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, Feb 4, 1998
2:30 AM
On the Frenzied Forex Front
March J-Yen
Nearby support is at 7991 and 7954 to 7941. Resistance should appear at 8037 and 8041 , 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 6906 & 6836
Support should appear at 6847 and 6825 . Resistance begins at 6879 and 6897 then 6906... Which after the recent action should trade. Beyond that a test of 6980/ 6990 to 7003 then 7023 to 7029 is likely.
2-03- morning Comments "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
March British: Recommended Position long at 165.50
Support is at 163.62 and 16290 Resistance is near 164.88 , a close over 164.888 augurs for a test of 165.50.
March D-Mark Recommended Position long at 5588, 5488 , avg 5538
Early support is at 5503 and 5498 . Nearby Resistance is at 5548 and 5553 to 5577. A close over 5577 augurs for a pop to 5603
Trade Accordingly
-Expect higher prices over the next few weeks in the Swiss and Marks , irregular but higher-
March Canadian Dollar Recommended Position Long at 7002 and 6909
Support is near 6919 to 6909 Resistance is near 6961 and 6979
Trade Accordingly...
Precious and Industrial Metals
April Gold
Support is near 292.5 and 287 offers a buying region. Resistance is 301.5 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 and 7590 Traders should protect their position today with a stop close under 7670.
Support is at 7670, below that 7575 should stop the decline
Resistance is at 7725 and 7785 beyond that 7985. 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 381.5 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 391 and 399 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 Recommended Position Short at 671 (last Eve)
Support is at 649 and 640. Resistance is near 685 and sell at 710
The Exciting Energies
March Crude Oil
Support is at 1634 and 1604.
Resistance should appear near 1659 and 1684.
March Unleaded Gas
Early support is near 5010 and 4990 Resistance is near 5110 and 5210.
March Heating Oil
Support is near 4580 and 4555 Resistance is near 4620 and 4780.
The ‘Grande’ Grains
March Beans
Early support is near 682 1/4. and 681 3/4 Below that 675 under that go long at 669 for a bounce , risk 10 cents. Beneath 669 support should appear at 667 and 656.. Resistance is near 689 1/2. However 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 195.2 and 194.1 below that Buy at 192.6 risk a close under 188 for three days in a row. Resistance is near 197.2 beyond that 199.1 then 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 2539 and 2525 down under 2469 offers support, buy at 2461 risk a close under 2419. Resistance is near 2577 and 2612
March Corn Recommended position long at 273 3/4
Support is at 273 3/4 below that 268 to 269 should hold
Resistance is near 278 1/4 A close over 278 3/4 augurs for a ‘pop’ to 283
March Wheat
Support is at 338 1/2 and 337 1/4. Below that Traders should Buy March Wheat at 331 3/4 and hold . Resistance is near 349 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 6670 and 6610 Resistance is at 6760 and 6815
March Sugar Recommended Position Long at 1203,1169 and 1101
Support near 1108 and 1100 Resistance is 1130 and 1148
A close over 1148 augurs for a 'pop' to 1167.
March Coffee Recommended Position long at 178.00
Early support is at 17620 then 17605 under that 173.55 and 169.60 to 167.70
and 165.50 region. Below that 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 178.55. a close over 178.55 augurs for a test of 180.90 to 182.20.
Don't' 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 1595 and 1636.
Support is near 1567 and 1545
The Lively Livestock
April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845
Support is and 6577 and 6547.. Day traders can buy at 6577 , risk 50 pts.
Resistance is near 6647 and 6697.
April Hogs Recommended Position , long at 5787
Resistance is at 5700 and 5727.. beyond that 5760. Support is 5627 and 5610 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 5135 and 5967 below that 4995 to 4972.. Resistance is near 5200 to 5212 and 5267. A close over 5212 is friendly , over 5272 is bullish for a move to 5347 and 5412...
FuturesCom will add coverage in March Shortly, however first notice day in Feb is Friday, since there is about 3000 lots open and only 75 deliverable contracts available it might get interesting.
The Sensational Stock and Bond Markets
March Bonds Recommended Position Short at 121-21.
Near Term support is at 121-15 and 121-04 below that 120-15, eventually a test of 119-16 should occur. Resistance is at 121-26 and 122-12 to 122-15 with 122-24 beyond that.
A close under 121-14 is negative.
March SP500 Recommended Positions, short at 954.20, 958.40, 970.50 , 978.50,979.00 986.20, 1005.50 and 1007.20.
On the Downside; Critical Support is near 1008.80 and 1007.40, a close under 1007.40 indicates a test of 1003.50 /1003.10 beneath 1003.50 support should appear at 1002.10 then 1000.80 and 998.10. A slip under 998.10 for an extended period augurs for a test of 993.70 to 992.10 then 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 grab the FuturesCom BI-Weekly for targets.
On the Upside Resistance should appear near 1010.40 to 1011.20 beyond that 1013.60 with more at 1015.70 and 1027.80
A close under 1000.80 is un-friendly to the market.
The Dow Jones Industrial Average)
Initially 8129 and 8119 must hold basis the close, if not expect 8085 , a close under 8085 is negative. Beneath that 8044 to 8029 offer support as does 7954.
Resistance is near 8166 and and 8194 to 8213 / 8223 Beyond that 8314 offer resistance.
Happy Trading
Bill
Wed Feb 4 1998
4:25 AM
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