Morning Comments , Jan 11,1999
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"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.

Today is a Short Day in for All CME products except Equity Mkts, CBOT Bonds close early as well ect....All Mkts will be closed on Monday in Observance of
Martin Luther King Jr. day. FuturesCom's Bi-Weekly Investment Outlook II will be issued over the weekend !

01/15/99
6:30 AM

On the Frenzied Forex Front

March Japanese-Yen

Nearby Support is at 8934, Below that support is at 8871 , below that good support exits near 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 9022 and 9059.. Beyond that 9140 offers resistance.

March D-Mark

Early Support is at 5945 and 5922 then 5882 to 5875

Resistance is at 6023 to 6035 and 6108

March Swiss

Nearby Support is at 7387 and the 7342 and 7328 region which should hold. Day traders can buy at 7328 for good turn higher, risk 50 pts.

Early Resistance is at 7414 to 7428 and 7486 to 7413

March British Pound

Nearby Support 1.6420 to 1.6368. Resistance is at 1.6640.

March Canadian Dollar

Early Support should is at 6509 to 6477 and 6462 Resistance is at 6559 and 6610

Precious Metals

Feb. Gold recommended position long at 286.4

Support is at 285.20 and 283.10 Resistance is at 288.90 to 291.

April gold Long 2 at 295.70 Hold

March Copper:

Support is at 6570 and 6510
Resistance is at 6740 to 6755 and 6845, Beyond that resistance is near 6910 and 7040.

April 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 515 and 509 where it should hold.
On the Upside. Resistance is at 522 and 533 beyond that 553 to 555 is likely to trade . Buy Dips..

The Exciting Energies

Feb. Crude

Nearby Support is at 1203 then 1184

Resistance is at 1252 and 1284 beyond that 1300 to 1302 and 1334 to 1346 offer resistance Trade Accordingly

Feb. Unleaded Gas

Support is at 3490 and 3445.

Resistance is near 3590 and 3665 Beyond that sellers should appear near 3735 .

Feb. Heating Oil recommended Position long at 3365

Nearby Support is at 3270 and 3157.

Resistance is at 3328 and 3375 and 3445

The Grande Grains

March Soybeans

Support is at 529 3/4 and 522 1/4 below that 517 should contain the break

Resistance is at 536 3/4 and 543.

March Soybean Meal

Support is at 133 and 132.60 to 129 where it should hold.

Resistance is at 135.6 and 137.8

March Soybean Oil

Support is at 2322 then 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 2335 and 2354 to 2370 then 2401.

March Corn.

Support at 213 1/2 to 212 1/2 and 211 Day traders can buy at 210 3/4 for a bounce risk 6 cents

Resistance is at 216 3/4 and 221 1/2. Day Traders can sell a rally at 221 3/4 for a quick turn lower, risk 5 cents

March Wheat recommended position long 2 at 281.

Support is at 274 1/4 where it should hold. Day traders should buy at 273 1/2 and hold for higher prices.. Below that 268 1/2 to 266 offers support.
Resistance should appear near the 278 3/4 to 280 region , a close over augurs for a test of 286 1/2

The Satisfying Softs

March Cotton

Resistance should appear near 5962 and 6025 then 6065 to 6072 region

Support is at 5880 to 5855 and 5827,

March Sugar

Resistance is 877 to 882 Beyond that resistance is at 904 to 912.

Nearby Support is at 852 to 847 and 838.

Day traders can buy at 847 for a turn higher.

Buy this Dip ...

Trade Accordingly

March Coffee:

On the downside, Early support is at 118.00 and 116.95 to 116.40.
Where day traders can buy for a bounce at 116.70. Additional support should

appear near 115.00 and 114.45 below that, the 113.60 to 113.00 region should hold.

On the Upside, Resistance should appear near 119.20 to 119.45 then 120.30 and 121.45 to 121.95 and 122.30. A close over 119.20 is friendly and augurs for a test of 124.80 Buy Dips

March Cocoa recommended position short at 1383

Support is at 1377, below that support is at 1346 to 1340 and 1326 . Traders can buy at 1346 for a turn higher, risk a close under 1304 for three days in a row.

Resistance is at 1383 and 1426 and 1440. Traders can sell short at 1444 and hold for lower prices.

The Lively Livestock

April Cattle

Resistance is at 6592 and 6647 to 6672. Day Traders can sell at 6647 for a quick turn lower. Support is at 6517 and 6497 below that 6442 should hold.

Feb. Hogs

Support is at 4027 then 3962 and 3927.

Resistance is at 40112 and 4162 to 4182 then 4227

April Hogs recommended position short at 4307

Resistance is at 4367 and 4382 then 4452 Day traders can sell at 4362 for a quick turn lower beyond that 4457 should cap a rally.

Support is at 4257 and 4167 to 4152.

From the Frying Pan into the Fire--

Feb. Bellies recommended position short 2 at 5152

Nearby Support should appear near 5437 to 5422 and 5287 , a close under 5422 is negative.

Resistance is at 5587 beyond that good sellers should appear near 5722 to 5737.

The Sensational Stock and Bond Markets

March Bonds

On The DownSide, support is at 127-03 and 126-27 then 126-03

On the Upside: Nearby Resistance is at 128-03 and 128-27

March SP500 recommended position short at 1219

On the DownSide, Nearby Support at 1203/ 1202.70 to 1192 should hold for a bit.

On the Upside, Resistance is near 1218.50 then 1225 and 1232 and 1234.70 then 1238 beyond that 1251 and 1253 to 1257.30 offer resistance. Beyond that resistance is at 1263 and 1266.50 to 1268 .

Dow Jones Industrial Avg.

Support is at 9121 and 9060 to 9044.

Resistance is near 9140 to 9156 and 9257 then 9316 to 9347.

A ship in Harbor is Safe.. But that's not what ships are built for.

Happy Trading

Bill

01/15/99 7:25 AM

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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.