FuturesCom Investment Publications
Morning Comments , Feb
9,1999
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
Tues. February 09, 1999
6:00 AM,
A Trader should not swear eternal allegiance to either a bull side or a bear side. His concern lies with being right.
On the Frenzied Forex Front
March Japanese-Yen
Support is at 8744 and 8683 then 8668 below that buyers should appear near 8603 then 8589 to 8560 and 8510 to 8499 . Traders should buy at 8510, risk a close under 8498 for three days in a row.
Resistance is at 8762 to 8777 and the 8856 to 8871 region then 8964.
March D-Mark recommended position long at 5865, 5805 and 5806
Support
is at 5761 and 5743 then 5716. Traders can buy at 5729 and hold for higher prices.Nearby Resistance is at 5793 and 5805 . A close over 5805 is friendly and would
indicates a test of 5843 to 5855 and 5880
Traders should go long if a close over 5862 occurs.
Trade Accordingly.
March Swiss recommended position long at 7170 and 7074
Nearby Support
is near 7073 then 7041 and 6991Resistance is at 7091 and 7128 to 7142 beyond that a test of 7173 to 7191 is likely.
March British Pound recommended position long at 1.6420
Support
is at 1.6364. Below that support is near 1.6294.Resistance is at 1.6420 and 1.6482. Beyond that 1.6550 offers resistance,
67.73 67.23 66.73 67.12
March Canadian Dollar
Support
should appear at 6673 and 6655Resistance is at 6712 to 6723 and 6773.
Precious Metals
April Gold
Support
is near 288.5 and 286, under that buyers should appear near 283 where it should hold. Resistance is at 292 to 293. A close over 293 is friendly and augurs for a test of 301. Traders should add/ go long if a close over 301 occurs.March Copper:
Support
is at 6795 and 6745 Below that 6675 should contain a decline..Resistance is at 6865 then 6905 to 6940, traders can go short for a turn lower at 6915, risk a close over 6945.
April Platinum
Support
should appear near 352 and 349Resistance is at 359 and 363.
March Silver recommended position long at 571
On the DownSide
: Support is at 548 and 532On the Upside. Resistance is at 563 and 571
The Exciting Energies
March Crude recommended position long at 1238 and 3 at 1189
Nearby Support
is at 1142 to 1130 region. Traders can go long at 1142, risk a close under 1101 for three days in a row. Below that 1068 to 1058 should contain a break.Resistance is at 1181 then 1192 and 1204 then 1222.
Trade Accordingly
March Unleaded Gas recommended position long at 3555
Support
is at 3435 and 3380.Early Resistance is at 3485 and 3580.
March Heating Oil
Support
is at 2920 and 2865Resistance is at 3115 and 3140. A close over 3125 is friendly and augurs for a test of 3220.
Trade Accordingly.
The Grande Grains
March Soybeans recommended position long at 514, 513 1/4 and 3 at 509
Support
is at 507 to 506 and 499 3/4. Resistance is at 509 1/2 and 515.March Soybean Meal recommended position long at 132.9
Support
is at 132.3. Below that support is at 129.5 to 128.5Resistance is at 134.5 and 136.4 to 138.5.
March Soybean Oil recommended position long at 2126
Support
is at 2110 then 2078 where it should hold. Day traders can go long at 2078 for a turn higher, risk a trade under 2050.Resistance is at 2162 then 2179 to 2193. A close over 2193 is friendly and augurs for a test of 2242 and eventually 2354 to 2370.
Traders should go long if a close over 2193 occurs..
March Corn
Support
is at 216 1/2 and 212 1/2. Traders can go long at 211 for a turn higher, risk a close under 204 for two days in a row.Resistance is at 221 1/2. Beyond that resistance is at 226.
March Wheat recommended position long at 272 1/2
Support
at 266 below that 262 should bring out buyers.Resistance is at 267 and 273.
The Satisfying Softs
Traders should cancel any standing orders in March Cotton.
May Cotton
Resistance
should appear near 6125 to 6135 then 6225.Support is at 6025 and 5940..
March Sugar recommended position long at 699
Support
is at 682 and 667 then 655Resistance is at 692 then 712 to 719
March Coffee: recommended position 112.15,103.75 and 103.55
On the DownSide,
support is at 103.80 and 103.00 Aggressive day Traders should go long at 103.20 and hold for higher prices. Below that 101.85 to 101.65 should contain a break.On the Upside Resistance should appear at 104.15 to 104.45, a close over 104.45 augurs for a test of 105.80 to 106.80. An extended trade over or close over 106.80 augurs for an eventual thrust towards the 108.25 to 108.60 region and eventually 109.20 to 110.10 which appears likely to occur. Trade Accordingly.
March Cocoa recommended position long at 1319 and 1314
Nearby Support
is at 1278 and 1264 .Resistance is at 1293 and 1304 then 1328.
The Lively Livestock
April Cattle recommended position short at 6677 and 6767
Support
is at 6757 and 6722 then 6682 where it should hold today...A close under 6747 is negative. Resistance is at 6797 then 6837 and 6872
April Hogs recommended position short at 4422 and 4807
Resistance
is at 4867. Beyond that Resistance is at 4937 to 4967 which should cap the rally. Support is at 4795 and 4767 to 4737, a close under 4795 is negative.From the Frying Pan into the Fire--
Feb. Bellies
Support should appear near 5947 to 5907 and 5792
Resistance is at 6097 and 6207 beyond that 6242 offers resistance
Recommended Spread: 4 Long Feb. Bellies/ 4 Short March Bellies
at 75pt Feb. Under March Exit at + 50 Feb. Over March if able today
The Sensational Stock and Bond Markets
March Bonds recommended position long at 127-14, 126-04 and 125-04
On The DownSide
nearby support is at 123-23 and the 123-20 region.On the Upside: Resistance is at 124-20 and 124-26 then 125-20 to 125-23
A close over 124-20 is friendly
March SP500
On the DownSide
Support is at remains near the 1238 to the 1236.80 region. Under that 1232 offers support. A close under 1232 is negative and augurs for an eventual test of 1203 to 1192 with support in-between near the 1219.80 to 1218 region.
On the Upside, Resistance is at 1250 and 1255 beyond that sellers should appear near 1268 to 1268.90 and 1271 to 1274 then 1285.30 and 1289 to 1290.80
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Tues. February 09, 1999
7:49 AM
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.