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.
Friday, January 30, 1998
6:00 AM
On the Frenzied Forex Front
March J-Yen
Nearby support is at 7892 to 7864. If that fails traders should buy at 7718 risk a close under 7657 for two days in a row. Resistance is near 8020 and 8080 then 8119 . Beyond that 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 , 6836
Support should appear at 6800 and 6786 . Resistance begins at 6836 and 6900 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 162.80 Resistance is near 164.20 A close over 164.20 is friendly for a rally to 165.50
March D-Mark Recommended Position long at 5588, 5488
Early support is at 5488. Nearby Resistance is at 5505 then 5524 and 5538
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 6792 Resistance is near 6841. A close over 6841augurs for a test of 6919
Trade Accordingly...
*Over the next Few Days The Yen should Dip as D-Marks and Swiss Gain Strength*
Precious Metals
April Gold
Support is near 303.6 with 299.5 under that .... Below that 287 offers a buying region. Resistance is 309.8 and 312.9, 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 7865 , traders should buy at 7865 , risk a close under 7820 for two days in a row. Below that 7780 then 7755 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 8160 / 8180 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.
April Platinum
support is near 379, below that buy at 380. Risk a close under 373 for three days in a row. More support should appear near 374 and 369. Buy at 369 for a 2- day bounce , risk a close under 358. Resistance is 394 and 398. 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 580 and 577. 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 620. 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
Support is at 1778, and 1765.
Resistance should appear near 1828 . Above that 2000 is in the card
Yes $ 20.00
March Unleaded Gas
Early support is near 5490. Resistance is near 5690
March Heating Oil
Support is near 4940 . Resistance is near 5140.
The ‘Grande’ Grains
March Beans:
Early support is near 673 1/2 . Below that Go long at 669 for a bounce , risk 10 cents. Beneath 669 support should appear at 665.
Resistance is near 687 1/2 A close over 687 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
Support should appear at 196.80 and 194.70 below that Buy at 192.6 risk a close under 188 for three days in a row. Resistance is near 201.5 , beyond that 206 and 209 offer resistance sell at 209, risk a close over 213.5 for two days in a row.
March Soybean Oil Recommended Position Long at 2557
Early support is at 2503 in addition 2469 offers support as does 2436 buy at 2461 risk a close under 2419.
Resistance is near 2533 and 2539.
March Corn
Support is at 272 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 277 1/2 and 280 1/2, a close over 283 augurs for a ‘pop’ to 287 and beyond
March Wheat
Support is at 335 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 342 and 347 1/2. beyond that 353 should trade. A close over 355 1/2 indicates a thrust to 367
Bullish , Buy weakness only.
Trade Accordingly
The Satisfying Softs
March Cotton
Support is at 6549. Resistance is at 6642 and 6667
March Sugar Recommended Position Long at 1203,1169 and 1101
Support near 1115 below that 1098 should hold. Resistance is 1138. A close over 1138 augurs for a 'pop' to 1149 then 1167.
March Coffee Recommended Position long at 178.00
Early support is at 177.05 then 175.65. 173.15 and 172.35 , under that 169.60 and the 167.70 to 165.50 region 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 178.15 and 180.65 182.20 ,
When Trading Coffee, one should keep a ‘Steel Cup’ handy.
Trade accordingly
March Cocoa Recommended Position Short at 1576
Early resistance is located at 1600 and 1616 beyond that 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 1588 and 1538.
The Lively Livestock
April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845
Support is and 6787 and 6722. Resistance is near 6862 and 6867 , a close over 6867 augurds for a a test of recent highs near 6930.
Trade Accordingly.
April Hogs Recommended Position , long at 5787
Resistance is at 5807 and 5855 , beyond that 5900. Support is 5742 and 5707, below that 5657 should hold.
Recommended Spread Position, Long April Short June Hogs, 5 at 817 and 5 at 757
Hold
Feb. Bellies Recommended Position Long at 5447 , 4 at 5090, 4 at 4650
Early support is at 4962 and 4882 under that 4857 offers good support. Resistance is near 5160 and 5247 the 5412....
For Today Traders should EXIT 1/2 of remaining Positions at 5247 MIT and 1/2 at 5412 MIT.
The Sensational Stock and Bond Markets
March Bonds Recommended Position Short at 121-21.
Near Term support is at 121-12 and 120-12 , below that 119-13 Resistance is at 122-12 and 123-12
A close under 121-10 is negative.
March SP500 Recommended Positions, short at 954.20, 958.40, 970.50 , 978.50,979.00 and 986.20
On the Downside; Support is near 987.30 and 983.70 to 982.10 Below that 977.90 and 973.70 to 972.10 under that 971.10 and 970.50 Below that 968.80.
On the Upside Resistance should appear near 988.50 and 992.10 to 993.70 beryond that 998.10
A close under 987.20 is negative , under 982.00 aqugurs for a slip to 970.60...
The Dow Jones Industrial Average(cash)
Initially 7970 must hold basis the close if not a dip to the 7777 region, Below that 7708 offers support. Below that 7689 and 7587 to 7601 offer support.
Resistance is near 8009 then 8029/ 8044 should cap this rally
Happy Trading
Bill
Friday January 30, 1998
7:43 AM
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