FuturesCom Investment
Publications
Morning Comments (MC) April 29,
1999
Bonds.. SP500..
"Among the hazards of speculation the happening of the unexpected -I might even say the unexpectable - ranks high. There are certain chances that the most prudent man is justified in taking - chances that he must take if he wishes to be more than a mercantile mollusk--" Reminiscences of a Stock operator.
Thur April 29, 1999
5:35 AM
On the Frenzied Forex Front
June Japanese-Yen
Nearby Support is at 8407 to 8391, Day Traders can buy at 8407, and hold for higher prices. Below that 8351 offers support.
Resistance is at 8444 and the 8484 to 8499 region. Above that resistance is at 8505 then 8528 and 8560 to 8589 .
BW Traders should go long if a close over 8444 occurs.June D-Mark
Support
is at 5435 to 5418. A close under 5418 augurs for a test of 5356 to 5344,Resistance is at 5482 and 5496 to 5504. Day traders can sell at 5496, risk 20 pts. Beyond that BW Traders can sell at 5555 and risk a close over 5577 for three days in a row.
June Swiss
Support
is at 6619 and 6597 to 6577, aggressive BW traders can buy at 6591 for a turn higher, risk a close under 6577 for three days in a row. Below that support is at 6540 and the 6509 to 6482 region.Resistance is at 6659 and 6673 then 6707 region Day traders can sell at 6707, risk 40 pts. A close over 6707 is friendly and augurs for a test of 6741 to 6755, beyond that resistance is at 6809 to 6836.
June British Pound
Nearby Support
should appear near 1.6090. Under that support is at 1.6038Resistance is at 1.6212 and 1.6238.
June Canadian Dollar
Support
should appear at 6788 and 6755 to 6741 A close under 6741 is negative augurs for a test of 6673. BW Traders can buy at 6673 for a bounce, risk a close under 6622.Resistance should appear 6806 and 6836.
Stay tuned for Forex flashes
Precious Metals
Aug. Gold
Support
is at 284 to 282 ..BW traders can buy at 282.3 for a turn higher risk, a close under 281 for three days in a rowResistance is at 288 and 291.
Trade accordingly
July Copper
Support
is at 7080 to 7060 and 6980 then 6910. BW Traders can buy for a turn at 6935, hold for higher prices. Under that support should appear near 6850. BW Traders can buy at 6835, risk a close under 6740 for three days in a row.Resistance is at 170. A close over 7170 is friendly and augurs for a test of 7250 and the 7310 to 7345 region.
BW Traders should go long if a close over 7170 occurs.
July Platinum
Support
is at 349 to 346 under that 342 should hold.Resistance is at 357.5, a close over 357.50 is friendly and augurs for an eventual test of 366 to 368. Beyond that good sellers should appear near 372.
BW Traders should go long if a close over 358.90 occurs. .
July Silver
On the DownSide
: Support is at 524.5, day traders can buy at 524.5 and hold for higher prices. Below that support is at 520 and 505. BW Traders can buy at 505 and hold for higher prices.On the Upside. Resistance is at 534 to 536. Beyond that resistance is at 548
and 562 . A close over 534 augurs for a test of 559 to 572...
The Exciting Energies
June
CrudeNearby Support
is at 1822. Day Traders can buy at 1822 for a turn higher risk 40 pts... Below that 21803 and 1774 should hold..Nearby Resistance is at 1853 and 1878...beyond that a test of 1904 is likely.
June Unleaded Gas
Nearby Support
is at 5402 and 5365 then 5250..Resistance is at 5525 and 5630
June Heating Oil
Support
is at 4440 to 4405 under that support is at 4290.Resistance is at 4580 to 4605 and 4695 to 4717.
The Grand Grains
July Soybeans
Support
is at 486 3/4 Below that support is at 481.Day traders can buy at 486 3/4 , risk 8 cents.
Resistance is at 494 1/2 beyond that sellers should appear near 497
July Soybean Meal
Support
is at 131.5 and 129.60 to 127.4 below that 125.5 and the 123.8 to 123.2Resistance is at 133.10 a close over 133.1 is friendly and augurs
for a test of 136.4 Beyond that resistance is at 138.2.
Traders should go long if a close over 134.6 occurs.
July Soybean Oil
Support
is at 1953 to 1946 and 1892.Resistance is at 1992 and 2015 then 2042, a close over 2042 is friendly
BW Traders should go long if a close over 2042 occurs.
July Corn
Support
is at 217 3/4 and 215 1/4.Resistance is at 221 1/2 and 225.
A close over 225 is friendly and augurs for a test of 230
July Wheat
Support
is at 260 3/4 and 257 then 255Resistance is at 267 and 269... a close over 267 is friendly and augurs for a test of 273. BW Traders should go long if a close over 270 1/2 occurs.
The Satisfying Softs
July Cotton
On the Upside resistance
is at 6165 and 6190 above that sellersshould appear near 6245..
On the DownSide support is at 6045 to 5990. Day traders can buy at 6035 , risk 100 pts.
BW Traders should go long if a close over 6270 occurs.
July Sugar
Support
should appear at 405 region. Below that 396 to 385 should contain thedecline.
Resistance is at 413 and 428 to 433 , a close over 413 is friendly.
July Coffee
On the DownSide,
support is at 100.50 and 100.00 below that day traders can buy at 99.15 and hold for higher prices . Under that buyers should appear near and 9835 and 9715 to 9700, BW traders can buy at 9745 and hold for higher prices.On the Upside, Resistance is at 101.50 to 101.80. A close over 101.90 augurs for an eventual test of 103.20 to 103.60 . 104.00 ...Beyond that resistance is at 105.10. to 105.80 and 106.80.
be long...
July Cocoa
Support
is at 983 and 972 to 968 then 956 to 950 . Under that BW traders should buy at 941 and hold.Resistance is at 1000 to 1006 then 1032 to 1036..
The Lively Livestock
June Cattle
Support
is at 6317 , day traders can buy at 6317 , risk 100 pts. Below that support at 6237. should hold.Resistance
is at 6387. A close over 6387 is friendly and augurs for a test of6462 to 6507.
June Hogs
Support
is at 5832.. Day Traders can buy at 5832 and risk 50 pts. Below that buyers should appear near 5732.Resistance is at 5927 and 5972 . Day Traders can sell at 5972 for a turn lower risk 100 pts. Beyond that resistance is at 6027 to 6037 ..Day traders can sell at 6032 and hold for lower prices...
Stay Tuned for Flashes the Pork Complex.
From the Frying Pan into the Fire--
July Bellies
Nearby Support is at 5952 and 5917. Under that support is at 5872 and 5767
then 5662.
Resistance is at 5977. BW traders can sell at 5977.. risk a close over 6037 for three days in a row. Beyond that resistance is at 6062 and 6162 to 6190 then 6212.
Day traders can sell at 6212 and hold.
Stay Tuned for Flashes the Pork Complex.
The Sensational Stock and Bond Markets
June Bonds
On The DownSide
nearby support is at 121-07 below that support is at 120-19.and 120-03 to 119-28.. A close under 120-03 is negative and augurs for a test of
119-19 and 119-03.
BW Traders should go short if a close under 120-16 occurs.
On the Upside: Resistance is at 121-19 beyond that sellers should occur at 121-28 and 122-19, BW traders can sell at 122-03 risk a close over 122-16 for three days in a row. Beyond that resistance is at 123-03 and 123-18.
June SP 500
Support is at 1354.80 and 1347.50 then 1346..
Day traders can buy at 1346 and hold for higher prices... Below that support is at 1340 then 1338.80 and 1334 where it should hold. A close under 1334 is negative and indicates a test of 1322. BW Traders can buy at 1324 for a turn higher, A Below that 1310 to 1304 should contain a decline for a bit.
.
Resistance is at 1361.50 , a close over is friendly and augurs for a test of 1370.70
Beyond that resistance is at 1377 to 1379.50 / 1380 .. Day Traders can sell at 1380 for a turn lower put your own stop on it and stay tuned. above that 1384 to 1386 offers resistance .. Beyond that sellers should appear near the 1399 to 1406 region
Stay tuned for Flashes
Dow Jones Industrial Avg.
Resistance is near the 10,905 to 10,960 region , beyond that sellers should appear near 11,010 beyond that 11,155 should cap a rally
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
April 29 1999 6:35 AM
B W Recommended Open Pos.
Long June Swiss at 6782
Long June Yen at 8407
Long June British Pound at 1.6182
Long July Silver 503.5 and 527
Long Aug. Gold 283.90
Long 2 July
Platinum at 363
Long June Cattle at 6477,6422,6332
Long July Wheat at 295 3/4,304 and 265
Long July Beans at 480
Long 2 July Coffee at 101.30 and 1 at 9995
Long 2 July Sugar at 517 and 1 at 437
Long July Cocoa at 1129
Short June C$ at 6741
Long July Cotton at
5945
Long July Corn at 224
Long July Bean Oil at 1989
long June Unleaded Gas at 5431
MC Recommended Open Pos.
Long 2 June SP500 at 1358.0
Copyright@1999 FuturesCom Investment Publications
All Rights Reserved
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.