FuturesCom Investment Publications
Morning Comments Tuesday Mar 2,1999
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
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Tuesday Mar. 2, 1999

5:30 AM

 

On the Frenzied Forex Front

June Japanese-Yen

Support is at 8427 to 8407 and 8391, Below that 8223 and 8194 offer support ,BW traders can buy at 8224 and hold for higher prices.

Resistance is at 8527 and 8542. Beyond that resistance is at 8628 and 8689 then 8762.

June D-Mark

Support should appear near 5582 and 5564.Below that Buyers should appear near

5504 to 5492. Resistance is at 5614 then 5624

June Swiss

Nearby Support is at 6867 and 6844 Day Traders can buy at 6844 for a turn higher, risk 40 pt. Below that 6836 to 6809 should contain the break today

Resistance is at 6894 and 6936 to 6944. Where sellers should appear, Day traders can sell at 6936 , risk 20 pts

June British Pound

Support is near 1.6036 then 1.5840 and 1.5760, BW traders can buy at 1.5760 , risk a close under 1.5690 for three days in a row.

Resistance is at 1.6090 and 1.6150.

 

June Canadian Dollar.

Nearby support should appear at 6509 to 6482. BW Traders can buy at 6482 for a turn higher risk a close under 6430.

Resistance is at 6577 to 6591 beyond that Resistance is at 6630 and 6677 BW Traders should sell at 6677 for a turn lower, risk a close over 6715 for two days in a row.

Precious Metals

April Gold

Support at near 287.6 and 285 BW traders can buy at 285 and hold for higher prices..Below that support is at 282 where it should hold.

Resistance is at 289.5 and 292.8 to 295 and Beyond that resistance is at 304.

BW Traders should go long if a close over 292.8 occurs.

May Copper

Support is at 6190 to 6155 and 6120

Resistance is at 6280 and 6320 A close over 6320 is friendly and augurs for a test of 6415 to 6430. Beyond that good sellers should appear near 6515

April Platinum

Nearby Support should appear near 377.8. Below that support is at 373 and 368 then 362.

Resistance is at 386 and 388. A close over 386.7 augurs for a test of 395 and 399

BW Traders should go long if a close over 386.7 occurs.

May Silver

On the DownSide: Support is at 544 and 535 BW Traders should buy at 535.5 and hold.

On the Upside. Resistance is at 554 and 559. A close over 554 is friendly

The Exciting Energies

April Crude

Nearby Support is at 1218 to 1213 and 1202 where it should hold,

Below that 1188 should contain a break. BW Traders can buy 1192, risk a close under

1164 for three days in a row.

Resistance should appear near the 1232 to 1238 region.. However close over 1235 is friendly and indicates another test of the 1268 to 1274 region. Beyond that resistance is at 1304 to 1319 and 1334. BW Traders should go long if a close over 1235 occurs.

Trade Accordingly

April Unleaded Gas

Support is at 3743 to 3734 BW Traders can buy at 3744 for a good turn higher, risk a close under 3659 for three days in a row. Below that buyers should appear near the 3623 to 3613 region

Early Resistance is at 3870 and 3930. A close over 3930 is friendly and augurs for a test of 3992 and 4150 beyond that 4295 offers good resistance

BW Traders should go long if a close over 3930 occurs.

April Heating Oil

Support is at 3110 and 3040 BW Traders can buy at 3045, risk a close under 2970 for three days in a row. Below that 2883 offer support and should stop a decline.

Resistance is at 3245 and 3345, a close over 3270 is friendly and augurs for a test of 3345 and the 3377 to 3386 region..

The Grande Grains

May Soybeans

Support is at 459. to 458 and 452.

Nearby Resistance is at 464 1/4 and 465 A close over is 464 1/4 is near term friendly . BW Traders should go long if a close over 464 1/4 occurs. Beyond that

Resistance is at 472 and 478

July Soybean Meal

Support is at 128.9 and 127.2 Day traders can buy at 127.5 , risk $ 3.00

Resistance is at 132.2 to 134.6 .

July Soybean Oil

Support is at 1797 to 1775

Resistance is at 1846, a close over 1846 is friendly and augurs for a test of 1897 to 1902 and 1909. .

May Corn

Support is at 210 3/4 and 205 3/4 .

Resistance is at 212 3/4 and 215 3/4

July Wheat

Support is at 2562 and 259.

Resistance is at 271, A close over augurs for a test of 277 .

Trade accordingly.

The Satisfying Softs

May Cotton

Resistance is at 5874 Beyond that a test of 5945 to 5957 is likely to occur..a close over 5974 is friendly and augurs for a test of 6100 and 6165 to 6190.

Support is at 5797 and 5775. Day Traders can go long at 5775 and hold for higher prices. Below that buyers should appear near 5737.

May Sugar

Support is at 586 to 582 then 564 BW Traders can Buy at 586 and hold for higher prices...

Resistance is at 604 and 609 A close over 604 is friendly

Trade Accordingly..

May Coffee

On the DownSide, support is at 102.55 and 102.40. Below that support is at 100.05

and 98.40 . BW Traders can buy at 98.40 and hold for higher prices.

On the Upside, Resistance is at 103.20 then 103.80 and 104.15 beyond that 105.10 offers resistance . A close over 105.10 augurs for a test of 106.80 which appears likely to occur. Beyond that 109.60 10 110.10 offers resistance.

BW Traders should go long if a close over 104.15 occurs...

Trade Accordingly.

May Cocoa

Nearby Support is at 1281 and 1274 to 1268, BW traders can buy at 1268 for a turn higher, risk a close under 1252 for three days in a row. Below that support is at 1238 to 1232 and 1211 to 1202.

Resistance is at 1304 and 1319 then 1352 .

 

The Lively Livestock

April Cattle

Support is at 6777 and 6702 to 6692...

Resistance is at 6842 to 6852 then 6927 / 6932...Where BW traders can sell at 6932 for a quick turn lower at risk a close over 7002

April Hogs

Resistance is at 4417 then 4477 to 4487. BW Traders can sell at 4487 for a turn lower, risk as close over 4517 for three days in a row.

Support is at 4417 and 4272.then 4217 .

Stay Tuned for flashes...

From the Frying Pan into the Fire--

March. Bellies

Support should appear near 4857 and 4782 to 4717...BW Traders can buy at 4787 and hold for higher prices...

Resistance is at 4937 , an extended trade over augurs for a test of 5012 beyond that resistance is at 5087.

May Bellies

Support is at 5037 and 5012 then 4922. Resistance is at 5142 then 5182 and 5337.

The Sensational Stock and Bond Markets

June Bonds

On The DownSide nearby support is at 119-19 and 119-04 BW traders can buy at 119-04 for a turn higher, risk a close under 118-19 for two days in a row. Below that support is at 117-28.

On the Upside: Resistance is at 120-14 and 120-20 to 120-26 .
Beyond that resistance is at 121-20. BW traders can go short at 121-19 for a quick turn lower risk a close over 121-24 for three days in a row. Beyond that resistance is at 122-19 and 122-28. Aggressive BW traders can sell at 122-24, and hold for lower prices.

March SP500

On the DownSide

Support is at 1238.70 then 1235 and 1229.70 . Below that an eventual test of the 1218 and 1216.70 is likely. BW Traders can buy at 1216.70 for a bounce only..

Stay tuned for a stop... A close under 1218 is negative and indicates a test of the 1205 and 1203 to 1192 region where good buyers should appear and hold the mkt. for a bit.

On the Upside, Resistance is at 1248.30 and 1253. BW Traders can short at 1253. for a turn lower, put your own risk on it and stay tuned..Beyond that resistance is at 1268 and 1271 then 1274. A close over 1274 is friendly and augurs for a test of 1285 and 1304.

Stay tuned for Flashes

June SP 500
Support
is at 1238 / 1237.10 and 1235 to 1232 a slip under augurs for a test of 1227.20 and 1222 then 1218. BW Traders can buy at 1218 for a good turn higher stay tuned...

Resistance is at 1253 and 1258.90, beyond that sellers should appear near 1268 to 1274. BW Traders can sell at 1268, risk a close over 1274 for two days in a row.

Beyond that resistance is at 1281 and 1289. A close over 1289 is friendly and augurs for a test of 1304... BW Traders Who have Ice Water running through their veins can sell at 1304 and hold for lower prices...

Dow Jones Industrial Avg.
Support
is at 9316 and 9223 to 9194 below that support is at 9156 to 9140 .Under that support is at 9111 and the 9060 to 9044 region.

Resistance is near 9331 and 9347 then 9372.. However a close over 9347 is friendly and augurs for a test of 9429 to 9445 and 9489.. A close over 9445 is friendly and indicates a test of 9526 to 9542 beyond that 9625 to 9642 offers good resistance.

A close over 9642 augurs for a test of 9707 to 9737 Above that, 9821 to 9837 should

Cap a Rally for a bit.

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

3-1-99 7:36 AM

Happy Trading

Bill

B W Recommended Open Pos.

Long April gold at 288.3

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

Long May beans at 493

Long May Copper 6335

Long May Cotton at 5680 and 5755

Long June British Pounds at 1.5994 and 1.6072
Long April Crude at 1248

Short April Cattle at 6802

Long May Corn at 216
Long March Bellies at 4927
Long May Cocoa at 1289

Short June C$ at 6569

Long May Silver at 561.5
Long April Platinum at 380.10
Long June Yen at 8407
Long June D-Marks at 5590

MC Recommended Open Pos.

Long May Coffee at 102.00

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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.