910 offers resistance. A close over 3910 is friendly for a rally to the 4070 /4110 region. Above that resistance is at 4235.Support is at 3680 and 3580. Below that 3505 to 3492 should contain a break.
The Grande Grains
November Soybeans Recommended Position Long at 588, 2 @ 566 1/4
Support
is at 562 and 552 and 546 to 540 Traders should buy for the Pull at 540 1/2.Resistance is at 568 1/2 beyond that resistance is at 572 3/4 A close over 573 is friendly for a rally to 580 and 594.
Dec. Soybean Meal
Support is 146.1 Below that Support is near 143.5 and 142.5.
Traders should go long at 143 for a good turn higher, risk a close under 137.70 for three days in a row.
Resistance is at 151.5 then 152.4 A close over 152.4 augurs for a test of 158 to
beyond that good resistance is at 165.
Traders should go long if a close over 153.5 occurs.
Trade Accordingly.
Dec. Soybean Oil recommended position long at 2475
Support
is at 2431 then 2417 to 2411. Traders should buy at 2412 Risk a close under 2354 for three days in a row.Resistance is at 2511 to 2519 and the 2536 region.
Dec. Corn
Support
is at 227 1/4 and 222 1/2. Below that support is near 219 1/4Resistance is at 229 3/4 and 233 1/2, a close over augurs for a short covering rally to 239.
Dec. Wheat recommended position long at 278 1/2
Resistance
is at 275 3/4. A close over 277 augurs for a rally to 287 and 290 3/4.On the Downside Support is at 266 1/2 and 262
If a close over 282 3/4 occurs Go long for a push towards 290.
The Satisfying Softs
Dec. Cotton
Recommended Position Long at 7513,7235,7092Support is at 7092 then 7061 to 7052 offers good support.
Resistance is 7169 and 7196. A close over 7169 augurs for a test of resistance at 7365.
Traders should go long if a close over 7256 occurs
Trade Accordingly
Oct. Sugar
Support
is at 852 to 847 then 834 and 828. Traders can buy at 823, risk a close under 814 for three days in a row..Resistance near 868 then 877 to 882. Traders should sell at 877 for a turn lower, risk a close over 882 for three days in a row.
Sept. Coffee:
On the downside,
Early support is at 114.20 and 113.60 then 113.00 below that support is at 110.10 Traders can buy at 110.10, risk a close under support at 108.50. Below that 107.20 to 106.80/ 105.80 should hold. Traders can buy at 106.20 for a bounce. Stay tuned for the Stop. Below that 103.60 should hold for now.On the Upside, Resistance is at 116.40 to 116.90/ 117.05. Traders can sell at 116.90 for a turn lower. stay tuned for the stop.
Sept. Cocoa Recommended Position Long at 1586 and 1570,
risk a close under 1561 todaySupport. Is at 1535 to 1529 and 1524/1519. Traders can buy at 1535, risk a trade under 1490.
Resistance is at 1564 then 1569 to 1574 and the 1609 to 1615 region. A close over 1576 is friendly for a test of 1609. A trade over 1626 is friendly for a rally towards 1642 to 1655. A close today over 1564 is constructive for a move towards 1592
The Lively Livestock
October Cattle
Recommended Position long at 3 @ 6210.Support is at 6127. Below that 6117 should bring out a few buyers.
Resistance is at 6207 and 6267. A close over 6267 augurs for a test of 6350 and 6417.
Long term Friendly
August Hogs Recommended Position long 2 at 4977
Support
is at 4855 to 4845 below that support is at 4777 to 4752.Resistance is at 4980 and 5077. Where good sellers remain. However a close over 5027, should bring out some considerable short covering from the Funds, if this happens expect a rally to 5187. Stay tuned for updates.
October Hogs Recommended Position Long at 4612 and 2 @ 4382.
Resistance is at 4380 and 4430.
Support is at 4307. Below that Hearty traders can buy at 4227 for a good bounce Below that 4190 should hold basis the close.
--From the Frying Pan into the Fire--
August Bellies Recommended Position long at 5917 HOLD
Support is at 5762 and 5657 to 5630/ 5617
Day traders can buy at 5760 for a good bounce, risk 70 pts.
Resistance is at 5917 and 5957 then 6062
The Sensational Stock and Bond Markets
Sept. Bonds
On The Downside, Nearby Support is 122-11 Another close under 122-11 is negative and augurs for an eventual slip to 121-13. Traders can buy at 121-13, risk a close under 120-08 for three days in a row.
On the Upside: Resistance is at 122-28 and 123-03 then 123-10 to 123-14. A close over 123-14 is friendly for a push towards 124-11/ 124-14, sell at 124-13 for a turn lower, risk a close over 124-21 for two days in a row.
Sept. SP500 recommended position short 3 at 1135.50
On the DownSide,
support is at 1133.70 and 1130 to 1128.60. a close under 1128.50 augurs for a test of support at 1115.50 and 1101,On the Upside, Resistance is at 1143.20 and 1150 Beyond that good sellers should show up at 1160.40 Sell at 1160.50 and hold for lower prices. Above that resistance is at 1164 to 1169 and 1174.70. Beyond that 1179.30 to 1180.50 should trade and cap a rally for now.
stay tuned for flashes.
The Dow Jones Industrial Average
Support
is 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 region. A close under 8759 augurs for a test of 8719 and an eventual test of 8683 to 8668.Below that 8598 should hold if not an eventual break down towards 8180 is likely.
Resistance should first appear at 8964 and 8998 then 9044/ 9060 then 9115 and 9140 to 9156
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Wed July 29 1998
03:35 AM
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