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Morning Comments
Monday August 19th 1998
Wed August 19th 1998
4:35 AM
On the Frenzied Forex Front
Sept. J-Yen Recommended Position Long 7 avg. 7079

Support is at 6936 to 6919, Day traders can buy at 6940 for a bounce, risk 40 pts. A close under 6909 augurs for a slip towards 6880

Resistance is at 6990 and 7003 then 7014

The Yen should Gain VS the DM and Swissy till Friday /Monday

Sept. D-Mark Recommended Position long at 5610 and 5535

Nearby Resistance is at 5577 and 5597
Support is at 5551 and 5547. A close under 5535 is negative for a slip towards the 5504 to 5490 region. Where hearty traders can go long and hold for higher prices towards the end August.

A close over 5577 is friendly for an eventual rally to 5640.

Sept. Swiss Recommended Position long 2 avg. 6724

Nearby resistance is 6665 and 6673 then 6698.

Support is at 6648 Below that good support is near 6591. Day Traders should buy at 6591 for a bounce, risk 25 pts.

Sept. British Pound: Recommended Position Long at 1.6150
Support is at 1.6090. Below that support is at 1.6050 and 1.5990.

Resistance is at 1.6150 and 1.6206, beyond that resistance should appear at 1.6270.

Sept. Canadian Dollar

Support is at 6533. Traders can buy at 6533, risk a close under 6483 for three days in a row. Resistance is at 6540 and 6549. Then 6590

Trade accordingly.

Precious Metals
Dec. Gold Recommended Position Long 3 avg. 289.80

Support is at 287.50 and 285. Day traders can buy at 285.0 for a bounce, risk a trade under 279.50

Resistance is at 289.6 and 293.6 close over 293.60 augurs for a test of 300.30 where good sellers should appear.

Traders should go long/ add if a close over 293.70 occurs.

Sept. Copper: Recommended Position long at 7370 and 7345
Risk a close under 7240 for three days in a row.
Support is at 7200 and 7140 then 7115

Resistance is at 7315, a close over 7315 augurs for a test of resistance at 7430

Beyond that good resistance is at 7515.

Oct. Platinum Recommended position long at 372.5 and 379.5

Support is at 364 then 357.5

Resistance is at 374. Beyond that resistance is near 377.

A close over 377 is friendly for a push towards 384

Sept. Silver Recommended Position long 3 at 562.9 avg., 1 at 507

On the DownSide: Nearby Support is at 506.5 and 500.5 then 494

On the Upside. Resistance is at 512.5 and 526.

A close over 531 augurs for a test 539 to 542.5 and beyond to 548 and 559.

Well, Heeled Traders and Traders who are not long go long or add if a close over 531 occurs.

The Exciting Energies
Oct. Crude recommended position long 2 at 1364

Support is at 1284 and 1253.

Resistance is at 1335 Beyond that resistance is at 1384.

September Unleaded Gas recommended position long at 4249 and 4238

Nearby Support is at 4091 and 4082.

Resistance is at 4190 and 4282.

September Heating Oil Recommended Position long at 3748

Resistance is at 3565 and 3605, beyond that resistance is at 3675 and 3760

Support is at 3355 3215 to 3190.

The Grande Grains
November Soybeans Recommended Position Long 3 avg. 565.5
and 1 at 540

Support is at 531 1/2 then 522 1/4 under that 517 should contain a break
Day traders can buy at 522 1/2 for a bounce risk 8 cents

Resistance is at 545, and 550, day traders can sell an early rally at 550, risk 4 cents. Beyond that resistance is at 559.

Dec. Soybean Meal Recommended long at 143.0, 143.4 and 138.30
Risk a close under 137.70 for three days in a row on all positions

Support is 137.60 Below that Support is near 135.40 and 132.0

Resistance is at 140.3 A close over 140.3 augurs for a test of 148.0

Trade Accordingly.

Dec. Soybean Oil recommended position long 3 avg. 2421

Support is at 2421 and 2393 then 2370 to 2349 Day traders can buy at 2421 for a bounce, risk 40 pts. Resistance is at 2455 and 2469.

*Traders should exit 2 of 3 longs at 2469.

Dec. Corn Recommended Position long at 219 1/2

Support is at 219 1/2 and 214 1/4

Resistance is at 219 1/4 a close over is friendly for a pop to 224.

Dec. Wheat Recommended Position Long at 272 3/4

Resistance is at 274 3/4 and 277 1/4. Beyond that resistance is at 283.

On the DownSide Support is at 271 1/2 then 265 3/4

The Satisfying Softs

Dec. Cotton Recommended Position Long 4 at avg. 7285 and 1 at 7385.

Support is at 7370 and 7322, beneath that 7270 offers good support.

Day Traders can buy at 7320 for a good bounce. , Risk 80 pts.

Resistance is 7420 and 7470 then 7505 A close over 7420 is friendly for a rally to 7520

Beyond that resistance is at 7620.

Oct. Sugar
Support is at 842 and 832. Day traders can buy at 842, risk 15 pts.

Resistance is at 875. Beyond that good resistance is near the 882 and 897 regions

Dec. Coffee:

On the downside, Early support is at 111.90. Day traders can buy at 111.90 for a quick bounce, Below that support is at 110.10 and 109.70 to 109.40 which should stop a break for today.

On the Upside, Resistance is at 113.60 and 114.35 and 114.70, a trade over 115.00 augurs for a test of 116.90

Dec. Cocoa Recommended Position Long 3 at 1560

Support is at 1550 and 1526 then 1508 which should contain any break.

Resistance is at 1558 and 1569 to 1576. A close over 1559 is friendly for a test of 1676

Trade accordingly.

The Lively Livestock

October Cattle Recommended Position long at 3 @ 6210.
Support is at 6037 and 6002, day traders can buy at 6037, risk 50 pts. Below that

support is at 5957.

Resistance should be firm at 6107. However a close over 6107 augurs for a test of 6152 and 6182

Long term Friendly

October Hogs Recommended Position Long 3 at 4302 avg. and 1 at 4327

Resistance is at 4442 and 4477, Beyond res. is at 4542.

Support is at 4382 and 4342. Day traders can buy at 4382 for a bounce.

The Sensational Stock and Bond Markets
Sept. Bonds

On The DownSide, Support is at 123-23 and 123-16 then 123-07.
A close under 123-07 is negative for a slip to 122-31

On the Upside: Resistance is at 124-24 and 124-31 Beyond that 125-07 offers resistance. Day traders can sell at 125-07 for a quick turn lower, risk 10 pts

Sept. SP500 Recommended position short at 1098.5

On the DownSide, Support is at 1101 and 1098.70 then 1096 A slip /close under 1096 augurs for a test of 1082.

On the Upside, Resistance is at 1115.50 and 1119.20. Above that 1129.10 and 1130 offer good resistance. Beyond that resistance is at 1133 then 1136.

sell at 1130 and hold..

The Dow Jones Industrial Average

Support is 8683 to 8668. Below that support is at 8633 and 8589

Resistance should first appear at 8718. Beyond that resistance is at 8762 to 8777. Which should cap a rally today. Above that resistance is at 8795

A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
08/19/98 6:55 AM
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