FuturesCom Investment Publications
Morning Comments (MC) March 23, 1999
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Experienced Since 1979 & Serving Professional and Individual Futures Traders World Wide since 1988
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Make a Plan and Trade it

 

Tues. March 23, 1999

6:00 AM

On the Frenzied Forex Front

June Japanese-Yen

Support is at 8515 and 8484. and 8442

Resistance is at 8560 and 8589 then 8645 and the 8668 to 8683 region. Beyond that resistance is at 8722 and the 8762 to 8777 region.

June D-Mark

Support is at 5577 below that 5555 should hold.

Resistance is at 5627 and 5640 to 5655. 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 6867 and 6841 to 6836. Day traders can but at 6867 and hold for higher prices. Below that that 6841 to 6836 region offers good support and should contain a stop a decline.

Resistance is at 6906 to 6919. Beyond that resistance is at 6941 and 6967 then 6990 to 7003.

June British Pound

Support is near 1.6246 under that 1.6150 to 1.6090 should hold.

Resistance is at 1.6294 and 1.6336, a close over 1.6336 augurs for a test of 1.6420 and 1.6486.

June Canadian Dollar

Support is at 6577 and 6558. Under that 6527 offers good support. A close under augurs for a test of the 6509 to 6482 region. BW Traders can buy at 6510 for a turn higher risk a close under 6482 for three days in a row.

Resistance is at 6659 to 6677. Above that 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 284.50 and 282.5, day traders can buy at 283.8, risk $4.00

Resistance is at 287.4 and 289

May Copper

Support is at 6450 to 6400 and 6315, below that 6200 should hold.

Resistance is at 6580 then 6600, close over 6600 is friendly and augurs for a

test of 6800.

April Platinum

Support is at 373 and 368, under that 358.5 should hold. BW traders should buy at 356.5 and hold for higher price.

Resistance is at 378.5 to 382.5.

Be Long

May Silver

On the DownSide: Support is at 508.5 and 505, day traders can buy at 505 and hold for higher prices. Below that support is at 499 and 492 BW Traders should buy at 492.5 and hold for higher prices. Under that 487 should contain a break.

On the Upside. Resistance is at 514.5. A close over 514. is friendly and augurs for a test of 521.5. to 524.

Be Long.

The Exciting Energies

May Crude

Support is at 1535 to 1522, Day traders can buy at 1535, risk 40 pts. Below that the 1503 and 1497 and 1477 regions offer support. Under that BW traders can buy at 1421, risk close under 1415 for three days in a row.

Resistance is at 1572/ 1576 and 1598 to 1609.

May Unleaded Gas

Support is at 4885, Under that buyers should appear near 4695 and 4640. Below that 4505 and 4465 to 4430 offer Support.

Resistance is at 5099 beyond that resistance is at 5150. .

May Heating Oil

Support is at 4095. Day traders can buy at 4095 for a turn higher, risk 120 pts. Under that support is at 3885 and 305 then 3745 to 3735. BW Traders can buy at 3745 and hold for higher prices.

Resistance is a 4248 and 4350 to 4380..

The Grande Grains

May Soybeans

Support is at 495 1/2 and 489 3/4. Day traders can buy at 495 1/2 and hold for higher prices. Below that support is at 482 and 476.

Resistance is at 5031/2 and the 510 region

Trade accordingly.

July Soybeans

Support is at 505, day traders can buy at 505 1/2, risk 10 cents Below that Support is at 501, under that good buyers should appear near 490

Resistance is at 511 1/4 beyond that resistance is at 514 1/2 to 518.

.

July Soybean Meal

Support is at 139.00 and 137.6 Below that 133.8 offers support.

Resistance is at 142.5 and 144.5 then 147

July Soybean Oil

Support is at 1963 and 1905.

Resistance is at 1982 and 2004

May Corn

Support is at 230 1/4 and 227 1/2. Under that support is at 224.

Resistance is at 235 1/2 and 241.

July Wheat

Support is at 283 to 281, day traders can buy at 283 and hold for higher prices Under that 275 3/4 offers good support. BW traders can buy at 275 3/4, risk a close under 268 for three days in a row.

Resistance is at 288 1/2 a close over 288 is friendly and augurs for a test of 292 to 294.

The Satisfying Softs

May Cotton

On the Upside resistance 6275 and 6322 then 6375.

On the DownSide support is at 6175 to 6125 then 6080

May Sugar

Support is at 552 and 538 to 532 below that 526 should hold. .

Resistance is at 563 and 576

May Coffee

On the DownSide, support is at 100.50 to 99.50 and it should hold.

On the Upside, Resistance is at 101.15 and 102 then 103.20 a close over is friendly for a test of 104.55

May Cocoa

Support is at 1169 and 1164 then 1118

.

Resistance is at 1188 and the 1218.

 

The Lively Livestock

April Cattle

Support is at 6657 and 6625 then 6582 BW Traders can buy at 6577 and hold for higher prices.

Resistance is at 6737, beyond that resistance is at 6777.

April Hogs

Resistance is at 4460 and 4515 then 4622

Support is at 4415 and 44367. Below that Buyers should appear near 4317

Stay Tuned for flashes...

June Hogs

Support is at 5552 then 5452 and 5412.

Resistance is at 5612 and 5652 then 5672 to 5707.

From the Frying Pan into the Fire--

May Bellies

Support is at 5390 and 5335 below that support is at 4257 and 5180

Resistance is at 5537 and 5632 then 5687 .

The Sensational Stock and Bond Markets

June Bonds

On The DownSide nearby support is at 120-18 to 120-13 region

BW Traders can buy at 120-14 for a turn higher, risk a close under at 119-27 for two days in a row. Below that 119-17 should hold.

On the Upside: Resistance is at 120-28 and 121-17 Beyond that 121-31 should cap a rally.

 

June SP 500
Support
is at 1304 under that support is at 1294.20 and 1291.75 under that buyers should appear near the 1289 to 1287 region.

Resistance is at 1310 then 1316.70 and 1319.10 day traders can sell at 1319 and hold for lower prices. Beyond that 1322 offers good resistance as does 1324.80 and 1327.20 Above that 1334 should Cap a Rally.

Dow Jones Industrial Avg.
Support
is at 9877 and 9837 to 9821 and 9814.30. A close under 9821 is negative and augurs for a test of 9737 to 9707. Below that support is at 9641 to 9625.

Resistance is near 9921 to 9937 and 9992.70 beyond that sellers should appear near 10,0019 to 10,037 Beyond that resistance is at 10,070.

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

3-23-1999, 7:30 AM

Happy Trading

Bill

B W Recommended Open Pos.

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

Long May Cocoa at 1268

Long May Silver at 561.5, 535
Short June SP500 at 1283, 1304, 1331

Long June Yen at 8599

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

Long may Cotton at 6142
Long June British at 1.6286
Long may Coffee at 103.80,107.20, 101.25

Long April platinum at 371.7

short April cattle at 6742

short April hogs at 4377

MC Recommended Open Pos.
Long May Coffee at 106.00

Long 2 May Coffee at 102.00
long 2 June yen at 8530(last eve)

Copyright@1999 FuturesCom Investment Publications

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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.