FuturesCom
Investment Publications
Morning Comments (MC)
April 6, 1999
Dedicated to Excellence in Analysis of Futures
Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains..
Livestock.. Softs
"What the Wise do in the Beginning, Fools do in
the End."
Warren Buffett
Tuesday April 6, 1999
4:25 AM
On the Frenzied Forex Front
June Japanese-Yen
Support is at 8314 to 8300 should contain a decline in the near future. Below that 8290 should hold today. Day traders can buy at 8300, risk 60 pts. Below that 8223 to 8194 should contain a decline. A close under 8194 is negative and augurs for a test of 8119 to 8114 and 8044 where traders can buy and hold for higher prices.
Resistance is at 8352 and 8391 to 8406. A close over 8406 augurs for a test of 8456 and 8470 with a touch of 8484 to 8499 likely. Beyond that resistance is at 8560 to 8589 and 8629.
June D-Mark
Support
should appear 5510 and the 5504 to 5492 region. Day traders can buy at 5504 below that support is at 5471 and the 5430 to 5418 region where BW traders can buy at 5425 for a bounce, risk a close under 5418.Resistance is at 5521. A close over 5521 augurs for a test of 5553 to 5577 then 5605. A close over 5571 is friendly and augurs for an eventual test of 5640 to 5653 beyond that resistance is at 5671 and 5682
June Swiss
Support
should appear near the 6758 to 6741 region under that support is at 6673to 6659.
Resistance is at 6795 and 6809, beyond that sellers should appear near 6825 to 6836. A close over 6825 augurs for a test of 6906 to 6919
June British Pound
Support
is near 1.5968 and 1.5936. Day traders can buy at 1.5936 and hold for higher prices. Below that buyers should appear near 1.5800 and 1.5760 to 1.5690Resistance is at 1.6030 and the 1.6090 to 1.6150.
A close over 1.6030 is friendly.
June Canadian Dollar
Support
should appear at 6611 and the 6591 to 6577 region.Resistance should appear near the 6659 to 6677 region then 6686, a close over 6686 augurs for a test of the 6741 to 6755 region, which 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
Aug. Gold
Support
is at 281.3 under that buyers should appear near 276.7Resistance is at 283.5 a close over 283.5 is friendly and augurs for a test the 286 to 288 region
Trade accordingly
May Copper
Support
is at 6265. Under that some support should appear near 6165 to 6150 and the 6035 to 6020 region.Resistance is at 6325, a close over 6325 indicates a test of 6465
July Platinum
Support
is at 357 and 348.Resistance is at 372.
Hold.
May Silver
On the DownSide
: Support is at 485 Day traders can buy at 485 and hold for higher prices. Under that buyers should appear near 480 to 475. BW Traders should buy at 475.5 and hold for higher prices.On the Upside. Resistance is at 495.5, a close over augurs for a test of 504. A close over 504 indicates an eventual test of 524.
BW Traders should go long if a close over 514 occurs.
The Exciting Energies
May Crude
Support
is at 1689 and 1667 to 1664, day traders can buy at 1665, risk 40 pts.Below that BW traders can buy at 1578, risk close under 1560 for three days in a row.
Nearby Resistance is at 1696 and the 1714 to 1717 region and 1731 to 1738
May Unleaded Gas
Support
is at 5360 and 5331, day traders can buy at 5331 for a bounce, risk 100 pts. Below that 5282 to 5259 offers support.Resistance is at 5430. A close over 5430 is friendly and augurs for an eventual test of 5560 then 5645 to 5653.
May Heating Oil
Support
is at 4370 to 4365 Day Traders can buy at 4365 and hold for higher prices. Below that support is at 4300, under that 4249 to 4238 should hold.Resistance is at 4425 to 4445 and 4500. A close over 4500 indicates a likely test of 4570 to 4582
The Grande Grains
May Soybeans
Support
is at 481 3/4 then 477 and 473.Resistance is at 488, a close over 488 is friendly and augurs for a test of 495.
July Soybeans
Support
is at 486 and 483. Below that good buyers should appear near 480.BW Traders can buy at 480 and hold.
Resistance is at 494 and 497 beyond that resistance is at 507 to 511
July Soybean Meal
Support
is at 1.3830 to 137.80 and 135.40.Resistance is at 140.4 and 141.4 to 142.1
July Soybean Oil
Support
is at 1834 and the 1822 to 1808/ 1803 where it should hold today.Resistance is at 1854 to 1869 A close over 1869 is friendly and augurs for a test of the 1902 to 1909 region. Beyond that resistance is at 1934
May Corn
Support
is at 218 to 217 and 215 1/2 to 214Resistance is at 220 1/4 and 224.
July Wheat
Support
is at 286, day traders can buy at 286 and risk 8 cents.Resistance is at 291 1/4. A Close over 291 1/4 is friendly and augurs for a test of 298 and eventually 303 1/4
The Satisfying Softs
May Cotton
On the Upside resistance
6035, a close or extended trade over 6035 augurs for a test of 6101 to 6113. Beyond that resistance is at 6136 and the 6180 to 6193 regionOn the DownSide support is at 5990 and 5936 then 5880 to 5855 and 5835.
Buy Dips, eventually we see a test of 6370
May Sugar
Support
is at 560 to 558 Below that 538 to 534 should hold.Resistance is at 563 and 579 to 586
May Coffee
On the DownSide,
support should appear near the 106.90 to 105.80 region.Day traders can buy at 105.80. Below that Buyers should appear near 105.10
to 104.60. BW Traders can buy at 105.10 and hold for higher prices. Under that support is at 103.60 to 103.20.
On the Upside, Resistance is at 108.30, a close over 108.30 is friendly and augurs for a test of 109.60 to 110.10 and 110.80. A close over 110.80 augurs for a test of 112.60 and most likely the 113..00/ 113.60 region.
Buy dips and stay tuned for Flashes.
May Cocoa
Support
is at 1143, under that 1136 to 1130 should contain a decline today.Resistance is at 1154 to 1160 and 1169
The Lively Livestock
April Cattle
Support
is at 6752 to 6735, under that support should appear at 6677.Resistance
is at 6827 and 6887.April Hogs
Resistance
is at 4377 and 4392 beyond that a test is at 4477Support is at 4327 and 4277. Below that support is at 4237 and 4177.
June Hogs
Support
is at 5412 and 5357 to 5342 Day traders can buy at 5357, risk 100 pts.Below that 5312 and 5277 offer support.
Resistance is at 5430 to 5437 and 5477 to 5492 and 5512.
From the Frying Pan into the Fire--
May Bellies
Support is at 5122 and 5052 then 4997 to 4972.
Hearty Day traders can buy at 4972 for a bounce, risk 100 pts.
Resistance is at 5202 to 5212 and 5257 to 5272 and 5287
Day traders can sell at 5267 and hold for higher prices. Beyond that resistance is at 5327 and 5422.
Stay Tuned for Flashes the Pork Complex.
The Sensational Stock and Bond Markets
June Bonds
On The DownSide
nearby support is at 121-03 and 120-24 under that 120-15 should hold basis the close.. A close under 120-15 is negative and augurs for a test of the 119-24 region..On the Upside: Resistance is at 121-13 and 121-24. A close over 121-24 augurs for an eventual test of 122-14 to 122-18 and 123-04 BW Traders can sell at 123-04 for a turn lower, risk a close over 123-11 for three days in a row.
June SP 500
Support
A close under 1330.60 is negative and augurs for a test of 1310
Resistance is at 1334 to 1335.30 Above that resistance is at 1340 and 1346 to 1346.60 and 1352.50
-Stay tuned for Flashes-
Dow Jones Industrial Avg.
Resistance is near 10,021 to 10,037. Beyond that resistance is at 10,097 and
10,104 to 10,136.
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
April 6 1999 5:46 AM
Premier Positions and performance figures are available at http://www.futurescom.com/premper99.htm
B W Recommended Open Pos.
Long May Sugar at 586 and 591
Long June Yen at 8599 and 8391
Long Aug. Gold at 288.30 and 2 at 283.90
Long may Cotton at 6142 and 6065
Long 2 July Platinum at 363
Long May Copper at 6270
Long 2 June hogs at 5525 and 5382
Long 2 Oct. Hogs at 5460
Short June SP500 at 1319.80
Long June Swiss at 6809
Long June British pound at 1.6150
Long July wheat at 295 3/4 and 304
Long May Cocoa at 1193
Long 3 May Bellies at 5212
Long July Beans at 509 1/4 and 494
Long May Beans at 486
Long July Bean oil at 1920
Long May Corn 227 1/2
Long May Unleaded Gas at 5402
MC Recommended Open Pos.
Short June SP500 at 1287.50
Long July hogs at 5680
Long June hogs at 5525
Long Oct. hogs at 5450
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