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Morning Comments (MC)  Tuesday July 20, 1999
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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.

Tuesday July 20, 1999

4:00 AM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support is at 8491. Under that support is at 8482 and 8443.

Nearby Resistance is at 8527 then 8560 and 8589 then 8611. Beyond that resistance is at 8668 to 8683.

Support should appear near the 5279 and 5265. Day Traders can buy at 5265 for a turn higher , risk 20 pts Below that support is at 5259 and 5235.

Resistance should appear near the 5344 to 5356 region...A close over 5356 is friendly and indicates a test of the 5418 to 5430 region. Beyond that resistance is at 5492 to 5504.

Nearby Support is at 6482 and 6451 then 6430 to 6417 . Day Traders can buy at 6430 for a turn higher, risk 35 pts Below that 6410 and 6382.

Nearby Resistance is at 6509 where good sellers should appear.. However a close over 6509 is friendly and indicates an eventual test of 6543 to 6557 and the 6577 to 6591 region. Above that resistance is at 6610 and 6626. BW Traders can sell at 6591 for a turn lower, risk a close over 6627 for two days in a row. Above that sellers should cap a rally near the 6656 to 6673 region.

Support should appear near 1.5760 and 1.5690

Resistance is at 1.5886 then 1.5942 and 1.6090 then 1.6150. BW Traders can sell at 1.6120, risk a close over 1.6150 for two days in a row.

Support should appear at 6707. Below that support should appear near the 6673 and 6659.

Resistance is at 6720 and 6741 then 6755 and 6770 then 6782.. A close over 6755 augurs for a test of 6782 and eventually 6809. Beyond that resistance is at 6820 and 6836. A close over 6836 augurs for a test of 6906 to 6919.

BW Traders should go long if a close over 6755 occurs..

Nearby Support is at 252.9 and 251.9 to 251.1 BW Traders can buy at 251.90 and hold for higher prices... . Below that support is at 247 to 246 and 242.

Resistance is at 255.2 and 256.8, a close over 256.80 is friendly and augurs or a test of 261.20 to 262. and eventually 265.

BW Traders should go long if a close over 255.20 occurs.

Nearby Support is at 7755 Under that support should appear near 7585 to 7555. below that buyers should appear near 7355 to 7320. BW Traders can buy at 7355, risk a close under 7315 for three days in a row. Below that 7245 and 7170 to 7140 should contain a decline for a bit

Nearby Resistance is at 7835 to 7865. Beyond that a test of 7920 and 7940 to 7955 is likely. BW Traders can sell at 7940 , risk a close over 7965 for three days in a row.

Beyond that resistance should appear near the 8025 to 8045 region. Above that

Sellers should appear near 8085 and 8120 to 8155 region.

Trade Accordingly and stay tuned.

Support is at 347. Below that support at 344.3 to 342.5 and 341 then 337.

Resistance is at 354.5 and the 355.3 to 356.3 region. Beyond that resistance should appear near the 361.3 to 362.3 region. BW Traders can sell at 361.8 for a turn lower, risk a close over 364.5 for two days in a row.

BW Traders should go long if a close over 351 occurs..

On the DownSide nearby support is at 504 and 499. Under that support at 490 and 482 should hold..

On the Upside. Nearby resistance is at 512.5 and 514.5. A close 514.5 is friendly and augurs for a test of 521.5 Beyond that resistance is at 528 5 and 535. Beyond that sellers should appear near 549.5

BW Traders can go long if a close over 514.5 occurs.

Trade Accordingly and Stay tuned...

Nearby Support is at 2047 Below that support is at 2022 and the 1996 to 1982 region under that support is at 1953 to 1946 and 1909 to 1902 which should contain a decline for the time being. BW Traders can buy at 1909 and hold for higher prices... Below that support is at 1869 to 1858.

Trade accordingly

Resistance is at 2080 to 2088. However a close over 2088 is friendly and augurs for a test of 2126 to 2134. BW Traders can sell at 2126 for a turn lower, risk a close over 2134 for two days in a row. Beyond that resistance is at 2170 to 2185.

Nearby Support is at 6058, BW traders can buy at 6062 for a bounce, risk a close under 6023 for two days in a row. Below that support is at 5957 to 5945 and the 5880 to 5855 region. Hearty BW Traders can buy at 5880 and hold for higher prices.

Resistance should appear at 6165 to 6190. A close over 6190 is friendly and augurs for a test of the 6260 and 6337 to 6350 . BW Traders can sell at 6337 for a turn lower, risk a close over 6430 fro two days in a row.

Nearby Support is at 5185 then 5135 Below that support near the 5067 to 5056..

Resistance is at 5265 and 5356 then 5418 to 5430 Beyond that sellers should appear near the 5492 to 5504 region BW Traders can sell at 5492 , risk a close over 5504 for three days in a row.

Trade Accordingly.

Nearby Resistance is at 432 and 437 beyond resistance is at 455.

Support is at 423 and 409 1/2 BW traders can buy at 409 1/2 for a turn higher , risk a close under 404 3/4 for two days in a row.

Resistance is at 131. Beyond that resistance is at 134.6 and 136.5.

Support is near 128 to 126.9 and the 123.80 to 123.20 region Below that 121.70 should stop the decline for a bit..

Resistance is at 1609 to 1615 and the 1642 to 1655 region .Beyond that resistance is at 1675 .

Resistance is at 206 Beyond that resistance is at 208 1/2 and 212 3/4 to 213 1/2.

Support is at 201 and 196 1/2.

Resistance is at 248 and 253 to 254. Beyond that sellers should appear near 260.

BW Traders should go long if a close over 247 occurs..

Support is at 242 3/4 then 240 3/4 and the 237 to 235 1/2 region. BW traders can go long at 237 risk a close under 235 1/4 for three days in a row.

Trade accordingly

On the DownSide support is at 5087 and 5068. Below that buyers should appear near the 5030.

On the Upside Nearby Resistance is at 5160 to 5180. A close over 5160 is friendly and augurs for a test of 5245 .Beyond that resistance is at 5330.

Nearby Support is at 541 and 539 to 534, Day traders can buy at 539, risk 30 pts Below that support is at 520 and 516 then 507.

Resistance should appear at 559 to 563 Beyond that resistance is at 582 to 586 and 599.. A close over 596 is friendly and augurs for a test of 630 to 634. BW Traders can go short at 634 for a turn lower risk a close over 656 for three days in a row.

Trade Accordingly

On the Upside, Resistance is at 9550 and 9705 to 9735 then 9765 to 9800 Above that resistance should appear near the 100.00 to 100.50 and the 103.20 to 103.60 region.

On the DownSide, early support is at 9445 to 9425 and 9300 to 9265 Under that buyers should appear near 9060 to 9040. Hearty BW Traders can buy at 9060 and hold for higher prices..

Support is at 986 and 968. BW Traders can buy at 968, risk a close under 952 for two days in a row. Below that support is at 941 to 932 and the 914 to 907 region.

Resistance is near 1005. Beyond that sellers should appear near 1014 and 1032 to 1036 Beyond that resistance is at 1058 to 1068

Support is at 6407 and 6372 then 6332 to 6312 and 6267.. BW traders can buy at 6337 for a bounce and risk a close under 6312 for three days in a row. .

Resistance is at 4722 then 4747 and 4817 beyond that sellers should appear near 4857. BW .Traders can sell at 4857 and hold for lower prices. Risk a close over 4922 for three days in a row.

Support is at 3377 then 3322 and 3212 to 3192.

Resistance is at 3487 and 3507 then 3657

Stay Tuned for Flashes..

On The DownSide nearby support is at 116-28 and 116-08. BW Traders can buy at

116-09 and hold for higher prices, risk a close under 115-26 for three days in a row. Below that 114-28 offers support.

On the Upside Nearby Resistance is at 117-05 and 117-18 then 117-27. A close over 117-27 is friendly and augurs for a test of resistance at 118-07 and the 118-27 region. BW Traders can sell at 118-26 for a turn lower and hold for lower prices.

Trade Accordingly.

On the DownSide Nearby Support is at 1415 and 1410.80 to 1409.20 ..

An extended trade under 1415 or close under 1415 augurs for a test of support at 1402.20 to 1399. Where it should hold on a decline basis the close. BW Traders can buy at 1399 for a bounce, again put your own risk on it and stay tuned for an exit...

Below that support is at 1383.

Nearby Resistance is at 1418 to 1418.80 and 1421, Day traders can sell at 1421 and hold for lower prices, put your own risk on it and stay tuned.. beyond that

resistance is at 1430.90 and 1434.10 then 1437.00. BW Traders can sell at 1437 for a turn lower, risk a close over 1441.. Beyond that sellers should appear near 1453.00 to 1459.00. BW Traders can sell at 1456.00 and hold for lower prices.

Resistance should appear near 11,243 and the 11,281 to 11,300 region. Beyond that resistance is at 11,330 to 11,360. Above that sellers should appear near 11,480 and Cap the Rally for a bit..