FuturesCom
Investment Publications
Morning Comments (MC)
May 5,
1999
Bonds.. SP500.. Forex..
Precious Metals.. Energies..Grains.. Livestock.. Softs
Tue May 4, 1999
7:35 PM
On the Frenzied Forex Front
June Japanese-Yen
Nearby Support is at 8314 to 8300 and should hold basis the close . A close under 8300 is negative and augurs for a test of 8223 to 8194 where traders can buy at 8223 and hold for higher prices.
Resistance is at 8343 and 8351 then 8391
June D-Mark
Support
is at 5430 and 5417. A close under 5417 augurs for a test of 5356 to 5344.Resistance is at 5460 to 5468 and 5491 to 5504.
Day traders can sell at 5462, risk 30 pts.
June Swiss
Support
is at 6645 to 6637 and 6591 to 6577.Resistance is at 6659 to 6673 then 6687 , day traders can sell at 6687 for a turn lower and risk 30 pts.
June British Pound
Nearby Support
should appear near 1.6240 , day traders can buy at 1.6242, risk 80 pts. Under that support is at 1.6198 and 1.6150Resistance is at 1.6378 and 1.6420 . The close over 1.6286 augurs for a test of 1.6420 and 1.6486. BW Traders can sell at 1.6420 for a turn lower, risk a close over 1.6486 for three days in a row.
June Canadian Dollar
Support
should appear at 6870 and 6864 Below that support is at 6836 and 6809.Resistance should appear at 6906 to 6913 and 6926
Stay tuned for Forex flashes
Precious Metals
Aug. Gold
Support
is at 286 and 284Resistance is at 290 and 292.40 then 295.
Trade accordingly
July Copper
Support
is at 7244 and 7170. Day traders can buy at 7245, risk 100 pts. Under that support is at 7085.Resistance is at 7280 and 7320 beyond that a test of 7480 is likely.
July Platinum
Support
is at 348 and 341Resistance is at 351 and 353 then 356.
July Silver
On the DownSide
: Support is at 527.5, day traders can buy at 527.5 risk 9 cents. Below that support is at 522 and 508.On the Upside. Resistance is at 534.5. and 537.5. A close over 535.5 augurs for a test of 546. Beyond that resistance is at 563.
The Exciting Energies
June
CrudeNearby Support
is at 1878 and 1863. Day Traders can buy at 1863 for a turn higher risk 50 pts. Below that support is at 1853 to 1844 and 1822.Nearby Resistance should appear near the 1891 and the 1902 to 1909 region. Beyond that sellers should appear near 1928 and 1941
June Unleaded Gas
Nearby Support
is at 5575 and 5448. Under that 5350 to 5280 should hold.Resistance is at 5618 then 5647 and 5662 then 5717.
June Heating Oil
Support
is at 4516 and 4380 where it holdResistance is at 4582 and 4635, beyond that resistance is at 4695 to 4717.
The Grand Grains
July Soybeans
Support
is at 484 3/4 to 483 1/2. Day traders can buy at 484 1/4 , risk 8 centsBelow that support is at 479 3/4 and 470.
Resistance is at 491 3/4 and 497 1/4 Beyond that resistance is at 504.
July Soybean Meal
Support
is at 131.6 and 129.60 to 127.4 below that 125.5 and the 123.8 to 123.2Resistance is at 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 1953 to 1946 and 1902.Day traders can buy at 1953 , risk 30 pts. Below that 1909 to 1902 should hold.
Resistance is at 1984 and then 1996 to 2005 region..
July Corn
Support
is at 221 3/4 and 220 then 216 1/2.Resistance is at 224 3/4 and 226 1/4
.
July Wheat
Support
is at 261 1/2 and 259 3/4 then 256..Resistance is at 267 1/4 . A close over 268 is friendly.
BW Traders should go long if a close over 270 1/2 occurs.
The Satisfying Softs
July Cotton
On the Upside resistance
is at 6073 then 6101 to 6113 and 6133...An extended trade over 6113 augurs for a test of 6165 to 6180On the DownSide support is at 6023 Day traders can buy at 6023 and hold.
Below that support should appear near the 5975 to 5935 region...
Buy Dips.
July Sugar
Support
should appear at 452 and the 446 region . Below that 433 should hold.Resistance is at 468 and 471 to 476. Beyond that resistance is at 491.
July Coffee
On the DownSide,
support is at 101.80 and 100.85. Below that support is at 100.50 to 100.00 and 99.70. Day traders scan buy at 100.85 and hold for higher prices...On the Upside, Resistance is 102.20 and 103.20 to 103.80 then 104.70.. Beyond that resistance is at 105.80/ 106.00 and 106.90.
A close over 102.20 is friendly..
July Cocoa
Support
is at 1023 and 1015 under that support is at 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 6207 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 6272. Above that sellers should appear near 6327 and 6352.A close over 6272 is friendly and augurs for a test of 6377 to 6392.
June Hogs
Support
is at 5792 to 5777 then 5757. Day Traders can buy at 5757 and risk 50 pts. Below that buyers should appear near 5717 and 5657Resistance is at 5832 and 5857. Beyond that resistance is at 5957 and 5977.
Stay Tuned for Flashes the Pork Complex.
From the Frying Pan into the Fire--
July Bellies
Nearby Support is at 5807 then 5792 and 5777 Under that support is at 5627.
Day traders can guy at 5632 and hold for higher prices..
Resistance is at 5857 to 5882 beyond that resistance is at 5922. Day traders can sell at 5922 and hold for lower prices Above that resistance is at 6022 to 6037 and 6077.
Stay Tuned for Flashes the Pork Complex.
The Sensational Stock and Bond Markets
June Bonds
On The DownSide
nearby support is at 119-18 and 119-03 then 118-30, below that good support should surface at 118-24.On the Upside: Resistance is at 119-27 , day traders can sell an early rally at 119-27 risk 8 pts. Beyond that resistance is at 120-13 and the 120-24 region.
June SP 500
Support is at 1340 / 1339.40 and 1334 Beneath that buyers
should appear near 1329.20 and 1323.40 to 1322 . Day traders can buy at 1322 and
hold... Below that support should appear near the 1310 to 1306 / 1304 region and
hold..
Resistance is at 1346 to 1346.40 and 1354.70 to 1355.40 . Beyond that sellers should appear near 1361.50 and 1367.10.. Above that sellers should appear near 1370.50 and 1377
Stay tuned for Flashes
Dow Jones Industrial Avg.
Resistance is near 10,912 and 10,960 then 11,010 beyond that good resistance is at 11,155 .
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
May 4 1999 8:35 PM
B W Recommended Open Pos.
Long June Yen at 8407 and 8448
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 Bean Oil at 1989
Short July Bellies at 5977
Long July Copper at 7255
MC Recommended Open Pos.
Long 2 June SP500 at 1358.0
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