FuturesCom Investment Publications
Morning Comments , Jan
11,1999
Dedicated to Excellence in Analysis of Futures
Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains..
Livestock.. Softs
Featuring Bi-Weekly Investment Outlooks, Special Reports, Morning Comments
Experienced Since 1979 &
Serving Professional and Individual Futures Traders World Wide since
1988
5845 Autumn Ridge
Rd Lake
Worth Florida 33463 USA
561-433-2995
"Among the hazards of speculation the happening of the unexpected -I might even say the unexpectable - ranks high. There are certain chances that the most prudent man is justified in taking - chances that he must take if he wishes to be more than a mercantile mollusk--" Reminiscences of a Stock operator.
01/10/99
4:27 PM
On the Frenzied Forex Front
March Japanese-Yen
Nearby Support is at 9108 to 9088 , agressive day traders can buy at 9088 risk 50 ptsa. Below that support is at 9060 to 9054/ 9044 . Day traders can buy at 9054 for a good bounce, below that support is at 9008 and then 8964 to 8934 and 8871.
Resistance is at 9131 to 9140 and 9156 Beyond that day Traders can sell short at 9173 for a turn lower, risk 70 pts. A close over 9226 is friendly and augurs for a test of 9316 to 9347 where traders should sell at 9330 and hold for lower prices.
March D-Mark
Early Support
is at 5925. Below that support is near 5904 and 5880 to 5875 where day traders can buy at 5880 for a bounce risk 35 pts.Resistance is at 5957 and 5975 , day traders can sell an early rally at 5975, risk 35 pts. Beyond that resistance is at 6004 then 6023 to 6035
March Swiss recommended position long at 7366 and 7257
Nearby Support
is at 7223 , a slip under augurs for a test of the 7173 to 7143 region which should hold. Day traders can buy at 7173 for good turn higher, risk 60 pts. Below that 7123 to 7116 should stop a break.Early Resistance is at 7233 where aggressive traders can sell an early rally at 7242 for a quick turn lower. Risk 20 pts Beyond that sellers should appear near 7273 then 7316. Day traders can sell a rally at 7316 risk 35 pts. Beyond that resistance is at 7323 and 7342.
A close over 7233 is friendly
March British Pound recommended position long at 1.6550
Nearby Support
is at 1.6368. Below that support is at 1.6286 and the 1.6150to 1.6090 region where traders can go long at 1.6150 then hold for higher prices.
Early Resistance is at 1.6422. An extended trade or close over 1.6420 augurs for a test of 1.6550 and 1.6640.
March Canadian Dollar
Early Support
should is at 6605, day traders can buy and early dip at 6605 , risk 35pts. below that 6591 to 6577 should hold today. Resistance is at 6655 and 6673. Day traders can sell at 6655 for a quick turn lower , risk 35 pts.
Precious Metals
Feb. Gold
recommended position long at 298.10Support
is at 291 then 289.9 and 284.5. Traders can buy for a bounce at 286.4, risk a close under 282. Below that the 276 to 271 region should hold.Resistance is at 292.8 a close over 292.8 is friendly and traders should go long if that occurs. Beyond that resistance is at 296.5 to 299.8 and the 304 to 307 region.
March Copper:
Support
is at 6630 and 6510 then 6435 under that Traders can go long at 6385 and hold for higher prices. Resistance is at 6705. Beyond that 6800 offers resistance, a close over 6800 indicates a test of 6905 to 6920. Beyond that resistance is near 6995.
April Platinum recommended position long at 366.5 and 362.5
Early Support
should appear near 356.5, beneath that 352.5 should contain a break.Resistance is at 366.5 ,beyond that good sellers should appear near 372.5. However a close over 373 is friendly and indicates a test of 378.5 to 379.5 and eventually 383. Beyond that resistance is near 385 to 387 and the 390.9 to 393 region.
Traders should go long if a close over 372.5 occurs, risks a close back under 362.5.
March Silver
On the DownSide
: Nearby Support is at 528 and 522, day traders can buy at 522.5 for a good bounce, risk 10 cents , below that 504 should hold.near 543 , above that 553 to 555 should stop the rally for a bit.
The Exciting Energies
Feb. Crude recommended position short at 1304
Nearby Support
is at 1298 and 1274 to 1268 Below that 1238 should hold.Resistance is at 1307 then 1319 to 1324. Beyond that 1334 to 1346 and 1359 offer good resistance.
Trade Accordingly
Feb. Unleaded Gas
Support
is at 3770 and 3709 Below that support is at 3665Resistance is near 3865 and the 3909 to 3930 region. Beyond that sellers should appear near 4015 to 4045. Traders can go short at 4045 for a turn lower, risk a close over 4110 for two days in a row.
Feb. Heating Oil
Nearby Support
is at 3550 and 3515 then 3445 below that Traders can buy at 3365, risk a close under 3260 for three days in a row.Resistance is at 3655 and 3715. A close over 3715 indicates a push towards 3855. Trade Accordingly.
The Grande Grains
March Soybeans
Support
is at 552 1/2 and 549 3/4 to 548 1/4. Day traders can buy at 552 risk 6 cents Below that 542 should hold.Resistance is at 557 and 562 to 563 1/2 beyond that a test of 569 is likely.
March Soybean Meal
Support
is at 139.6 and 136.9 under that 134.60 to 133 should hold.Resistance is at 145.30 to 145.90 then 148.40 to 149.60 .
March Soybean Oil
Support
is at 2370 to 2354 and 2322 to 2315Resistance is at 2411 to 2419. Traders can go short at 2419 for a turn lower, risk a close over 2452 for three days in a row.
March Corn.
Support
at 220 1/4 and 215 Day traders can buy at 215 1/4 for a bounce risk 5 cents.Resistance is at 224 3/4 and 226 then 229 1/4. Traders can sell a rally at 225 3/4 for a quick turn lower , risk 5 cents
March Wheat
Support
is at 289 3/4, day traders can buy at 289 , risk 7 cents , below that 285 should hold. Resistance is at 293 to 295 and 299 3/4. Beyond that 304 should stop a rally.The Satisfying Softs
March Cotton
Resistance
should appear near 5965 then 6007 and 6085 then 6110 and 6165 to 6185 Support is at 5907 and 5810 under that 5770 should hold.Traders should go long if a close over 6072 occurs.
March Sugar
Resistance
is 877 and 882 Beyond that resistance is at 904 to 912. Day traders can sell at 904 for a turn lower risk 20 pts.Nearby Support is at 867 and 864 to 862. Day traders can buy at 864 for a bounce risk 30 pts. Below that support is at 852 to 847
Trade Accordingly
March Coffee:
On the downside,
Early support is at 119.20 to 118.95, aggressive day traders can buy at 119.25 for a turn higher Below that buyers should appear near 118.05 then 117.55 and 116.90 to 116.40 Where day traders can buy for a bounce, at 116.70 risk 180 pts. Additional support should appear at 115.00 then 113.60 to 113.00 region.On the Upside, Resistance should appear near 119.75 to 120.30 , beyond that resistance is at 121.45 and 122.55 and 123.20 to 123.80. A close over 123.20 is friendly and augurs for a thrust towards 126.80 to 127.40..
Buy Dips
March Cocoa recommended position short at 1383
Support
is at 1362 then 1346 to 1340 and 1334. Traders can buy at 1346 for a turn higher, risk a close under 1304 for three days in a row. Below that 1295 and 1274 to 1268 offer support.Resistance is at 1377 to 1383 and 1412, Beyond that resistance is at 1421 and 1440. Traders can sell short at 1444 and hold for lower prices.
The Lively Livestock
Feb. Cattle
Resistance
is at 6257 to 6272. Beyond that resistance is at 6295. Traders can sell at 6295 for a quick turn lower, risk a close over 6337 for two days in a row.and 6295 and 6337
Support is at 6190 to 6165 , day traders can buy at 6187 for a bounce, risk 50 pts. .
Feb. Hogs
Resistance is
at 3737 , a close over augurs for a test of 3837 and 3887April Hogs
Resistance
is at 4222 to 4232 day traders can go short for a turn lower at 4222, risk 50 pts, Beyond that 4307 to 4327 should cap an early rally today.Support is at 4132 and 4102, aggressive day traders can buy at 4102 for a bounce Below that Buyers should surface at 4032 to 4022 . Day traders can buy at 4047 for a turn higher , risk 80 pts
June Hogs recommended position long 2 at 4790.
From the Frying Pan into the Fire--
Feb. Bellies
Nearby Support
should appear near 4912 and 4867 to 4852 and 4827.Aggressive Day traders can buy at 4867 for a bounce. Below that Good support should appear near 4677, where day traders should have orders waiting to buy for a good turn higher
Resistance is at 4972 and 5052. Beyond that good sellers should appear near the 5127 to 5152 region. A close over 5152 is friendly and augurs for a test of 5302.
Buy Dips..
127-31 126-31 125-31 124-31 127-04 125-04
The Sensational Stock and Bond Markets
March Bonds
On The DownSide
, support is at 124-30, hearty day traders can go long at 124-26 and hold for higher prices.. put your own risk on it. More support should appear near 124-21 then 124-04 Below that support should appear near 123-31.On the Upside: Nearby Resistance is at 125-04 and 125-26 to 125-31. Beyond that resistance is at 126-04
March SP500
On the DownSide,
Nearby Support at 1282 , a slip under augurs for a test of 1277 then 1274 to 1272. Day traders can Buy an Early dip to 1274, put your own risk on it. below that 1268 should hold. However a close under 1274 is negative and augurs for test of 1266 and eventually 1253.On the Upside, Resistance is near 1289 to 1290.20, beyond that sellers should appear near 1298.20 then 1304 . Day traders with ice water running through their veins can go short 1304 and hold for lower prices...
Dow Jones Industrial Avg.
Support
is at 9625, a slip under 9625 is negative and augurs for a test of the 9542 to 9526 region. Below that 9445 and 9429 should hold.Resistance is near 9707 and 9737. Beyond that sellers should appear near 9821 to 9837. Above that 9921 to 9937 should cap the rally for a bit.
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
01/10/99 9:50 PM
Copyright@1999 FuturesCom Investment Publications
All Rights Reserved
FuturesCom is Not Responsible for Transmission Errors and Omissions.
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.