Precious Metals - Energy - Livestock - Grains - Softs
FuturesCom Investment Publications
Morning Comments, Monday April 29th, 2002
Experienced Since 1979 - Serving Professional and Individual Traders World Wide since 1988
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Description of Services Premier Service
Courage in a Speculator is merely confidence to act on the decision of his mind
Monday April 29th, 2002
2:00 AM Eastern Standard Time
On the Frenzied Forex Front
On Friday the dollar sank against the majors , with the Yen hitting 5 week highs
while the EC closed fractionally under the years highs set on Jan 2nd. .. even more impressing was the Swiss
closing at it's highest level since Oct of last year. Cable closed at year highs as did the Canadian dollar , with our favorite aussie dollar accomplishing that feat on Thursday all good and clearly welcome ...
point of note.. On Friday the chief economist for the Dallas Fed research team , who also heads the Assoc of Business Economists//NABE..when asked if the Fed is worried about inflation said , the Fed is always watching for incipient inflation.. but termed the recent price rises from the NABE point of View as reinflation or the end of Deflation.. so to speak.. Kudos' to him , this is something we have been pointing out for some time now and say to inflation hawks , that they have it all wrong.. what people fear the most is actually the cure to the economic malaise..
June Yen
Recommended open BW Position ,Long at 7796
Support should appear near 7807 and 7777 to 7762 ..traders can buy at 7772 and hold for higher prices
Resistance should appear near 7864 and the 7939 to 7954 region...
Recommended open BW position long at 8961
Support should appear at 8964 to 8934 and 8902 .. Under that buyers should appear near 8871 to 8856
Resistance is at 9004 and 9044 to 9060
June Swiss Franc
Recommended open BW position long at 6141
Resistance should appear near 6165 to 6190 and 6257 to 6270
Support should appear near 6113 to 6101 and 6068.. Day traders can buy at 6114 and hold for higher prices.. .
June British Pound
Support should appear near 144.72 and 144.36
Resistance is at 1.4590... beyond that a test of 1.4710 is likely.
June Canadian Dollar
Support should appear at 6384 and 6350 to 6337 ..
Resistance is at 6417 to 6430 and 6456
Support is at 5417 and 5387..
Resistance is at 5461 and the 5492 to 5505 region.
The Sensational Stock and Bond Markets
Dow Jones Industrial Average
Resistance should appear near 9921 to 9937 and 9979.
Support should appear near 9879 and the 9837 to 9822 region .
June SP500
Resistance is at 1082 beyond that sellers should appear near 1089 and 1096 to 1101
Support should appear near the 1068 to 1058 region. BW traders who have 'ice water running thru their veins' can buy at 1068.10 for a bounce and hold for higher prices..
*Stay Tuned for BW Updates and additional trades during the trading sessions..
Nasdaq Composite
Resistance is at 1689 to 1696 .
Support should appear near the 1655 to 1642 region.
June Mini Nasdaq 100
Resistance is at 1268 to 1274 and 1289.
Nearby support is at 1253 and the 1238 to 1232 region
June 10 Year T-Note
Recommended open BW position short at 105-11
Resistance should appear near 105-27 and 106-04
Support is at 105-12 and 105-04
Precious Metals
June Gold
Recommended open BW position long at 304.6
Support should appear at 310.2 to 309.2 and 306.8 under that buyers should appear near 304.5 to 303.6
Below that BW Traders can buy at 299.1 and hold for higher prices, initially plan on risking a close under 292.6 for three days in a row..
Resistance is at 314.8 to 315.7 and the 319.4 to 321.3 region.
July Copper
Recommended open BW position long at 7495
Support should appear near 7345 to 7320 and the 7255 to 7240 region.
Resistance should appear near 7415 to 7430 and 7485 to 7515.
July Silver
Recommended open BW position long at 459.5
Support should appear near 465 to 463.5 and 458.5 to 457 under that 451.5 to 450.5 should hold.. BW Traders can buy at 450.5 and hold for higher prices, initially plan on risking a close under 442 1/2 for three days in a row..
Resistance is at 469.5 to 471.5 and the 477 to 478.5 region.
Stay tuned for Updates
The Exciting Energies
June Crude Oil
Recommended open BW position , long at 2673
Support should appear near 2672 to 2663 then 2620 to 2612 and 2568 to 2552
Resistance is at 2716 to 2724 beyond that a test of 2758 to 2775 is likely.
June Unleaded Gas
Support should appear near 7955 to 7935 and 7865 to 7835 under that 7780 to 7765 region should contain a decline for a bit...BW Traders can buy at 7785 and risk a close under 7580 for three days in a row..
Resistance is at 8025 to 8045 and 8115 to 8135, beyond that a test of 8300 to 8315 is likely.
June Heating Oil
Resistance is at 6805 to 6835 and 6905 to 6920
Support should appear near 6755 to 6740 and 6670 to 6655 under that buyers should appear near
6590 to 6570 and the 6510 to 6490 region. BW Traders can buy at 6510 and hold for higher prices.. Risk a close under 6410 for three days in a row.
The Lively Livestock
June Live Cattle
Support should appear near 6272 to 6252 and 6192 to 6162..
Resistance is at 6337 to 6352..
June Hogs
Support is at the 5257 and 5212 to 5202 under that buyers should appear near 5142 to 5127.
Resistance is at 5282 and 5342 to 5357 beyond that a test of 5417 to 5432 is likely.
May Pork Bellies
Recommended Open BW Position Long at 6922
Support should appear near 6672 to 6657 and 6592 to 6577
Resistance is at 6742 to 6757 and the 6807 to 6837 region.
-Stay tuned for Livestock and Belly Updates and Flashes-
The Grande’ Grains
July Soybeans
Recommended open BW position , long at 483 1/4
Resistance is at 471 3/4
Support should appear at 465 to 463 1/4 under that buyers should appear near 458 1/4 to 457 ..
BW Traders can buy at 4651/2 and hold for higher prices.. Below that buyers should appear near
451 3/4 to 450 1/2
July Soybean Meal
Support should appear near 157.6 to 156.9 .BW Traders can buy at 157.7 and hold for higher prices.. Below that support at153.5 to 152.9 should contain a decline for a bit..
Resistance is at the 159.1 and the 160.9 to 161.5 region. |
July Soybean Oil
recommended open BW position long at 1691
Support is near 1655 to 1642 which should hold.
Resistance should appear near 1676 and 1689 to 1696 , a close over is friendly
July Corn
Recommended open BW position long at 204 1/4
Resistance should appear near 204 3/ a close over is friendly and augurs for a test of 208 to 208 3/4
Support is at 203 1/2 and 199 3/4 to 198 1/4
July Wheat
Support should appear at 266 1/4. Under that 262 to 261 ¼ should contain a decline and hold for some time..
Resistance is at 267 3/4 and 269 1/2
The Satisfying Softs
July Cocoa
Recommended open BW position long at 1530
Resistance is at 1529 to 1535
Support should appear near 1496 to 1484 and 1459 to 1453
July Coffee
Recommended open BW position long 2 at 5595 avg
Support is near 5210 to 5200 and 5070 to 5035
Resistance should appear near 5345 to 5355.
July Sugar
Recommended Open BW Potion Long at 541
Support should appear near 507 and 492 to 490.
Resistance should appear near 515 and 523.
Trade Accordingly
July Cotton
Support should appear near 3445 to 3425 and 3386 to 3377
Resistance is at 3553 to 3563 and 3610 to 3625
Trade Accordingly and stay tuned for updates..
Happy Trading !
Bill
bill@futurescom.com
1--561-433-2995
Monday April 29th, 2002
2:35 AM e.s.t.
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 ARE 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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