"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.
The Forex Comments have been adjusted to reflect the overnight moves. The
next
Bi-weekly will be issued over the weekend.
Fri. March 12, 1999
5:30 AM
On the Frenzied Forex Front
June Japanese-Yen
Support is at 8445 and 8428 , below that support is at 8406 to 8391 . Day traders can buy at 8406, risk 50 pts. Under that 8314 to 8300 should contain a decline.
Resistance is at 8484 to 8499, above that sellers should appear near 8529 and then 8560 to 8589. Beyond that resistance is at 8628 and 8689 then 8762. Above that resistance should appear near 8856/ 8871 and the 8891 region. BW Traders should sell at 8871, risk a close over 8965 for two days in a row.
June D-Mark
Support
is at 5617 then 5577 to 5553.Resistance is at 5640 to 5653 and 5667 beyond that resistance is at 5690 and 5710 to 5716/ 5729. BW Traders should sell at 5716 , risk a close over 5729 for two days in a row.
June Swiss
Support
is at 6871 to 6867 and 6836 to 6806.Resistance is at 6906 to 6919. Beyond that resistance is at 6971 and 6990 to 7003 then 7021 and 7074 to 7088. Where sellers should appear, BW Traders can go short at 7074, risk a close over 7090 for two days in row.
June British Pound
Support
is near 1.6286 and 1.6252 below that 1.6150 to 1.6090 should hold.Day traders can buy at 1.6150, risk 100 pts.
Resistance is at 1.6380. Beyond that resistance is near 1.6420 to 1.6550.
BW Traders can go short at 1.6420 for a turn lower, risk a close over 1.6550 for three days in a row.
June Canadian Dollar
Support
should appear at 6557 and 6544 Below that a test of the 6504 and 6482 region is likely. BW Traders can buy at 6482 for a turn higher risk a close under 6430.Resistance is at 6577 to 6591 and 6601. Day Traders should sell at 6607 for a turn lower, risk a 30 pts,
Precious Metals
April Gold
Support
is at 293.70 and 292.80 Below that good support is at 291.Resistance is at 296.20 and 298.A close over 297.20 is friendly and augurs for a test of 306 to 307.
Trade accordingly
May Copper
Support
is at 6290 and 6240. Below that buyers should surface near 6170Resistance is at 6390 and 6435. A close over 6435 is friendly and augurs for a
test of 6570.
April Platinum
Support
is at 365.2 and 362 to 361.2.Resistance is at 371.5. A close over is bullish and augurs for a test of 381
May Silver
On the DownSide
: Support is at 530.5 below that 519 should hold..On the Upside. Resistance is at 538.5 Beyond that sellers should appear near 546.5 The close over 531 was friendly and augurs for an eventual test of 546. to 548
The Exciting Energies
April Crude
Nearby Support
is at 1459 to 1452 and 1428 below that 1403 to 1402 should hold. .Resistance should appear near 1478 and 1484 to 1496. A close over 1484 is friendly . and augurs for a test of 1529 to 1534.
April Unleaded Gas
Nearby Support
is at 4415 then 4390 to 4365 and 4315 to 4304.Resistance is at 4503 to 4514 and 4585. A close over 4590 is friendly and augurs for a test of 4695.
April Heating Oil
Support
is at 3760, Below that support is at 3710 and 3655Resistance is at 3890 then 3920 to 3950 A close over 3965 is friendly and augurs for a test of 4110.
The Grande Grains
May Soybeans
Support
is at 477 1/2 and 474 1/4, day traders can buy at 474, risk 10 cents.Below that support is at 470 to 468.
Nearby Resistance is at 482 1/2. To 484 3/4. A close over 484 3/4 augurs for a test of 491.
July Soybeans
Support
is at 482.5 then 477 and 472 1/2Resistance is at 486 1/4 to 489 a close over 489 augurs for a test of 500 1/4
July Soybean Meal
Support
is at 134.3. and 133.6 below that 130.3 should holdResistance is at 136.9 beyond that a test of 140.0 is likely.
July Soybean Oil
Support
is at 1842 and 1858 to 1851 below that 1842 should hold.Resistance is at 1869 and 1880 beyond that resistance is at 1902 to 1909 and 1918. .
May Corn
Support
is at 223 and 221 1/2 then 218. To 216 3/4Resistance is at 226 3/4 to 228 1/2. Beyond that a test of 233 is likely to occur. .
July Wheat
Support
is at 285 3/4, Day traders can buy at 285 3/4, risk 10 cents.Below that 279 3/4 should hold.
Resistance is at 291 3'4 and 297 3/4. Trade accordingly.
The Satisfying Softs
May Cotton
Resistance
6328 and 6425 beyond that a test of 6565 is likely.Support is at 6230 to 6190. Day traders can buy at 6230 or better and hold for higher prices. beneath that good buyers should appear near 6130 and 5980 .
May Sugar
Early support
is at 589 to 582 . Below that 559 and 542 to 536. should hold.Resistance is at 592 to 595. A close over 595 is friendly and augurs for a test of the 630 to 634 region.
May Coffee
On the DownSide,
support is at 106.15 to 105.80 Day traders can buy at 106.15 and hold for higher prices... Below that Buyers should appear near 105.10 and 104.40 Under that 103.60 to 103.20 should contain a decline..On the Upside, Resistance is at 106.55 to 106.80 beyond that a test of 108.10 to 108.65 is likely. A close over 108.65 is friendly and augurs for a test of 110.10 . Above that a trade to 113.00 / 113.60 is likely.
Buy dips...
May Cocoa
Nearby Support
is at 1203 to 1192 and 1172.Resistance is at 1207 and 1226 then 1232 to 1238.A close over 1226 is friendly
and augurs for a test 1254.
The Lively Livestock
April Cattle
Support
is at 6722 and 6672 Below that buyers should appear at 6657 to 6547.Resistance is at 6792 to 6807. Beyond that sellers should appear near 6867.
April Hogs
Resistance
is at 4272 and 4367 . Day traders can sell at 4367 , risk 50 pts Above that good sellers should appear near 4462.Support is at 4237. Under that buyers support is at 4167 to 4157. Below that BW Traders Buy at 4112 and hold for higher prices.
Am close over 4272 is friendly.
Stay tuned for a flashes.
From the Frying Pan into the Fire--
May Bellies
Support is at 5067 and 5002 then 4917 where it should hold...Day traders can buy at 4917 and hold for higher prices. Under that support is at 4857 and 4782 to 4717.
.BW Traders can buy at 4787 and hold for higher prices...
Resistance is at 5082, an extended trade over augurs for a test of 5147 and 5217, a close over 5217 is friendly and augurs for a test of the 5362 to 5392 region.
The Sensational Stock and Bond Markets
June Bonds
On The DownSide
nearby support is at 120-13 to 120-11 A close under 123-13 is negative and augurs for a test of 119-13 to 119-06. BW traders can buy at 119-04 for a turn higher, risk a close under at 118-19 for two days in a rowOn the Upside: Resistance is at 121-06 and 121-13. A close over 121-13 augurs for a test of 122-13 and 123-11
June SP 500
Support
Resistance is at 1320.20 and 1321.90 Beyond that resistance is at 1328.20 and 1334 which should Cap the Rally today.
Stay tuned for Flashes
Dow Jones Industrial Avg.
Resistance is near 9900 and 9921 to 9937 beyond that sellers should appear near 9979 to 9999.45 and 10,005 . Beyond that resistance is at 10,080.
A ship in Harbor is Safe.. But that's not what ships are built for.
3-12-99 7:10 AM
Happy Trading
Bill
B W Recommended Open Pos.
Long July Bean Oil at 2098 and 2043
Long May sugar at 656
Long May beans at 493 and 471 1/2
Long May Copper 6335
Short April Cattle at 6802
Long May Cocoa at 1268
Long May Silver at 561.5 and 535
Long April Platinum at 380.10
Short
March SP500 at 1253
Short June SP500 at 1283
Short June SP500 at 1304
MC Recommended Open Pos.
Long May Coffee at 106.00
Long June Swiss
at 6922( last Eve)
Long June D-Marks at 5940 (last eve)
Long June Yen at
8406 ( last Eve)
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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.