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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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 $4.00Resistance 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 490Resistance 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 4622Support 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 regionBW 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.
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)
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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.