FuturesCom Investment Publications
Morning Comments 8-26-1998
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Tuesday August 25th 1998

7:00 PM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support is 6919 to 6906, below that support is 6881.

Resistance is at 6981 then 6990 to 7003. A close over 7003 augurs for a likely push towards 7077 to 7088. Beyond that resistance is at 7143 to 7170.

A close over 6958 is friendly

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

Resistance is at 5577 then 5603. A close over 5610 augurs for a pop to the 5640 to 5657 region, where good resistance remains. Traders should go long if a close over 5610 occurs.

Support is at 5553. Below that support is at 5533 Day traders can buy at 5533 for a bounce. A close under 5529 is negative for a slip towards the 5507 to 5490 region. Where hearty traders can go long at 5505 and hold for higher prices.

Buy Dips a close over 5564 is friendly.

Sept. Swiss Recommended Position long 2 avg. 6724

Nearby resistance is at 6665 and 6707 to 6711. An extended trade over 6707 is friendly for a touch of 6741/6743 beyond that resistance is at 6755/6758. A close over 6758 is friendly for another test of 6809 and 6823.
Support is at 6646 and 6629. Below that good support is near 6615 and 6591 to 6577. Day Traders should buy at 6591 for a bounce, risk 25 pts.

Trade Accordingly

Sept. British Pound:
Support
 is at 1.6340 and 1.6260

Resistance is at 1.6390 and 1.6420. Traders can sell at 1.6420 for a turn lower, risk a close over the resistance at 1.6550 for three days in a row.

Trade accordingly

Sept. Canadian Dollar Recommended Position Long at 6533

Traders should use a protective 6471 stop close only today.

Support is near 6451 and 6443 then 6417. Which should contain the break for now.

Resistance is at 6471 and 6493. A close over 6471 augurs for a test of 6536 and 6547 then 6577 to 6591.

*Traders should go long or add if a close over 6509 occurs.

Precious Metals

Dec. Gold Recommended Position Long 3 at avg. 289.8

Support is at 286.20 and 285.50 Beneath that support is at 280.3 to 278.5

Resistance is at 287.20 and 288.40.

Dec. Copper: Recommended Position long at 7470

Nearby Support is at 7410 and 7375. Below that traders should go long at 7255, risk a close under 7190 for three days in a row.

Resistance is at 7460 and 7515. Beyond that good resistance is at 7655 and 7675

Oct. Platinum Recommended position long at 372.5 and 379.5

Nearby Support is at 364 and 358.

Resistance is at 368 and 370.5. A close over 371 is friendly for a rally towards 377

Bullish long term.

Dec. Silver Recommended Position long at 4 at 521

On the DownSide: Nearby Support is at 504 and 498.5. Well, Heeled traders can buy at 502.5 for a good 2 to 3 day bounce. Risk close under 491 for three days in a row.

On the Upside. Resistance is at 508 and 513, a close over 512 augurs for an eventual test of 548.

Traders should go long if a close over 512 occurs.

Buy This Dip..

 

The Exciting Energies

Oct. Crude recommended position long at 1364 and 1348

Nearby Support is at 1364 and 1335 and 1310

Resistance is at 1383 and 1389. A close over 1383 augurs for a test of good resistance at 1415 to 1421. A close over 1421 indicates a test of the 1453 to 1459 region.

Oct. Unleaded Gas recommended position long 2 at 4070

Nearby Support is at 4070 then 4055. A close under 4040 augurs for a test of 3992 to 3982 and 3968 to 3910 where it should hold.

Resistance is at 4120 and 4154. Beyond that Resistance is at 4254 to 4270.

A close over 4270 augurs for a test of the resistance at 4315 to 4350

Trade Accordingly.

Oct. Heating Oil Recommended Position long at 3544

Early Resistance is at 3659. A close over 3670 augurs for a rally to 3715 with a likely test of 3805 to 3815.

Support is at 3545. Below that 3460 to 3425 should contain a break.

Traders can buy at 3445. Risk a close under 3370 for three days in a row.

The Grande Grains

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

Support is at 527 1/4 and 516.5.

Resistance is at 533 1/2 and 541 1/2 to 543

Dec. Soybean Meal Recommended long 3 at 141.60 avg.

Traders should risk a close under 136.0 on 1/3 of the position today only.

Support is at 136.1 and 135.3

Resistance is at 136.9 then 139.3 and 144

Trade Accordingly.

Dec. Soybean Oil recommended position long 2376 and 2537

Support is at 2419 and 2411. Then 2385 to 2372. Traders should Buy at 2366 and Hold for higher prices. Risk a close under 2354 for three days in a row.

Resistance is at 2461 to 2472. A close over 2472 is friendly for a test of 2511 and 2519.

Dec. Corn Long at 219 1/2

Support is at 211 3/4 and 206.

Resistance is at 214 3/4 to 216 1/2. A close over 216 1/2 augurs for a short covering rally to 221.

Dec. Wheat long at 272 3/4

Resistance is at 265 and 267. A close over 267 augurs for a rally to 271/ 273.

On the DownSide Support is at 263 1/4 Below that support should appear at 260 1/4.

Trade Accordingly.

The Satisfying Softs

Dec. Cotton Recommended Position Long 2 at avg. 7190,1 at 7385, 1 at 7593

Nearby Support is at 7542, day traders can buy for a bounce at 7542, risk 110 pts. Beneath that good support is at 7504 to 7495 and 7454.

Resistance is at 7554, an extended trade over or close over 7555 augurs for a test of 7655 then 7760 to 7770.

Trade accordingly.

Oct. Sugar recommended position long at 804

Support is at 791 and 782 to 779 which should hold a decline today. Day traders can buy at 782 for a bounce, risk 20 pts.

Early Resistance is at 795. A close over 795 is friendly for a test of 814 to 819 and 823 then 847 to 852.

*Traders should go long if a close over 823 occurs.

Dec. Coffee:

On the downside, Early support is at 117.55 and 116.90 to 116.40. Day traders can buy at 116.90 for a bounce. Below that 115.10 offers good support. Beneath that

Support is at 113.60 and 113.00.

On the Upside, Resistance is at 118.30 and 119.20 to 120.30. Above that 125.50 and 126.80 to 127.40/ 128.05 offer good resistance. Traders can go short at 127.40 for a quick turn lower, risk a close over 128.90 for three days in a row

Trade Accordingly.

Dec. Cocoa Recommended Position Long at 1560 and 1569

Support is at 1538 to 1535, below that 1525 should hold today.

Resistance is at 1547 then 1569 to 1572.

A close over 1547 is friendly.

The Lively Livestock

October Cattle Recommended Position long at 3 @ 6210 and 1 at 5855

Support is at 5827 and 5812. Day Traders can buy at 5827 for a good bounce risk 40 pts. Under that 5752 should bring out a few buyers.

Resistance is at 5887 and 5902 then 5967 to 5977.

*A Close Wed over 5887 is friendly, traders should add/ go long if a close over 5887

October Hogs Recommended Position Long 3 at 4302 avg. 1 at 4327 and 1 at 4057
Resistance
 is 4112 to 4120 /4130. A close over 4075 augurs for a test of 4212.

Support is at 4057 to 4047 then 4012 to 4002.

Dec. Hogs

Support is at 4067 to 4052 then 3992 to 3982. Traders can Go long at 4057 and hold.

Resistance is at 4112 and 4167, a close over 4167 augurs for a test of 4267..

Feb. Bellies recommended position long at 5500 and 5550

Traders should plan on risking a close under 5200 today on 1/2 of the longs. Early Support is at 5202 and 5142 to 5127. Resistance is at 5417 and 5430 then 5492.

Stay tuned for updates and flashes --From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Sept. Bonds

On The DownSide, Nearby Support is 125-07 and 125-05 , below that support is at 124-26 and 124-05 t0 124-02 Day traders can buy at 124-04 for a good bounce, risk 15 pts. A close under 124-04 is negative and augurs for a slip to 123--03.

On the Upside: Early Resistance is at 125-25. traders can sell short at 125-25 risk a close over 126-08 for two days in a row.

Above that resistance is at 126-02 to 126-05 and 126-13 which should cap a rally.

 

Sept. SP500 Recommended position short at 1096, 1094 (2) ,1095.50

On the DownSide, Support is at 1088.80 and 1088.00, which is likely to trade during wed session. Below that support is at 1084.30 and 1082.00.
Below that Support is at 1075.40 , under that 1068 to 1067.10 / 1066.20 and 1064.20 to 1063 should hold.

On the Upside, Resistance is at 1096 and 1098.5 and 1099.40. Beyond that resistance is at 1101 and 1106.60. Above that good sellers should show up at 1115.50 then 1119.30 and 1128.80 to 1130 . Which should cap a rally, Traders should sell at 1130 and Hold. Stay tuned for Flashes

The Dow Jones Industrial Average

Early Support is 8589 and 8563.35 to 8560 , a close under 8560 is negative for a slip to 8499 to 8484 region should hold basis the close. If it does not an eventual break down towards 8335 is likely. Under that support is at 8223 and 8194 which should stop a decline for now.

Resistance should first appear at 8628 to 8635 and 8668 to 8677 and 8683. A close over 8683 augurs for a rally to 8746 and 8762 to 8777 and the 8856 to 8871 region which should cap a rally for now.

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

Happy Trading

Bill

Tuesday Aug. 25 1998

09:03 PM

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