FuturesCom Investment Publications
Morning Comments , Feb
17,1999
Dedicated to Excellence in Analysis of Futures
Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains..
Livestock.. Softs
Tuesday, Feb. 16, 1999
12:01 AM
Good morning,
The Value of our Bi-weekly Investment Outlook II on Feb. 9 of 1998 was 55,000 the Final value on Feb. 12 of 1999 was over 106,000. While the Value of our Premier Trades Service increased from 101,000 to around 400,000 during the same period.
Not Bad...considering the whole process began in Feb. of 1997 at 55,000 !!
As we continue in our efforts to provide traders with what we feel is the Trading Service available we have a couple of subtle yet important changes to announce
The name of the Bi-weekly Investment Outlook II will now be just Bi-Weekly Investment Outlook.
We are now tracking the Bi-weekly Investment Outlook II at 55,000 the excess will be used to track the Morning Comments day trades and any up to minute flashes such as SP 500 Day trades ect. Flashes for these recommended trades will be Titled 'MC Flash' and may or may not include the particular market in addition some flashes may not be sent during the Early Morning hours but will be tracked,we do sleep sometimes !
It's important to note that the Morning Comments will contain day trades and the BI-Weekly WILL NOT. However the morning Comments will continue to contain the BW recommended trades and be noted as such with a BW
Bi-weekly Flashes will be titled 'BW Flash' and may or may not include the particular market.
We will list of the open positions for the BW at the end of the MC for your review.
Special Reports will be tracked along side the Bi-weekly as always.
As a side note we want to congratulate to an ex Boss and friend, Scott Gordon for his election last year to the post of Chairman of the Board of Governors for the CME and express our sympathies to the family of a friend Jack Savage who recently passed away. Jack was named in William Eng.'s 'Fifty Rules of trading' as one of the Young Turks along with Richard Dennis and others.
I just read a book review by jacks ex wife Terry Savage( founding and the first woman trader on the CBOE and early of the IMM ) of ' Masters of the Futures' by another Friend and former of the Merc's board Scott Slutsky who I spent a lot of time with in the Swiss Pit many years ago. I will read it soon and let you know how it is.
Here are the Morning Forex Comments the complete MC will be sent by the
Day Session Openings
On the Frenzied Forex Front
March Japanese-Yen
Support
is at 8477. Below that 8406 to 8373 should hold. BW Traders can buy at 8391 for a turn higher, risk a close under 8314.Resistance is at 8502 and 8557. Day Traders should sell at 8557 and risk 50 pts.
A Close over 8493 is friendly and augurs for a test of 8557
March D-Mark
Support
should appear near the 5729 to 5716 region where day traders can buy at 5716, risk 20 pts . Below that Buyers should appear near 5653 to 5640Nearby Resistance is at 5447 then 5757 and 5772 then 5807. BW Traders should sell at 5757 ,, risk a close over 5807 for two days in a row.. A close over 5807 is friendly and augurs for a test of 5855 to 5880. Beyond that a test of 5945 to 5957 is likely. BW Traders should go long if a close over 5832 occurs. Trade Accordingly.
March Swiss
Support
is at 7005 to 6990. Day Traders can buy at 7003 , risk 30 pts below that 6955 to 6944 should contain the break towards the end of Feb.Resistance is at 7055 and the 7105 region. BW Traders should sell at 7074 , risk a close over 7105 for two days in a row. Beyond that resistance is at 7141. Where sellers should appear, BW Traders can go short at 7141, risk a close over 7170 for two days in row. Above that a trade towards the 7206 and 7216 to 7221 regions is likely.
March British Pound
Support
is near 1.6328 and 1.6250. a close under 1.6238 augurs for a slip towards 1.6150 where BW Traders can buy at 1.6150 , risk a close under 1.6090 for three days in a row.Resistance is at 1.6420, a close over 1.6420 is friendly and augurs for a test of 1.6550 to 1.6612. Beyond that 1.6720 offers resistance, BW traders should sell at 1.6720 for a turn lower. Risk a close over 1.6780 for two days in a row.
BW Traders should go long if a close over 1.6358 occurs. Eventually we see a rally to 1.6550 ....be long.
March Canadian Dollar.
Support
should appear at 6670 then 6636 BW Traders can buy at 6636 , risk a close under .6590. Below that support is at 6577 and 6555 to 6544. Below that 6509 to 6486 should contain any break. BW Traders can buy at 6509 for a bounce, risk a close under 6486 for three days in a row.Resistance is at 6698, beyond that Resistance is at 6742 to 6755. A close over 6755 is friendly and augurs for a test of 6809 to 6836 then 6906.
BW Traders should go long if a close over 6755 occurs.
Here are the recommended BW Open Forex positions
Long March Yen at 8489.
A ship in Harbor is Safe.. But that's not what ships are built for
Happy Trading
Bill
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.