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Morning Comments
Thursday August 20th 1998
Thur August 20th 1998
5:00 AM
On the Frenzied Forex Front
Sept. J-Yen Recommended Position Long 1 at 7003 and 1 at 6809

Support is at 7003 to 6990, Below that support is at 6954 and 6924

Resistance is at 7054 and 7074 to 7088. A close over 7088 augurs for a test of 7143.

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

Nearby Resistance is at 5600 and 5616
Support is at 5551 and 5544. A close under 5535 is negative for a slip towards the 5504 to 5490 region. Where hearty traders can go long and hold

Sept. Swiss Recommended Position long 2 avg. 6724

Nearby resistance is 6701 and 6722

Support is at 6657. Day Traders can buy at 6657 for a bounce, risk 15 pts.

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

Resistance is at 1.6286, beyond that resistance should appear at 1.6334.

*Traders can take a profit and exit the recommended long at 1.6286 if able today

Sept. Canadian Dollar Recommended Position Long at 6533

Support is at 6508 and 6493 Resistance is at 6542. Then 6565

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

Support is at 285. 7 Day traders can buy at 286.0 for a bounce, risk a trade under 282.0

Resistance is at 289.1 and 290.7. However a 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 7235 and 7130

Resistance is at 7325, a close over 7325 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 365 then 357.5

Resistance is at 374 to 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 502.5 and 500.5 then 489

On the Upside. Resistance is at 512.5 and 529.

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

Support is at 1323 and 1305.

Resistance is at 1349 Beyond that resistance is at 1384.

September Unleaded Gas recommended position long at 4249 and 4238

Nearby Support is at 3970 and 3860.

Resistance is at 4090 and 4190.

September Heating Oil Recommended Position long at 3748

Resistance is at 3405 and 3430, beyond that resistance is at 33445 and 3590

Support is at 3350 and 3245.

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

Support is at 5401/2 then 532 1/4 which should contain a break.
Day traders can buy at 532 1/2 for a bounce risk 5 cents

Resistance is at 546, and 548 1/2. Beyond that resistance is at 560.

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 137.30 Below that Support is near 135.40 and 132.0

Resistance is at 140.5 A close over 140.5 augurs for a test of 148.0

Trade Accordingly.

Dec. Soybean Oil recommended position long at 2376

Support is at 2459 and 2414 Day traders can buy at 2414 for a bounce, risk 40 pts. Resistance is at 2491 and 2511

Dec. Corn Recommended Position long at 219 1/2

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

Resistance is at 224 a close over is friendly for a pop to 229.

Dec. Wheat Recommended Position Long at 272 3/4

Resistance is at 276 1/2 and 278 1/4. Beyond that resistance is at 284.

On the DownSide Support is at 272 1/2 then 266 3/4

The Satisfying Softs

Dec. Cotton Recommended Position Long 3 at avg. 7210 and 1 at 7385.

Support is at 7435 and 7375, beneath that 7335 offers good support.

Day Traders can buy at 7375 for a good bounce. , Risk 80 pts.

Resistance is 7505 Beyond that resistance is at 7575 and 7620.

Oct. Sugar
Support is at 845 and 832. Day traders can buy at 845, risk 15 pts.

Resistance is at 882 and 890

Dec. Coffee:

On the downside, Early support is at 113.60 and 113.00 then 112.05. 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 114.45, a trade over 115.00 augurs for a test of 117.05

Dec. Cocoa Recommended Position Long 1560

Support is at 1569 and 1562 which should contain any break.

Resistance is at 1612 and 1619

Trade accordingly.

The Lively Livestock

October Cattle Recommended Position long at 3 @ 6210.
Support is at 5957 and 5887 then 5847 day traders can buy at 5847, risk 50 pts.

Resistance is at 5997 and 6037 then 6112

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 4347 and 4287

Feb. Bellies recommended position long at 5500

Support is at 5492 and 5417. Resistance is at 5717 and 5800

The Sensational Stock and Bond Markets
Sept. Bonds

On The DownSide, Support is at 123-22 and 123-04 to 123-00
On the Upside: Resistance is at 124-00 and 124-05 Beyond that 125-00 to 125-04

offers resistance.

Sept. SP500 Recommended position short at 1098.5

On the DownSide, Support is at 1101 and 1098.80 then 1096 A slip /close under 1096 augurs for a test of 1082.

On the Upside, Resistance is at 1110.10 and 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
08/20/98 7:11 AM
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