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Morning Comments (MC) Tuesday, August 17, 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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"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, August 17, 1999
6:32 AM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support is at 8762 to 8747 Below that support is at 8683 to 8663.

Nearby Resistance is at 8777 and 88013 then 8817 Above that sellers should appear near 8856 to 8871 A close over 8871 is friendly and augurs for a test of 8934 to 8964..... and eventually 9045 to 9060..

BW Traders should go long if a close over 8871 occurs .

Sept. D-Mark

Nearby Support should appear at 5387 and 5356 to 5344 a close under 5344 augurs for a test of the 5282 to 5256 region and 5211 to 5200..

Resistance is at 5418 and 5430 then 5492 to 5504

Trade accordingly

Sept. Swiss

Nearby Support is at 6577 If it fails there a test of 6543 and the 6509 to 6482 region is likely... Below that 6430 to 6417 should hold . BW Traders can buy at 6430 for a bounce , risk a close under 6417 for two days in a row.

Nearby Resistance is at 6628 and 6659 to 6673, BW Traders can sell at 6659 risk a close over 6673 for three days in a row. Beyond that sellers should appear near 6741 to 6755 and cap a rally..

Sept. British Pound

Support should appear near 1.5938 BW Traders can buy at 1.5938 and risk a close under 1.5886 for two days in a row.

Resistance is at 1.6090 a close over 1.6090 is friendly and augurs for a test of 1..6150 and 1.6226 Beyond that is at resistance 1.6286

BW Traders should go long if a close over 1.6090 occurs... .

Sept. Canadian Dollar

Support should appear at 6741 for three days in a row. Below that 6707 should contain a decline A close under 6707 augurs for a test of 6673 to 6659.. Aggressive BW traders can buy a dip to 6673 and risk close under 6659 for three days in a row.

Resistance is at 6755 and 673 then 6809

BW Traders should go long if a close over 6809 occurs..

Stay tuned for FuturesCom's Forex flashes

Precious Metals

Dec. Gold

Nearby Support is at 261.40 to 261.2 Below that support is at 259 and 2556.80 to 255.2 which should hold..

Resistance is at 264. and 267.20 beyond that sellers should appear near 268.50 to 269 and 272.40 beyond that sellers should appear near 275.80 to 277.50 and cap a rally

BW Traders should go long / add if a close over 267.20 occurs we see a test of 271.60 to 272.40

Be long.. and Buy Dips

Dec. Copper

Nearby Support is at 7785 and 7760. Under that support should appear near 7605 to 7590 Below that support is at 7510 to 7490. BW Traders should guy at 7515 and hold risk a close under 7485 for three days in a row.. Below that support is at 7415 and 7335

Nearby Resistance is at 7895 and 7940 to 7955 and 7980 .. Above that resistance should appear near the 8030 to 8045 region and 8090

BW Traders should go long if a close over 7955 occurs.

Oct. Platinum

Support is at 342.5 and 339.6. Under that support is at 337..

Resistance is at 347.50 and 350.30 beyond that a test of 355.5 and the 359 region is likely Above that resistance should appear near the 362.3 region A close over 362.30 is friendly ..and augurs for a test of 366.30 to 368.20

BW Traders should go long if a close over 362.30 occurs..

Dec. Silver

On the DownSide nearby support is at 523.to 521 . Below that .support is at 507 to 505. BW Traders can buy at 505 for a bounce. Risk a close under 491 for two days in a row.

On the Upside. Nearby resistance is at 533 and 541 to 543

BW Traders should go long if a close over 543 occurs .

Trade Accordingly and Stay tuned for Flashes...

The Exciting Energies

Oct. Crude

Nearby Support is at 2134 to 2126 and the 2088 to 2080 region. BW Traders can buy at 2088 and risk a close under 2080 for three days in a row , below that support is at 2049 and the 2042 to 2034 region..

Trade accordingly

Resistance is at 2185 and 2197 Beyond that a test of 2219 to 2226 and the 2267 to 2275 region is likely. BW Traders can sell at 2267 for a turn lower , risk a close over 2275 for two days in a row. Above that 2315 to 2322 offers resistance.

Oct. Unleaded Gas

Nearby Support is at 6145 6025 and 5957 to 5945

Resistance should appear at 6259 and 6270 then 6337 to 6350

Oct. Heating Oil

Nearby Support is at 5553 and 5504 then 5430 to 5418 region. BW Traders can buy at 5430 , risk a close under 5418.

Resistance is at 5630 and 5659 to 5682,

Trade Accordingly.

The Grand Grains

November Beans

Nearby Resistance is at 479 and 484 1/2 to 487 However a close 485 3/4 is friendly and augurs for a test of 495 and eventually 508 3/4 then 512 1/2 to 514..

Support is at 465 and the 459 to 457 region..

Traders should go long if a close over 459 occurs...

Dec. Soybean Meal

Resistance is at 144 to 145.9. A close over 145.9 is friendly and augurs for a test of 156.

Support is near 143.3 and 142.4 then138.2 to 137.7

Dec. SoyBean Oil

Resistance is at 1734 and 1761 to 1774 / 1780 and 1802.

Support is at 1692 to 1686 and 1661

Trade Accordingly and Stay tuned

Dec. Corn

Resistance is at 232. Above that sellers should appear near 236 and 239 then 243

Support is at 228 and 225 3/4 then 223.

Dec. Wheat

Resistance is at 289 1/2 and 293.. A close over 293 3/4 is friendly and augurs for a test of 298 to 301 and eventually 305 where resistance should appear. Beyond that resistance is at 309 and 318..

BW Traders should go long if a close over 288 3/4 occurs..

Support is at 283 1/2 and 278 to 275 1/2 under that support is at 271 1/2.

The Satisfying Softs

Dec. Cotton

On the DownSide support is at 5447 then 5405 and 5356 to 5344..

On the Upside Nearby Resistance is at 5492 to 5504. Beyond that resistance is at 5553 to 5577 and 5640 to 5653 a close over 5653 is friendly and augurs for a test of 5729 and 5792 to 5805..

Oct. Sugar

Nearby Support is at 601 and 586 to 583. Traders can buy at 583 and risk a close under 568 for three days in a row.

Resistance should appear at 609, a close over 609 is friendly and augurs for a test of 623 and the 630 to 634 region. A close over 634 is friendly and augurs for a test of

656 to 661 and eventually 680.

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

Dec. 'The Monster' Coffee

On the Upside, Resistance is at 9282 to 9300

On the DownSide, support is at 9 156 to 9140 region. Under that 8875 to 8855 should contain a decline...

Stay tuned...

Dec. Cocoa

Support is at 972 to 968 BW Traders can buy at 972, risk a close under 968 for three days in a row. Below that support is at 955 and the 941 to 932 region under that 918 to 907 should hold..

Resistance is at 986 and 1000 to 1005 then 1015. Beyond that sellers should appear near 1032 to 1036 region and the 1058 to 1068 region..

BW Traders should go long if a close over 1005 occurs..

Trade accordingly

The Lively Livestock

Oct. Cattle

Support is at 6592 to 6587 and 6565 to 6552 a close under 6587 is negative augurs for a test of 6492 and 6475

Resistance is at 6627 and 6642, BW traders can sell at 6622 for a turn lower, risk a close over 6707 for two days in a row. Beyond that resistance is at 6742 to 6757

Oct. Hogs
Support is at 4502 under that support is at 4447 and 4402

Resistance is at 4572 to 4582.. Beyond that sellers should appear near 4612 and 4647. A close over 4647 is friendly and augurs for a test of 4747 and 4812

Traders Stay Tuned for Hog and Belly Flashes.

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide nearby support is at 113-24 to 113-21 and 113-09 under that buyers should appear near 112-20 and 112-11 and contain a decline for a while..Under that 112-00 and 111-17 offer support..Traders can buy at 112-00 and risk a close under 111-17 for three days in a row.

On the Upside Nearby Resistance is at 114-09 and 114-21 to 114-26 A close over 114-21 is friendly and augurs for a test of 115-05 and 115-20 .. Beyond that sellers should appear near 116-12 and 116-27

BW Traders should go long if a close over 114-20 occurs

Sept. SP 500

On the DownSide Nearby Support is at 1332 then 1327.40 and 1322 under that 1310 to 1309 offer support. MC Traders can buy at 1322 and hold for higher prices... Below that support ids at 1310 BW Traders can buy at 1310 for a turn higher put your own risk on it and stay tuned. Under that support is at 1307 to 1304 Where it should hold on a decline basis the close. Below that buyers should appear near 1302.20 and 1300. Under that support is at 1289 and the 1274 to 1268 region...

Nearby Resistance is at 1340 to 1340..90.. A close over 1340.90 indicates a test of 1346 and eventually the 1361.50 region.. MC Traders can sell at 1361.10 for a quick turn lower.. Put your own risk on it and stay tuned.. Beyond that resistance is at 1363.70 and 1371.20 ..A close over 1371.20 is friendly and augurs for a test of the 1377 to 1383 region Beyond that sellers should appear near 1399 to 1402...

Stay tuned for Flashes !

Dow Jones Industrial Avg.
Support is at 11,010 and 10,985 to 10,960 under that buyers should appear near 10,820 and to 10,790 . Below that 10,680 and 10,630 to 1,580 offers support . 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 11,050 to 11,068 beyond that resistance is at 11,155 and 11,189.5 then 11,257 and the 11,300 to 11,360 region.. Which should Cap a rally ...

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

Happy Trading

Bill

Aug. 17 1999
07:55AM

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.

BW recommended Open Pos

Long Sept. SP500 at 1332.90

Long Sept. Bonds at 116-09
Short Sept. D-marks at 5414

Long 2 Dec. Gold, 1 at 263 1 at 261.2

Long Sept. Silver at 543.5

Long Sept. Wheat at 282 3/4

Long 2 Dec. Cotton 1 at 5301 1 at 5489

Long Nov Beans at 463 1/2

Long Dec Bean Oil at 1703

Short Sept Yen at 8723

Long Dec Coffee at 9750

Long Dec Copper at 7780

Long Dec Silver at 525

Long Oct Platinum at 345

Long Sept C$ at 6762

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