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Morning Comments (MC) Aug. 4 1999

Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs

Featuring Bi-Weekly Investment Outlooks, Special Reports, Morning Comments and More

Experienced Since 1979 & Serving Professional and Individual Futures Traders World Wide since 1988

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Wed Aug. 4, 1999

3:37 AM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support is at 8723 and the 8683 to 8668 region. Under that support is at 8589 to 8560 under that support is at 8499 to 8484 and 8406 to 8391...traders can buy at 8406 and hold for higher prices...

Nearby Resistance is at 8762 and 8777. Day traders can sell at 8762 and hold for lower prices Beyond that sellers should appear near 8817 and the 8856 to 8871 region. BW traders can sell at 8871 and hold for lower prices. Above that 8934 to 8964 which should cap the rally for now.

Sept. D-Mark

Nearby Support should appear at 5504 to 5492 and 5449. Below that support is at 5430 to 5418 and 5407...

Resistance is at 5532 and the 5553 to 5577 region. BW Traders can sell at 5553 and hold for lower prices, risk a close over 5577 for three days in a row..

BW Traders should go short if a close under 5459 occurs.

Sept. Swiss

Nearby Support is at 6755 then 6741 and 6694. Under that 6673 to 6659 should hold for a bit region. Below that 6591 to 6577 offers support... BW Traders can buy at 6591 for a bounce, risk a close under 6577 for two days in a row.

Nearby Resistance is at 6782 and 6795. Day traders can sell at 6782 and risk 40 pts. Beyond that sellers should appear near the 6809 to 6836 region. A close over 6836 is friendly and augurs for a test of 6906 to 6919, BW Traders should go short if a close under 6707 occurs

Sept. British Pound

Support should appear near 1.6150,a close under 1.6150 is negative and augurs for a test of 1.6090 and the 1.5986 Below that 1.5886 should contain a decline.

BW Traders can buy at 1.5886 and risk a close under 1.5760 for two days in a row.

Resistance is at 1.6286. BW Traders can sell at 1.6286 for a turn lower and risk a close over 1.6420 for two days in a row.. Beyond that is at resistance 1.6438 and 1.6550. Where sellers should appear and cap the rally..

Sept. Canadian Dollar

Support should appear at 6673 and 6659 then 6645, day traders can buy at 6645, risk 40 pts.. . Below that 6591 to 6577 should contain a decline A close under 6577 augurs for a test of 6509 to 6483...

Resistance is at 6707 and the 6741 to 6755 region Beyond that resistance is at 6809

and 6836.

Stay tuned for Forex flashes.

Precious Metals

Dec. Gold

Nearby Support is at 257.6 to 256.80. Below that support is at 252 and 251.10.

Resistance is at 262 a close over 262 is friendly and augurs or a test of 266 and eventually 272 BW Traders should go long/ add if a close over 262.1 occurs.

Be long..

Sept. Copper

Nearby Support is at 7510 to 7485 Under that support should appear near 7430

Below that support is at 7195 and the 7005 to 6990 region.

Nearby Resistance is at 7580 to 7600 and 7800 then 7870... BW Traders can sell at 7835 for a turn lower, risk a close over 7875 for two days in a row. Beyond that a test of 7940 to 7955 is likely. Above that resistance should appear near the 7995 to 8045 region .. and 8120 to 8155.

Trade Accordingly and stay tuned.

Oct. Platinum

Support is at 348 and 344 under that 341.5 to 338 should hold.

BW, traders can buy at 337.5, risk a close under 331 for two days in a row.

Resistance is at 355.5 to 358 Beyond that resistance should appear near the 361.3 to 362.3 region

Sept. Silver

On the DownSide nearby support is at 550.5 to 549 and 543 below that 532.5 to 527.5 should hold..

On the Upside. Nearby resistance is at 565 to 571. A close over 571 is friendly and augurs for a test of 586.

Trade Accordingly and Stay tuned for Flashes...

The Exciting Energies

Sept. Crude

Nearby Support is at 1996 to 1982. A close under 1982 is negative and augurs for a test of the 1953 to 1946 region Trade accordingly

Resistance is at 2034 and 2042 then 2061 to 2067. BW Traders can sell at 2061, risk a close over 2088 for three days in a row. Beyond that resistance is at 2126 to 2134 and 2170 to 2185 .

Sept. Unleaded Gas

Nearby Support is at 6190 and 6165 under that good buyers should appear near 6115 and 6064. Below that support is at 5957 to 5945

Resistance should appear at 6257 to 6270 and 6337 then 6370..

Sept. Heating Oil

Nearby Support is at 5165. A close under 5160 augurs for a test of 5067 to 5056.

Resistance is at 5282 and 5356 Beyond that sellers should appear near the 5418 to 5430 and the 5492 to 5504 region BW Traders can sell at 5492 , risk a close over 5504 for three days in a row.

Trade Accordingly.

The Grand Grains

November Beans

Nearby Resistance is at 476 and 486.. Beyond that a test of 491 to 492 is likely.

Support is at 471 1/2 to 469 and 458 1/2 then 352 1/2 and 445.

Dec. Soybean Meal

Resistance is at 148.4 to 149.6 and 152.9.

Support is near 142.6 and 138

Dec. SoyBean Oil

Resistance is at 1689 to 1696. Above that 1731 to 1734 should trade...

A close over 1734 is friendly and augurs for a test of 1774 to 1780 and the 1808 to 1822 region.

Support is at 1656 to 1642 and 1627 Which should contain a decline for the time being. Below that support is at 1562..

Dec. Corn

Resistance is at 229 and 234 3/4

Support is at 224 3/4 and 223 ..Below that support is at 219 3/4 / 218 1/2

Sept. Wheat

Support is at 269 then 265 and 261 1/2. Traders can go long at 261 1/2 and hold for higher prices. Below that support is at 258 1/2 and 252..

Resistance is at 271 1/2 to 272 3/4 Beyond that good sellers should appear near the 275. Beyond that resistance is at 282.

The Satisfying Softs

Dec. Cotton

On the DownSide support is at 5135 and the 5067 to 5056 region.

On the Upside Nearby Resistance is at 5259 and 5285. Beyond that sellers should appear near the 5344 to 5356 region. A close over 5356 is friendly and augurs for a test of 5492 to 5504.

Oct. Sugar

Nearby Support is at 601 and 593 then 586 to 582. BW traders can buy at 586, risk a close under 582 for three days in a row. Below that support is at 559 to 552 and 538.

Resistance should appear at 609, a close over 609 is friendly and augurs for a test of the 630 to 634 region.

BW Traders should go long if a close over 609 occurs..

Sept. Coffee

On the Upside, Resistance is at 9425 to 9445 and 9510 ..Beyond that resistance is at 9625 to 9640 and 9705 to 9735. Above that resistance should appear near the 9825 / 9835 and 9920 to 9935.

On the DownSide, support is at 9315 then 9190 and 9156 to 9140, below that buyers should appear near 8935

Sept. Cocoa

Support is at 976 and 968 Below that support is at 951 and the 941 to 932 region

Under that 912 to 907 should hold..

Resistance is at 986 and the 1000 to 1005 region. Beyond that sellers should appear near 1032 to 1036 and 1048.

Trade accordingly

The Lively Livestock

Oct. Cattle

Support is at 6417 below that BW traders can buy at 6367 for a turn higher, risk a close under 6287 for three days in a row.

Resistance is at 6432 and 6447 . Beyond that sellers should appear near 6522.

Beyond that sellers should appear near the 6557 to 6572 region.

Oct. Hogs
Support is at 4447 and 4427 Under that buyers should appear near 4372 and 4337

Resistance is at should appear near 4542 then 4572 to 4582 and 4642..

Day Traders can sell at 4582 hold for lower prices Beyond that resistance

is at 4637 to 4650.

Stay Tuned for Belly and Hog Flashes.

The Sensational Stock and Bond Markets

Sept. Bonds

On The DownSide nearby support is at 114-24 and 114-14 under that buyers should appear near 114-07 to 114-05. Below that 113-16 and 113-06 should contain the decline for a while..

On the Upside Nearby Resistance is at 115-07 and 115-16 to 115-20. A close over 115-18 is friendly and augurs for a test of the 116-05 to 116-08 region..

Trade Accordingly.

Sept. SP 500

On the DownSide Nearby Support is at 1322 to 1321.40. Below that buyers should appear near 1317.80 and 1310 then 1307.50 to 1307. BW Traders can buy at 1307 for a turn higher put your own risk on it and stay tuned. Under that support is at 1304 Where it should hold on a decline basis the close.

Nearby Resistance is at 1334 and 1336.80. Beyond that good sellers should appear near 1340 A close over 1340 is friendly and augurs for a test of 1346 and eventually 1356.10 and the 1361.50 region..

BW Traders should go long if a close over 1340 occurs

Stay tuned for Flashes ...

Dow Jones Industrial Avg.
Support is at 10,630. Under that buyers should appear near the 10,580 to 10,567 and the 10,555 region. Below that support is at 10,475 to 10,464 then 10,411.90 and the 10,360 to 10,320 region.

Resistance should appear near 10,680. A close over 10,680 is friendly and augurs for a test of 10,742 then 10,780. Beyond that a move towards the 10,820 to 10,845 region is likely.

A ship in Harbor is Safe.. But that's not what ships are built for.

Happy Trading

Bill

Aug. 4 1999
4:27 AM

BW recommended Open Pos.

Long Sept. SP500 at 1399

Long Sept. Bonds at 116-09

Short Sept. Unleaded Gas at 6337

Short Sept. Heating Oil at 6259

Long Sept. Silver at 543.5

Long Sept. Copper at 7595

Long Dec. Gold at 256.8

Long Sept. Wheat at 282 3/4

Long Dec. Corn at 230

Long Dec. Bean Oil at 1654

Long Dec. cotton at 5301

Long Sept. Cocoa at 1000

Long Sept. Coffee at 9375

Short Sept. Yen at 8725

Long Oct. Platinum at 351.1

Long Sept. C$ at 6701

MC recommended Open Pos.

Long Sept. Bonds 117-05

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.

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