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.
Tuesday, Feb 3, 1998
6:00 AM
On the Frenzied Forex Front
March J-Yen
Nearby support is at 7954 and 7939. Resistance should appear at 8034 and 8052 , beyond that 8080 offers resistance then 8116 . 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 avg 6841
Support should appear at 6809 and 6793/6786 . Resistance begins at 6829 and 6843 then 6900 Beyond that a test of 6980/ 6990 to 7003 then 7023 to 7029 is likely.
A close over 6845 augurs for a Thrust to 6906. 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
A close over 6822 is friendly.
March British: Recommended Position long at 165.50
Support is at 163.20 and 16290 Resistance is near 164.20 , a close over 164.20 augurs for a test of 164.20 and 165.50.
March D-Mark Recommended Position long at 5588, 5488 , avg 5538
Early support is at 5510 and 5505 then 5495 . Nearby Resistance is at 5545 and 5553
A close over 5517 augurs for a pop to 5540
Trade Accordingly
March Canadian Dollar Recommended Position Long at 7002 and 6909
Support is near 6875 to 6868 Resistance is near 6906 and 6925
Trade Accordingly...
Precious and Industrial Metals
April Gold
Support is near 302.1 with 301.1, day traders can buy at 302 risk 3 $ under that 293.5 and 287 offers a buying region. Resistance is 306.4 and 310 to 311 , A close over 310.5 augurs for a rally back to 320 to 323 Beyond that 330 is likely to be tested.
March Copper Recommended Long Position at 7865
Support is at 7820, below that 7780 then 7735 and 7575 should stop the decline , go long March Copper at 7590 for a turn higher , risk a close under 7510.
Resistance is at 7975 and 8135 beyond that 8370, 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 391 and 382.9 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 400.9 to 401.3 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 613 and 587. 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 627 and 637/ 640 then 667, sell at 671 risk a close over 677 for two days in a row.
Buy Dips
The Exciting Energies
March Crude Oil
Support is at 1682 under that 1657 should hold. .
Resistance should appear near 1707 and 1732 then 1773.
March Unleaded Gas
Early support is near 5205 and 5110 , trader should buy March at 5127 and risk 50 pts.
Resistance is near 5305 and 5405.
March Heating Oil
Support is near 4650 and 4570 Resistance is near 4770 And 4915.
The ‘Grande’ Grains
March Beans
Early support is near 674 3/4. Below that Go long at 669 for a bounce , risk 10 cents. Beneath
669 support should appear at 667 and 656..
Resistance is near 681 and 683 3/4 beyond that 687 1/2. A close over 687 is bullish for a trade to 691. Beyond 692 , 704 offer's 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 193.00 below that Buy at 192.6 risk a close under 188 for
three days in a row. Resistance is near 195.1 and 198.9 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 2530
A close over 2537 augurs for a test of 2612..
March Corn Recommended position long at 273 3/4
Support is at 273 , below that 268 to 269 should hold
Resistance is near 278 1/2, The close over 274 augurs for a ‘pop’ to 278 and beyond
March Wheat
Support is at 337 1/2 and 330 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 348 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 6625 and 6560 Resistance is at 6760 and 6815
March Sugar Recommended Position Long at 1203,1169 and 1101
Support near 1105 and 1107 below that 1101/ 1098 should hold. Resistance is 1130 and 1145 1141
A close over 1145 augurs for a 'pop' to 1167.
March Coffee Recommended Position long at 178.00
Early support is at 17645 then 17590 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 178.45 and 180.90 to 182.20.
Dont' be surprised to 200 Coffee again.....
When Trading Coffee, one should keep a Steel ‘Cup’ handy.
Trade accordingly
March Cocoa
Early resistance is located at 1572 beyond that 1593
Support is near 1541 and 1491
The Lively Livestock
April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845
Support is and 6717 and 6710 Day traders can buy at 6712 , risk 70 pts.
Resistance is near 6787 and 6800 , a close over 6787 is friendly.
Trade Accordingly.
April Hogs Recommended Position , long at 5787
Resistance is at 5785 and 5812 , beyond that 5855. Support is 5727 and 5712, 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 3 at 4650
Early support is at 5262 and 5242 under that 5202 and 5167 with 5067 offering support. Resistance is near 5357 and 5412.
For Today Traders should EXIT 1/3 of remaining Positions at 5365 MIT and 1/3 at 5412 MIT.
The Sensational Stock and Bond Markets
March Bonds Recommended Position Short at 121-21.
Near Term support is at 121-30 and 121-13 below that 121-09 and 121-02.
Resistance is at 122-13 and 122-20 to 122-23 with 123-09 beyond that.
A close under 122-13 is negative.
March SP500 Recommended Positions, short at 954.20, 958.40, 970.50 , 978.50,979.00
and 986.20
On the Downside; Critical Support is near 987.40 and 985.80 beneath that 983.70 /30 to 982.10 offer support also. Below that 977.90 then 973.70 and 972.10 to 971.10 /970.50 should contain a break basis the close. Below that 968.80 should trade if that fails grab the FuturesCom BI-Weekly for targets.
A close under 987.90 indicates a test of 983.70 and eventually 973.70 to 970.60.
On the Upside Resistance should appear near 988.30 and 992.10 to 993.70 beyond that
998.10 then 1002.20
Traders may see a Dip shortly..
The Dow Jones Industrial Average(cash)
Initially 7885.2 and 7864 must hold basis the close, if not expect 7840 /7836 and 7814.
Beneath 7814 7777 to 7763 should contain the break, with a likely test of 7711 to 7708.
Below that 7689 and 7587 to 7601 offer support.
Resistance is near 8009 then 8029/ 8044 should cap this rally 7936 and 7947 to 7954 , beyond that 7969 offers early. Resistance. Beyond that 8009 offer's resistance as does 8029 to 8049 . A rally to 8076.5 should cap a rally.
This Newsletter is dedicated to Risk, without Risk there is no reward.
Happy Trading
Bill
Saturday January 31, 1998
5:15 PM
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