FuturesCom Investment Publications
Morning Comments , Jan
13,1999
Dedicated to Excellence in Analysis of Futures
Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains..
Livestock.. Softs
Courage in a Speculator is merely confidence to act on the decision of his mind
01/12/99 5:27 PM
On the Frenzied Forex Front
March Japanese-Yen recommended position long 2 at 8938
Nearby Support is at 8934 to 8922 and 8871 to 8856 Below that support is at 8817 and 8777 where traders should buy for a good bounce, risk a close under 8734 for three days in a row. If that fails a dip towards 8690 and 8595 to 9589 and 8560 is likely Traders should buy at 8589 and hold for higher prices.
Resistance is at 8964, an extended trade over 8964 augurs for a test of 9022 and 9059.. Beyond that 9140 offers resistance.
March D-Mark
Early Support
is at 5890 and 5882 to 5875, day traders can buy at 5882 for a bounce risk 35 pts. Bellow that support is 5832Resistance is at 5932 then 5945 to 5957 and 5982 to 5990.m day traders can sell at 5990 and hold for lower prices..
March Swiss recommended position long at 7366 and 7257
Nearby Support
is at 7230 and 7202 region which should hold. Day traders can buy at 7202 for good turn higher, risk 50 pts. Below that 7170 should stop a break.Early Resistance is at 7280 then 7302 and 7330. Day traders can sell a rally at 7323 risk 45 pts. Beyond that resistance is at 7323 and 7342.
March British Pound
Nearby Support
1.6150 to 1.6090 region where traders can go long at 1.6150 then hold for higher prices.Early Resistance is at 1.6368 and 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 6591 to 6577 and 6562 Resistance is at 6612 then 6641 Above that Day traders can sell at 6659 for a quick turn lower, risk 35 pts.
Precious Metals
Feb. Gold
Support
is at 287.4, below that Traders can buy for a bounce at 286.4, risk a close under 282. Resistance is at 292.80 to 293.70.April gold Long 2 at 295.70 Hold
March Copper:
Support
is at 6675 to 6645 and 6510April Platinum recommended position long at 366.5 and 362.5
Early Support
should appear near 352.5 and should contain a break.Below that 348 should hold.
Resistance is at 357.5 a close over is friendly and augurs for an eventual test of 367.5.
March Silver recommended position long at 525
On the DownSide
: Nearby Support is at 521 to 520 and 514, below that 511 to 509 should hold.Buy Dips..
The Exciting Energies
Feb. Crude recommended position short at 1304
Nearby Support
is at 1277 to 1264, a slip under 1264 augurs for a test of1252 to 1250.
Resistance is at 1300 to 1302 and 1334 to 1346
Trade Accordingly
Feb. Unleaded Gas
Support
is at 3785 and 3682 to 3662.Resistance is near 3876, Beyond that sellers should appear near 3986 and 4005 to 4070. 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 3538 and 3476Resistance is at 3663 to 3682 and 3738
The Grande Grains
March Soybeans
Support
is at 535 3/4 and 532 1/4 below that 528 should contain the breakResistance is at 539 3/4 and 542 1/2 to 546.
A close over 540 is friendly
March Soybean Meal
Support
is at 134.60 to 133 where it should hold.Resistance is at 137.5 and 139.8
A close over 137.5 is friendly
March Soybean Oil
Support
is at 2322 to 2315 and 2275 to 2262, traders can go long for a good turn higher at 2275, risk a close under 2251 for three days in a row. Below that 2226 should contain the decline.Resistance is at 2348 to 2354 and 2370 then 2401. Beyond that 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 215 3/4. Below that 213 1/2 should hold Day traders can buy at 213 3/4 for a bounce risk 6 centsResistance is at 220 3/4 and 223 1/2. Day Traders can sell a rally at 220 3/4 for a quick turn lower, risk 5 cents
March Wheat recommended position long 2 at 281.
Support
is at 279 3/4 where it should hold. Day traders should buy with Both Hands at 279 1/2 and hold for higher prices.. Below that 278 1/2 and 274 offer support.The Satisfying Softs
March Cotton
Resistance
should appear near 5965 then 6019 and 6072. A close over 6072 augurs for a test of 6141 and eventually the 6165 to 6172 region, beyond that resistance is at 6215 to 6240Support is at 5941 and 5914 Day traders can buy at 5945, risk 50 pts.
Below that support is at 5880 to 5855 and 5818.
March Sugar
Resistance
is 871 then 877 to 882 Beyond that resistance is at 904 to 912.Day traders can sell at 911 for a turn lower risk 20 pts.
Nearby Support is at 864, below that support is at 854 to 847 and 831.
Day traders can buy at 864 for a turn higher, risk a trade under 845.
Trade Accordingly
March Coffee: Recommended position long 2 at 119.00
On the downside, Early support is at 117.00 and 116.90/ 116.70 to 116.40 Where day traders can buy for a bounce at 116.70. Additional support should appear at 115.00 and 114.20 below that, the 113.60 to 113.00 region should hold.
On the Upside, Resistance should appear near 118.05, beyond that resistance is at 119.20 and 120.30 then 121.55 to 121.65 and 122.30. A close over 119.20 is friendly and augurs for another test of 121.65
Buy Dips
March Cocoa recommended position short at 1383
Support
is at 1383 to 1377 and 1369, below that support is at 1346 to 1340 and 1326 to 1319. Traders can buy at 1346 for a turn higher, risk a close under 1304 for three days in a row.Resistance is at 1419, Beyond that resistance is at 1426 and 1440. Traders can sell short at 1444 and hold for lower prices.
The Lively Livestock
April Cattle
Resistance
is at 6587 and 6657. Day Traders can sell at 6657 for a quick turn lower,Support is at 6512 and 6437.
Feb. Hogs
Support is
at 4052 and 3955Resistance is at 4147 and 4252.
April Hogs recommended position short at 4307
Resistance
is at 4395 and 4445 Day traders can sell at 4442 for a good turn lower, risk 90 ptsSupport is at 4357 to 4347 a close under 4347 is negative and augurs for a test of
the 4242 to 4192 region.
From the Frying Pan into the Fire--
Feb. Bellies recommended position short 2 at 5152
Nearby Support should appear near 5502 to 5487 and 5437, a slip under 5437 augurs for a test of 5357 then 5282.
Resistance is at 5582. Beyond that good sellers should appear near the 5737.
A close under 5352 is negative
The Sensational Stock and Bond Markets
March Bonds
On The DownSide
, support is at 125-01. Day traders can buy at 125-01, risk 8 ticks.More support should appear near 124-16 and 124-01
On the Upside: Nearby Resistance is at 126-01 and 126-16 then 127-01.
Day traders can sell an early rally at 126-01, risk 8 ticks.
March SP500
On the DownSide,
Nearby Support at 1250.50 to 1250, under that support is at 1239.40 and 1238. Below that buyers should appear at 1234.50. Day Traders who have Ice Water in their veins can buy at 1235.10 for a good bounce, put your own risk on it... Below that support is at 1233.50 and 1232. A close under 1232 is negative and indicates an eventual test of 1224.00 to 1218. Below that 1203 to 1192 should hold for a bit.Traders should go short if a close under 1238 occurs.
On the Upside, Resistance is near 1263 and 1266.50 to 1268 , Day traders can sell at 1268 and hold for lower prices, put your own risk on it.. Beyond that resistance is at 1271 and 1275 , beyond that 1282 offers good resistance. .
Dow Jones Industrial Avg.
Support
is at 9472 , below that support is near 9445 to 9429, a slip under 8429 is negative and augurs for a test of 9389 and eventually 9347 to 9316.Resistance is near 9526 to 9542 / 9558 and 9625 to 9641. Beyond that sellers should appear near 9707 to 9737.
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
01/12/99 7:15 PM
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