THIS PUBLICATION CONTAINS THE VIEW AND OPINIONS OF THE AUTHOR, EXCEPT WHERE OPINIONS ARE ATTRIBUTED TO OTHER SOURCES. WRITTEN PERMISSION IS. REQUIRED PRIOR TO ANY DISTRIBUTION OR REPRODUCTION. FUTURES TRADING IS RISKY AND CAN CAUSE SUBSTANTIAL FINANCIAL LOSS. THE USE OF OPTIONS AND OPTION TRADING INVOLVES A HIGH DEGREE OF RISK. THE USE OF STOPS MAY NOT LIMIT LOSSES TO INTENDED AMOUNTS. SPREAD POSITIONS MAY NOT BE LESS RISKY THAN OUTRIGHT FUTURES POSITIONS. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. SOURCES ARE BELIEVED TO BE RELIABLE BUT NO ASSURANCE IS MADE FOR ACCURACY. ADDITIONAL RISK DISCLOSURE IS AVAILABLE.
Wed , January 27, 1998
5:00 AM
On the Frenzied Forex Front
March J-Yen
Nearby support is at 7997 and 7954 below that 7939 Below that that 7892 to 7864 should act as Support. If that fails traders should buy at 7718 risk a close under 7657 for two days in a row. Resistance is near 8000 and 8029 beyond that 8089 and 8119 to 8136. Sell Short at 8194 for a turn lower, risk a close over 8209 for three days in a row.
Trade Accordingly
March Swiss Franc Recommended Position long at 6783 & 6906
Support should appear at 6839 below that 6836 to 6815 should hold, traders should have buy orders waiting to Buy at 6836, risk a close under 6809. Resistance begins at 6880 and 6915 to 6930 Beyond that a test of 6980/ 6990 to 7003 then 7023 to 7029 is likely.
A close over 7023 augurs for a Thrust to 7074. A close over 7088 augurs for a 'pop' to 7123 and most likely the 7143 to 7170 region where resistance should appear. A close over 7170 indicates a pop to 7243. Sell there at 7242 for position, risk a close over 7257 for two days in a row
March British: Recommended Position long at 165.50
Support is at 16260 and 161.90 Resistance is near 163.64 and 164.20 A close over 163.64 friendly for a rally to 165.50
March D-Mark Recommended Position long at 5588
Early support is at 5540 and 5531 Below that support should appear near 5504 where day traders can buy at 5505 for a bounce, risk a trade under 5488. Nearby Resistance is at 5577to 5581 then 5631and 5646, beyond that 5678 and 5716 to 5729 A close over 5716 augurs for a pop to 5792 / 5805. Traders should sell at 5834 for a quick turn lower , stay tuned for a stop. In addition Good sellers should appear near 5860, sell at 5860 for a position risk a close over 5912 for two days in a row.
Trade Accordingly
March Canadian Dollar Recommended Position Long at 7002 and 6909
Support is near 6836 and it should hold.
Resistance is near 6890. A close over 6890 augurs for a test of 6919
Trade Accordingly...
Precious Metals
April Gold Recommended Position long at 299
Support is near 298.5 and 294 Below that 287 offers a buying region. Resistance is 303.9 then 307.7 and 309.3 , traders can exit /sell short at 308 then risk / go back long on a close over 310. A close over 310 augurs for a rally back to 317 to 320 Beyond that 330 is likely to be tested.
March Copper
Support is at 7950 and 7865 , traders should buy at 7865 , risk a close under 7820 for two days in a row. Below that 7790 then7750 and 7610 to 7590 should stop the decline , go long March Copper at 7590 for a turn higher , risk a close under 7510.
Resistance is at 8150. beyond that 8190 and 8350, a close over 8225 indicates a rally back to 8540 Above that traders should sell at 8850 risk a close over 8870 for three days in a row.
A close under 8065 is negative.
April Platinum
support is near 377 , buy at 380 a close under 373 for three days in a row. Below that should appear near 374 and 369. Buy at 369 for a 2- day bounce , risk a close under 358. Resistance is 394 and 397. Beyond that 407 should trade. With a possible ‘touch’ of 413 or higher Traders should sell at 423 , risk a close over 425 for three days in a row. Beyond that 440 and 460 should trade.
Trade Accordingly
March Silver
Support is at 587 and 573. Traders should Buy March Silver at 567.5 , risk a close under 544. Below 567.5, buy at 558 for a bounce, risk 10 cents.
Resistance is near 613. The close over 610 is friendly for a test of 637/ 640 then 671, sell at 671 risk a close over 677 for two days in a row.
Buy Dips
The Exciting Energies
March Crude Recommended Position Long at 1656
Support is at 1675, and 1650 Resistance should appear near 1700 and 1725. Above that 1763 offers resistance
March Unleaded Gas
Early support is near 5175 and 5070. Resistance is near 5270 and 5370
March Heating Oil
Support is near 4715 and 4580 . Resistance is near 4830 and 4910
The ‘Grande’ Grains
March Beans: Recommended position Long at 667.
Early support is near 674. Below that Go long at 669 for a bounce , risk 10 cents. Beneath 669 support should appear at 663.
Resistance is near 686. A close over 685 is bullish for a trade to 691. Beyond 692 , 704 offers resistance ,traders can sell at 703 for a quick turn lower, risk a close over 711 1/2 for three days in a row and stay tuned.
Trade Accordingly
March Soybean Meal Recommended Position Long at 195.50
Support should appear at 196.50 and 195.50below that Buy at 192.6 risk a close under 188 for three days in a row. Resistance is near 201.5 , beyond that 209 offers resistance sell at 209, risk a close over 213.5 for two days in a row.
Go long March Meal using a 195.5 Buy stop to enter.
March Soybean Oil
Early support is at 2557 below that Buy at 2557 , risk a close under 2510 for three days in a row. Beneath the 2510 region 2469 offers support as does 2436 , buy at 2461 risk a close under 2419.
Resistance is near 2612 to 2624. Above that sell at 2663 for a turn lower , risk 100 pts.
March Corn
Support is at 277 , below that 273 to 271 , traders should begin purchases of March corn at 273 3/4. risk a close under 271 for three days in a row.
Resistance is near 281 1/2 and 284 , a close over 284 augurs for a ‘pop’ to 292 and beyond
March Wheat
Supp0ort is at 340 and 331 3/4. Traders should Buy March Wheat at 331 3/4 and hold .
Beneath that 329 to 323 should be considered a buying region. Go long at 326, and hold.
Resistance is near 346, beyond that 353 should trade. A close over 355 1/2 indicates a thrust to 367
Trade Accordingly
The Satisfying Softs
March Cotton Recommended Position long at 6590
Support is at 6479, below that buy at 6417 risk 100 pts. Resistance is at 6529 and 6597 to 6605 . A close over 6605 augurs for a test of 6675 and 6705. .
A close over 6529 is friendly.
Trade accordingly.
March Sugar Recommended Position Long at 1203 and 1169
Support near 1116 and 1101 , below that 1096 should hold. Buy at 1101 risk a close under 1096 for three days in a row. Resistance is 1128 and 1143. A close over 1127 augurs for a 'pop' to 1149 then 1167.
March Coffee Recommended Position long at 178.00
Early support is at 173.10 and 172.90 to 172.75, under that 170.80 then 167.70 to 165.50 should hold. Traders should buy at 164.20 , risk a close under 162.50 for two days in a row. Beneath that a decline to 158.20 should be considered a buying opportunity. Buy at 157.60 , risk a close under 153.50 . Beneath that 150.50 to 148.10 offer support.
On the Upside, resistance is near 175.25 and 179.90 and 180.80 to 182.20 , beyond that 185.90. Above that 190.20 to 190.90 Traders should sell at 194.60 risk a close over 195.30. for two days in a row. More sellers should appear near 198.20 and 199.60
When Trading Coffee, one should keep a ‘Steel Cup’ handy.
Trade accordingly
March Cocoa Recommended Position Short at 1576
Early resistance is located at 1609 and 1615 , beyond that 1642 and 1677 Traders should sell at 1677 , risk a close over 1689 for two days in a row. The 1680 / 1696 region offers more sellers, above that 1713 is likely to trade and 1737 should cap a rally. Support is near 1582, Below that support should appear near 1559 and the 1532 region, with 1517 to 1496 beneath that. A close under 1517 augurs for a slip to 1484., below that go long at 1459 and risk a close under 1446 for two days in a row.
The Lively Livestock
Feb. Cattle Recommended Position, long at 6622
Support is near the 6592 / 6577 region. Below that 6492 should hold.
Early Sellers should appear near 6637 and 6712 with 6782 beyond that.
A close over 6642 is friendly for a test of the 6712 region..
April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845
Support is 6925 below that 6892 . Beneath that 6850 and 6777. Resistance is near 7000 and 7037 a close over 7005 augurs for a test of and 7072 to 7087
Trade Accordingly.
Feb. Hogs
Support is near 5802, below that 5712 should stop any decline.
Near Term Resistance is near 5865 and 5902
Recommended Spread Position, Long April Short June Hogs, 5 at 817 and 5 at 757
Hold
April Hogs
Resistance is at 5887 and 5902 , beyond that 5987. A close over 6035 augurs for a trade to 6092. Support is near 5787, buy at 5787 , risk a close under 5672 for three days in a row. Additionally traders should be prepared to buy at 5657 if given the chance. Risk 100 pts.
Feb. Bellies Recommended Position Long at 5622 , 3 at 5447 , 4 at 5090, 4 at 4650
Early support is at 5052 and 4987 then 4945 to 4917. Below that 4857 offers good support. Resistance is near 5160. Beyond that 5247 to 5272 offers a selling region. However, a close over 5270 augurs for a test of 5427 where sellers should appear.
Friendly, Buy Dips and stay tuned.
The Sensational Stock and Bond Markets
March Bonds
Near Term support is at 121-00 and 120-08 Resistance is at 121-08 and 121-18 , sell at 121-21 risk a close over 122-10 .
Beyond that a trade to 123-09 is likely , sell at 123-09 and hold.
March SP500 Recommended Positions, short at 954.20, 958.40 and 970.50
On the Downside; Support is near 964.10 and 962.50 under that 957.00 and 955.00 to 954.20 offer support . a close under 962.50 augurs for a test of 957 then 955 , below that a test of 952.60 is likely.
Beneath that 947.60 and 944.40 to 942.90 offer support , below that 938.80 , must hold basis the close. If the 938.80 region or 934.70 level fails a decline to 931.60 will likely take place. Beneath that 925.40 then 923.60 to 922.90 offer support. A close under 923.60 augurs for a test of 915.60 to 914.00 A close under 914.00 indicates a slip to 910.00 then 906.40/906.00 and 904.40. However a close under 904.40 augurs for a test 896.60 to 893.40 with 892.10 below that. Traders can Buy at 892.10 for a bounce, stay tuned for the stop. If that fails a slip to the 884.90 / 881 region is likely, Below that 877.70 then 876.20 to 874.60 offer support as does the 868.30 / 866.80 region. Below that 860.30 then 858.90 to 856.00 should bring out a few buyers. Traders can Buy at 858.10, again stay tuned for a stop Failure there indicates a decline to 842.90 and 840.60 / 839.10 region . Below that 831.40/830 is likely to trade with 822.30 to 819.40 under that. Below that Buy at 813.40. Under that buy at 804.40 and hold.
On the Upside Resistance should appear near 969.50 region with 970.60 / 971.30 and 973.70 above that. Which should cap this rally. If not 982.10 to 983.70 and 986.20 all offer resistance, sell at 986.20, stay Tuned for the stop. Beyond that 987.70 should cap a rally.
Trade Accordingly and stay tuned for new trades and analysis designed
to take advantage of moves in either direction.
The Dow Jones Industrial Average(cash)
Initially 7684 must hold basis the close if not a dip to the 7596 region then 7555 region is likely. Below that 7513 to 7493 with 7486 basis the close should be considered critical. Below that 7462/ 7457 offers some support. A close under 7462 augurs for a test of 7428 and 7414 which should bring out a few buyers . If not a decline to 7342 and the 7279 region is likely. A close under 7242 is negative for a decline to 7170 , under that 7088 and 7003 should stop the break. If not a test of 6954 is likely.
Resistance is near 7719 then 7746 and 7777 region. Beyond that a test of 7809 and 7840 to 7854 that should encourage traders. A close over 7880 augurs for a test of 7920 and 7934 to 7954. Beyond that 7969 and the 8005 to 8029/ 8044 should cap a rally
Happy Trading
Bill
Tuesday January 27, 1998
06:47 PM
Copyright@1998 FuturesCom Investment Publications
All Rights Reserved
the list Elected trades can be found today at http://www.futurescom.com/el0126-98.htm