FuturesCom Investment Publications
Morning Comments (MC) May 3, 1999
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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"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.

Sunday May 2, 1999

9:00 AM

On the Frenzied Forex Front

June Japanese-Yen

Nearby Support is at 8407 and 8391. Below that support should appear near

8359 to 8351 and 8326.

Resistance is at 8444 then 8484 to 8499. Above that resistance is at 8519 to 8528 and 8560 to 8589 ....be long...

June D-Mark

Support is at 5424 then 5418 and 5410. A close under 5418 augurs for a test of 5356 to 5344.

Resistance is at 5460 to 5474 and 5491 to 5504. Day traders can sell at 5474, risk 40 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 6591 to 6577. Below that support is at 6530 and 6509 to 6482.

Resistance is at 6610 then 6630 and 6659 region Day traders can sell at 6659 for a turn lower, risk 30 pts. Beyond that resistance is at 6707, 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 1.6048. Under that support is at 1.6004

Resistance is at 1.6090 and 1.6124 and 1.6150 to 1.6168.

June Canadian Dollar

Support should appear at 6854, day traders can buy at 6854,risk 40 pts. Below that support is at 6836 and 6809.

Resistance should appear at 6859 and 6879 then 6906 to 6919.

Stay tuned for Forex flashes

 

Precious Metals

Aug. Gold

Support is at 287.4 and 285.

Resistance is at 291 and 292.40 then 295.

Trade accordingly

July Copper

Support is at 7270 then 7225 and 7185, day traders can buy at 7185, risk 150 pts. Under that support is at 7100 to 7070.

Resistance is at 7325 and 7470.

July Platinum

Support is at 351 to 349 1/2.

Resistance is at 359 to 361 Beyond that good sellers should appear near 364.

BW Traders should go long if a close over 358.90 occurs. .

July Silver

On the DownSide: Support is at 541.5 and 539.5, day traders can buy at 541.5 risk

9 cents. Below that support is at 536.5 and 523.

On the Upside. Resistance is at 549.5. A close over 549.5 augurs for a test of 557. Beyond that resistance is at 563 and 580.

The Exciting Energies

June Crude

Nearby Support is at 1858 then 1851 to 1848 and 1830 to 1826.. Day Traders can buy at 1848 for a turn higher risk 50 pts. Below that 1804 and 1783..

Nearby Resistance is at 1877.. beyond that a test of 1896 and the 1902 to 1909

region is likely to occur.

June Unleaded Gas

Nearby Support is at 5445 to 5430 and 5418 then 5350 Under that 5270 should hold.

Resistance is at 5553 to 5577 and 5630 to 5657.

June Heating Oil

Support is at 4420 under that support is at 4365.

Resistance is at 4555 to 4582 and 4635, beyond that resistance is at 4695 to 4717.

 

The Grand Grains

July Soybeans

Support is at 483 1/2 to 482 and 479 3/4 then 469

Resistance is at 489 1/2 then 493 1/4 and 494 1/2 496. Beyond that

resistance is at 510.

July Soybean Meal

Support is at 131.5 and 129.60 to 127.4 below that 125.5 and the 123.8 to 123.2
region should hold. BW Traders can buy at 127.40 and hold for higher prices. .

Resistance is at 133.40 to 133.90 Beyond that resistance is at 136.2.
BW Traders should go long if a close over 134.6 occurs.

July Soybean Oil

Support is at 1930 to 1927 and 1898 then 1867.

Resistance is at 1953 and 1965 then 1998.

July Corn

Support is at 217 3/4 and 215 3/4 to 214.

Resistance is at 219 1/2 and 220 3/4 beyond that a test of 224 is likely.

A close over 220 1/2 is friendly..

July Wheat

Support is at 267 1/4 and 264 1/4 then 261 1/4.

Resistance is at 268 1/2 and 273. A close over 273 is friendly and augurs for a test of 279 to 280 1/2. BW Traders should go long if a close over 270 1/2 occurs.

 

The Satisfying Softs

July Cotton

On the Upside resistance is at 6190 an extended trade over 6190 augurs for a test of 6257 to 6270, beyond that a test of resistance at 6355 to 6370 is likely.

On the DownSide support is at 6165 to 6155 and 6065. Under that 6065 to 6023 should contain a decline. Day traders can buy at 6055 risk initially plan on a 80 pt risk.

BW Traders should go long if a close over 6270 occurs.

July Sugar

Support should appear at 430 to 425. Below that 414 to 408 should hold.

Resistance is at 446 to 449 and 453 beyond that resistance is at 468 to 471.

July Coffee

On the DownSide, support is at 103.60 to 103.20 day traders can buy at 103.20 and hold for higher prices. Under that buyers should appear near and 101.90 and 101.00

On the Upside, Resistance is 104.45...Beyond that resistance is at 105.10. to 105.80/ 106.00 and 106.90. Beyond that a test of 107.70 to 108.20 is likely

July Cocoa

Support is at 1017 then 1005 to 1000 and 972 to 968.

Resistance is at 1028 to 1036. Beyond that resistance is at 1058 to 1068.

The Lively Livestock

June Cattle

Support is at 6247 and 6217 under that support is at 6172. BW Traders can buy at 6162 and hold for higher prices. Risk a close under 6092 for three days in row.

Resistance is at 6302 then 6322. Above that sellers should appear near 6362 and 6397. A close over 6322 is friendly and augurs for a test of 6377 to 6392.

June Hogs

Support is at 5877 to 5852 under that support is at 5807 and 5742 Day Traders can buy at 5742 and risk 50 pts. Below that buyers should appear near 5717.

Resistance is at 5942 to 5952. Beyond that resistance is at 6007 then 6022 to 6042. Day traders can sell at 6022 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 5877 and 5852 to 5837. Under that support is at 5772. A close under 5777 is negative and augurs for a test of 5642 to 5622. A close under 5852 augurs for a test of 5772

Resistance is at 5922 then 5942 and 5957. Day traders can sell at 5947 and hold for lower prices Beyond that resistance is at 6022 to 6037 and 6072.

Stay Tuned for Flashes the Pork Complex.

The Sensational Stock and Bond Markets

 

June Bonds

On The DownSide nearby support is at 119-24 to 119-21 then 118-30, below that good support should surface at 118-22.

On the Upside: Resistance is at 120-21. Beyond that resistance is at 121-13 and the 121-21 to 121-24 region.

June SP 500
Support
is at 1334 where it should hold basis A close under 1334 is negative and indicates another test of 1323 to 1322. Day Traders can buy at 1323.10 for a turn higher. A Below that support should appear near 1316.40 and 1314.90. Below that the 1310 to 1304 region offers support.

Resistance is at 1339.10 to 1340.0 and 1346 to 1346.80. Beyond that resistance is at 1355.10. ..A close over is 1346 is friendly and augurs for an eventual test of 1371

and eventually the 1376.50 to 1377 region.

Stay tuned for Flashes

Dow Jones Industrial Avg.
Support
is at 10,783 and 10,680 A close under 10,680 is negative and augurs for a test of 10,580. Below that 10,470 should hold..

Resistance is near 10,820 and 10,960, 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

May 2 1999 10:45 AM

B W Recommended Open Pos.
Long June Yen at 8407 and 8448

Long June British Pound at 1.6182

Long July Silver 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 June Swiss at 6782

Long July Beans at 480

Long 2 July Sugar at 517 and 1 at 437

Long July Cocoa at 1129
Long July Corn at 224

Long July Bean Oil at 1989

Short July Bellies at 5977
Short June Bonds at 120-06
Long July Copper at 7255

Long June SP500 at 1324

MC Recommended Open Pos.

Long 2 June SP500 at 1358.0

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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.