FuturesCom Investment Publications
Morning Comments  January 28th 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.

01/28/1999 3:45 AM

On the Frenzied Forex Front

March Japanese-Yen recommended position long at 8742

Support is at 8689 / 8683 then 8668. Below that good buyers should appear near 8595 to 8589 and 8560. Traders should buy at 8575 and hold for higher prices.

Resistance is at 8737 to 87547 then 8762 to 8777. A close over 8737 is friendly.

March D-Mark recommended position long at 5865

Support is at 5855 and 5818. Day traders can buy with both hands at 5818 and hold for higher prices...Below that Support should be evident near 5805 to 5792 and 5729 to 5716 where traders can buy at 5729 and hold for higher prices.

Be long...

Resistance is at 5872 a close over is friendly and augurs for a test of 5916 to 5918 where good sellers remain. Beyond that a test of 5942 is likely

March Swiss recommended position long at 7170

Support is at 7114 below that 7088 to 7074 should contain the break. Resistance is at 7137 to 7143 and 7157 where early sellers should appear, above that a trade to 7170 is likely. A close over 7164 is friendly and indicates a test 7214 then 7230 to 7242. Be long..

March British Pound

Support is at 1.6420 and 163.86 then 1.6250 Resistance is at 1.6550 then 1.6612

March Canadian Dollar

Support should appear at 6569 then 6546 and 6509

Resistance is at 6591 to 6596 then 6627. Traders can short at 6627 for a good turn lower, risk a close over 6677 for three days in a row.

 

Precious Metals

April Gold recommended position Long 2 at 295.70

Support is near 283.30 and 282 where it should hold. Resistance is near 285.70 and

March Copper: recommended position long at 6510

Support is at 6415 and 6350 to 6230..

Resistance is at 6474 then 6525, a close over 6535 is friendly and augurs for a test of 6725.

April Platinum

Support should appear near 344.5 below that 343. Should bring out Buyers and

contain the break. Resistance is at 348.60 and 354.

March Silver long 2 at 525 and 506

On the DownSide: Nearby Support is at 506 and 504, day traders can buy at 504 for a good bounce, Below that 502 should hold basis the close...Under that 497 and 480 offer support... Traders should buy at 485.5, risk a close under 480 for three days in a row.

On the Upside. Resistance is at 515 and 521. A close over 521 is friendly and

augurs for a likely test of the 541 region. Traders should go long if a close over 521 occurs. Buy Dips.

The Exciting Energies

March Crude recommended position long at 1246

Nearby Support is at 1227 and 1203 to 1192 where it should hold, Day traders can buy at 1203 for a bounce. Below that 1169 offers support. Resistance is at 1238 and 1247. A close over 1247 is friendly and augurs for a test of 1268 to 1277.

Trade Accordingly

March Unleaded Gas

Support is at 3630 and 3549 to 3530. Below that 3440 should hold.

Resistance is at 3730 and 3749. A close over 3749 is friendly and augurs for an eventual test of the 3850 to 3865 region.

March Heating Oil recommended position long at 3245

Support is at 3210 and 3155. Resistance is at 3319 to 3328 and 3410 .

Trade Accordingly.

The Grande Grains

March Soybeans recommended position long at 514

Support is at 511 1/2 to 509 3/4 and 504 3/4.

Resistance is at 516 1/2 to 518 1/2 a close over is 518 1/2 friendly and augurs for a test of 523 to 526

trade accordingly.

March Soybean Meal

Support is at 130.80 then 127.4 to 126.8 should hold. Traders can buy at 127.4 and hold for higher prices.

Resistance is at 132.4 and 134.6 a close over 134.6 indicates a test of 137.7 to 138.3. traders can go long if a close over 134.6 occurs. Risk a close under 133.4 for two days in a row.

March Soybean Oil

Support is at 2185 to 2170 region and should contain a decline for a bit.

Resistance is at 2224 and 2235, a close over 2226 is friendly and augurs for a test of 2315 to 2322.

March Corn recommended position long at 212 3/4

Support at 214 and 209 then 206 1/4.

Resistance is at 216 1/2 , a close over augurs for a test of 219 beyond that 221 3/4 to 224 offers resistance Traders can go short at 221 3/4 for a quick turn lower, risk a close over 227 3/4

March Wheat recommended position long 2 at 281

Support is at 272 1/4 and 271. Below that 265 offers support and should bring out buyers Resistance is at 276 3/4 , a close over augurs for a test of the 282 3/4 to 284

The Satisfying Softs

March Cotton

Resistance should appear near 5898 and 5945 to 5957 and 5997.

Day traders should sell at 5997 for a turn lower, risk 100 pts.

Support is at 5880 and 5855 then 5798, day traders can buy at 5798 , risk 100 pts. .

March Sugar

Support is at 6562 and 651. Resistance is at 693 and 704 then 716

March Coffee: recommended position 112.15 and 103.75

On the downside, support is at 103.60 to 103.20 / 103.05. Day trader should go long at 103.20 and hold for higher prices. Below that 101.15 to 100.55 should hold.

On the Upside, Resistance is at 104.15. an extended trade over 104.15 augurs for a test of 105.55 to 105.85. A close over 105.85 is friendly and augurs for a test of 106.80 and eventually 108.25 then 109.20 to 110.10.

March Cocoa recommended position long at 1319

Nearby Support is at 1304 then 1290 to 1286 and 1265. Resistance is at 1312 to 1319 and 1334 Above that resistance is at 1346.

The Lively Livestock

April Cattle

Resistance is at 6542 then 6587 to 6622.

Support is at 6472 and 6442 to 6432 where it should hold, traders can buy at 6432 for a good bounce, initially plan on risking a close under 6427 for two days in a row. Below that 6257 offers good support

Feb. Hogs

Support is at 4017. Day traders can buy at 4017 for a bounce.. Below that 3917 should hold. Hearty Day Traders should go long at 3927 and hold for higher prices...

Resistance is at 4112 to 4117, an extended trade over 4122 augurs for a test of 4217 and 4237 to 4247.

Trade Accordingly.

April Hogs

Resistance is at 4212 and 4252. Day traders can sell at 4252 for a quick turn lower, risk only 80 pts. Beyond that resistance is at 4312 which should cap a rally.

Support is at 4112 and 4052 then 4012. Day traders can buy 4052 for a bounce risk 55 pts.

From the Frying Pan into the Fire--

Feb. Bellies

Nearby Support should appear near 5362 and 5317 below that 5167 should hold.

Day traders can buy at 5167 and hold for higher prices.

Resistance is at 5467 and 5555 to 5577 beyond that good sellers should appear near 5617 and 5667.

Recommended Spread : 4 Long Feb. Bellies / 4 Short March Bellies

at 75pt Feb. under March

 

The Sensational Stock and Bond Markets

March Bonds

On The DownSide, nearby support is at 127-03 and 2126-20 below that 126-12 to 126-09 should hold. Day traders can buy at 126-12 for a bounce. Risk 15 pts.

On the Upside: Resistance is at 127-12 and 127-18 beyond that resistance is at 128-09 to 128-12. Day traders can go short at 128-09 for a turn lower risk 15 pts.

1267.79 1235.79

March SP500

On the DownSide

Support is at 1251.65, an extended trade under is negative and augurs for a test of the 1238 to 1235.80 / 1235 region. Under that 1232 offers support. A close under 1232 is negative and augurs for a test of 1218.

On the Upside, Resistance is at 1253 and 1255.50 beyond that 1260.70 to 1262.80 should cap an early rally. Above that 1267.80 to 1268 offers good resistance .

Day Traders can go short at 1268 and hold for lower prices, put your own risk on it and stay tuned. Beyond that Sellers should appear near 1271 and 1274. A close over 1274 augurs for a test of 1283.70 to 1287.

Dow Jones Industrial Avg.
Support
is at 9188 and 9156 to 9140, a close under 9140 is negative and augurs for a test of the 9060 to 9044 region. Below that 8934/ 8929 should hold.

Resistance is near 9236 and 9293 then 9316. Above that sellers should appear near 9347. A close over 9347 augurs for a test of 9428.

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

Happy Trading

Bill

01/28/1999 6:38 AM

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