FuturesCom Investment Publications
Morning Comments ( MC )3-17-1999
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Traders should stay tuned for MC Day Trade flashes

Wed March 17, 1999

2:00 AM

On the Frenzied Forex Front

June Japanese-Yen

Support is at 8529 and 8499 to 8484. A close under 8484 indicates a slip towards the 8406 to 8391 region. BW Traders can buy at 8391 and hold for higher prices.

Resistance is at 8560 to 8588. Beyond that resistance is at 8613. A close over 8613 augurs for an eventual test of the 8668 to 8683 and the 8762 to 8777 region.

June D-Mark

Support is at 5627 and 5604 below that 5577 should hold.

Resistance is at 5677 and 5682. Beyond that resistance is at 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 6931 and 6919 to 6906 and 6881

Resistance is at 6974 and 6990 to 7003 and 7024 then 7074 to 7088 Where sellers should appear. Beyond that resistance is near 7130 and the 7143 to 7170 region. BW Traders can sell at 7143 and hold for lower prices.

June British Pound

Support is near 1.6150 to 1.6090 and should hold.

Resistance is at 1.6286, a close over 1.6286 augurs for a test of 1.6420 and 1.6486.

June Canadian Dollar

Support is at 6543. Below that a test of the 6509 to 6482 region is likely. Under that support is at 6430 to 6417. BW Traders can buy at 6510 for a turn higher risk a close under 6482 for three days in a row.

Resistance is at 6577 to 6593 and 6611. Beyond that Resistance is at 6659 to 6677 and 6741 to 6755 should cap a rally. BW Traders can sell at 6741 for a turn lower, risk a close over 6755 for three days in a row.

Stay tuned for Forex flashes

 

Precious Metals

April Gold

Support is at 282.80. Day Traders can buy at 283 for a bounce , risk

$ 4.00. Resistance is at 286.80 and 292

May Copper

Support is at 6165 to 6150 Under that support is at 6115 to 6100. And 6055.

Resistance is at 6265, a close over 6210 is friendly and augurs for a

test of 6335. BW Traders should go long if a close over 6250 occurs.

April Platinum

Support is at 364 and 359.6, BW traders should buy at 356.5 and hold for higher price. Below that buyers should appear near 350 to 349.

Resistance is at 366.5 and 368.2 to 369.4. A close over 369.5 augurs for a test of 375 to 380 BW Traders should go long if a close over 369.5 occurs.

May Silver

On the DownSide: Support is at 503.5 and 496.5 to 492.

BW Traders should buy at 492.5 and hold for higher prices.

On the Upside. Resistance is at 514.5 and 520. A close over 506 is friendly

Patience..

 

The Exciting Energies

May Crude

Support is at 1442 and 1421 to 1413. BW traders can buy at 1421, risk close under 1415 for three days in a row. Below that support is at 1383 to 1377 and 1346 where it should hold.

Nearby Resistance is at 1465 to 1471 beyond that sellers should appear near 1488. A close over 1459 is friendly. and augurs for a test of 1520 to 1529/1535..

BW Traders should go long if a close over 1459 occurs.

 

May Unleaded Gas

Support is at 4522 under that buyers should appear near 4465 to 4430.

BW Traders can buy at 4447 and hold for higher prices. Below that support is at 4380 and 4315 to 4304.

Resistance is at 4639 to 4670. A close over 4659 is friendly and augurs for a test of 4780 and 4845 to 4855 Beyond that resistance is at 4970 to 4995 and 5055.

BW Traders should go long if a close over 4650 occurs.

 

May Heating Oil

Support is at 3725 to 3695 BW Traders can buy at 3745 and hold for higher prices. Below that support is at 3635 and 3563 to 3553.

Resistance is at 3911 to 3929 and the 3982 to 3992 region. A close over 3992 is friendly and augurs fore a test of 4110 and 4238 to 4248 and 4304 to 4315.

BW Traders should go long if a close over 3909 occurs.

 

The Grande Grains

May Soybeans

Support is at 479 1/2 Below that support is at 473 and it should hold..

Resistance is at 486 and the 492 region.

July Soybeans

Support is at 488. Below that good buyers should appear near 484. Under that 482 should contain any decline.

Resistance is at 495 beyond that resistance is at 502.

.

July Soybean Meal

Support is at 132.50 to 131.90 and 130.50.

Resistance is at 134.50 and 135.50 then 138, a close over 134.60 is friendly

BW Traders can go long if a close over 134.60 occurs.

July Soybean Oil

Support is at 1897 to 1890 under that buyers should appear near 1877

Resistance is at 1922. The close over 1911 is friendly and augurs for a test of 1946 to 1953 and beyond that resistance is at 1982 to 1995.

May Corn

Support is at 221 3/4 to 219 1/4. BW Traders can buy at 219 and hold for higher prices.

Resistance is at 224 3/4, a close over augurs for a test of 229

July Wheat

Support is at 283 1/4 and 281. under that BW Traders can buy at 275 3/4, risk a close under 268 for three days in a row.

Resistance is at 292 and 295

Trade accordingly.

The Satisfying Softs

May Cotton

On the Upside resistance 6149 and 6178 a close over 6140 is friendly and augurs for a test of 6248. Beyond that a test of 6370 is likely.

BW Traders should go long if a close over 6135 occurs.

On the DownSide support is at 6079 to 6048 and 5980 to 5945

Buy Dips.

May Sugar

Support is at 581. Below that 573 to 562.

Resistance is at 586 and 601 to 609. Beyond that resistance is at 619

May Coffee

On the DownSide, support is at 104.10 to 103.80 and 103.20 Below that Buyers should appear near the 102.20/ 101.80 region. Under that support is at 101.50.

BW Traders can buy at 101.25 and hold for higher prices.

On the Upside, Resistance is at 105.80 to 106.30 and 106.80. A close over 105.80 is friendly and augurs for an eventual test of 107.70 and 109.20

BW Traders should go long if a close over 105.80 occurs.

Buy dips...

May Cocoa

Nearby Support is at 1225 and 1205 under that 1189 should contain

the decline for a bit.

Resistance is at 1232 to 1238. And 1255

BW Traders should go long if a close over 1238 occurs.

The Lively Livestock

April Cattle

Support is at 6650 and 6592 to 6577. BW Traders can buy at 6577 and hold for higher prices.

Resistance is at 6722 then 6742 to 6755 and 6792. BW traders can sell at 6742 for a turn lower risk a close over 6802 for two days in a row

April Hogs

Resistance is at 4112 to 4117 and 4187 then 4277. A close over 4117 is friendly

Support is at 4092 Below that buyers should appear near 4047 and 3992 then 3917.

Stay Tuned for flashes...

June Hogs

Support is at 5227 and 5127 to 5067
Resistance is at 5262, a close over 5262 is friendly and augurs for a test of 5327 and 5422.

BW Traders should go long if a close over 5367 occurs.

From the Frying Pan into the Fire--

May Bellies

Support is at 5077 to 5062 and 4927 where it should hold for a bit. under that

support is at 4837.

Resistance is at 5222 and 5377 then 5412

The Sensational Stock and Bond Markets

June Bonds

On The DownSide nearby support is at 121-26 and 121-15 then 121-02 A close under 121-15 is negative and augurs for a test of 120-14 below that support is at 119-27 Traders can buy at 120-14 for a turn higher, risk a close under at 119-27 for two days in a row

On the Upside: Resistance is at 122-15 and 123-02 BW Traders can sell at 123-04 for a turn lower, risk a close over 123-11 for three days in a row. Beyond that resistance is at 123-15 and 124-07.

June SP 500
Support
is at 1314.40 and 1310 then 1304 to 1302.5 However a close under 1310 augurs for an eventual test of 1289 and 1287 to 1286.50 Below that buyers should appear near 1274 to 1268.

Resistance is at 1319 and 1322.00 to 1323 Above that resistance is at 1334 to 1346. BW Traders should go short if a close under 1302.40 occurs.

A close under 1314.40 is negative.

-Stay tuned for Flashes-

Dow Jones Industrial Avg.
Support
is at 9911 and 9892 then 9869 and 9837 to 9825. A close under 9911 is negative and augurs for a test of the 9737 to 9707 region Below that support is at 9641 to 9625.

Resistance is near 9977 and 10,021 to 10,037. Beyond that resistance is at 10,050.. Beyond that a test of 10,104 to 10,136 is likely.

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

3-17-99 4:00 AM

Happy Trading

Bill

B W Recommended Open Pos.

Long July Bean Oil at 2098 and 2043
Long May sugar at 656 and 586

Long July Beans at 478 3/4 and 489 1/2

Long May Copper 6335

Long May Cocoa at 1268

Long May Silver at 561.5 and 535
Short March SP500 at 1253

Short June SP500 at 1283

Short June SP500 at 1304

Long June Yen at 8599

Long June gold at 292.8 and 288.8
Long Aug. gold at 288.30

Long June hogs at 5212
Long may Bellies at 4922
Long may Cotton at 6040
Long June British at 1.6286
Long may Coffee at 103.80

Long may meal at 131. 90

MC Recommended Open Pos.
Long May Coffee at 106.00

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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.