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Morning Comments Tuesday May 4th 2004
Serving Professional and Individual
Traders World Wide since 1988
7690 Rockport Circle , Lake Worth , Florida
33467 - USA and Canada Toll Free : 1-866-409-3890
- Intl : 1- 561-433-2995 http://www.futurescom.com
Monday May 3rd 2004
1:30 PM. West Palm Beach Time
The
Frenzied Forex Front
June Yen
Resistance should appear near 9140 to 9156 then 9314 to 9347
Support should appear near 9044 and the 8986 to 8934 region. Below
that buyers should appear near 8871 to 8856..
BW Traders can buy at 8877 for a turn higher and risk a close under 8752
for three days in a row.
June Euro Currency (EC)
Support should appear at 1.1920, a close under augurs for a test of 11805
and eventually the 11690 to 11640 region.
Resistance is at 12030 and
12175..Beyone that sellers should appear near 12320 to 12380
BW Traders can sell at 1.2174 for a turn lower and hold for lower prices …
Risk a close over 12252 for three days in a row.
Aggressive BW Traders should
go short if a close under 11917 occurs
June Swiss
Franc
Recommended open position Short 2 at 7674 avg
Resistance should appear near 7763 to 7777 and the 7836 to 7864 region.
BW Traders can sell at 7804 for a turn lower and risk a close over 7907
for three days in a row.
Support
should appear near the 7689 to 7675 region and 7601 to 7587..
June British Pound
Recommended open position Short 17651
Support should
appear near 17560 and the 1.7360 to 1.7310 region, which should contain a
decline ..
Resistance should appear near
17740 to 17800 and the 18080 to 18150 region .. Beyond that 18220 should provide
resistance .
BW Traders can sell at 18132 to a turn lower and risk a close over 18232 for
three days in a row
BWTraders should go short if a close under 17552 occurs.
June Canadian Dollar
Support should appear near
7255 to 7242 and the 7170 to 7143 region.
Resistance is at 7328 to 7342 then
7414 to 7428 and the 7486 to 7513 region..BW Traders can sell at 7409 and
risk a close over 7518 for three days in a row.
BW Traders should go short if a close under 7237 occurs..
June Aussie Dollar
Support should appear near 7170 to 7142 and the 7088 to 7074 region.
Resistance should appear at 7242 to 7255 and 7328 to 7342 .beyond that
sellers should appear near 7414 to 7428 and the 7486 to 7513 region.. BW
Traders can sell at 7484 and risk a close over 7557 for three days in a row.
Aggressive BW Traders should go short if a close under 7137 occurs..
The Sensational Stock and Bond Markets
Dow
Jones Industrial Average
Resistance should appear near 10320 to 10380 ,a close over is friendly and
augurs for a test of 10470
Support should appear near 10136 to10104, which should hold
and contain a decline for the time being. Below that if the crazies come out of
the woodwork a decline into the 9937 to 9921 region is possible and would
provide a good buying chance..
June SP500
Recommended open position Long 3 at 1122.80 avg.
Resistance should appear near 1130 .00
to 1136.00 and the 1164.00
to 1169.00 region
Support should appear near 1101.00 to 1096.00 and the 1060.00 to 1058.00
region
BW Traders should go long if a close over 1115.70 occurs.
Nasdaq Composite
Support should appear near 1909 to 1902 and the 1865 to 1858 region
Resistance should appear near 1946 to 1953 and 1982 to 1996
June Mini Nasdaq 100
Resistance is at 1415 to 1421 and 1453 to 1459
Support is at 1383 to 1377 and 1346 to 1334
June
10 Year T-Note
Resistance should
appear near 110-22 and 111-07.
Beyond that sellers should appear near 111-22
Support is
at 110-07.. Below that buyers should appear near 109-22
Precious Metals
June Gold
Recommended Open Position Short at 391.7
Resistance should appear at 390.9 to 392.9 and 398.2 to 399.2
Support is at 386.70 to 385.80 and the 380.7 to 379.5. region.
BW Traders should go short if a close under 385.4 occurs.
July Copper
Support should appear near 1120.30 to 119.20 and 1690 to 11640
Resistance should appear near 12320
to 12380and the 12680 to 12740
region. Beyond that sellers should appear near 13040 to 13100.
BW Traders can sell at 13030 and risk a close over 13510 for three days in
a row
Aggressive BW Traders should go short if a close under 11910 occurs.
July Silver
Support should appear 596 to 594.5 then 558 to 555.5
Resistance is at 616.5 to 619 and 641.5 to 643
The Exciting Energies
June
Crude Oil
Resistance should
appear near 3858 to 3868 and the 3909 to 3929 region.
Above that 3982 to 3992 and
the 4046 to 4056 region
should cap a rally…BW Traders can sell at 4044 and hold for lower prices
Support is at 3806 to 3795
then 3743 to 3734 and 3682 to 3663
BW Traders should go short if a close under 3657 occurs
June Unleaded
Gas
Recommended Open Position Short at 12670
Resistance should appear
near 12680 to 12740.Beyond that resistance should appear near 13040 to 13100
and the 13340 to 13460 region, which should cap a rally ..
Support should appear near 12320 and
12030 to 11920 a close under augurs for a test of 11690 to 11640
Aggressive BW Traders should go short if
a close under 12305 occurs
June Heating Oil
Recommended open position short 9705
Resistance should appear near
9705 to 9735 and 9920 to 9935
Support should appear near 9545 to 9525 and 9345 to 9315
BW Traders should go short if a close under 9310 occurs..
Trade Accordingly…
The Lively Livestock
June Cattle
Support should appear at 8135 to 8115 and 8045 to 8025
Resistance is at 8300 to 8317. Beyond that sellers should appear near
8392 to 8407 and the 8482 to 8502 region.
BW Traders should go short if a
close under 8022 occurs
June Hogs
Support is at 7427 to 7412 and 7342 to 7327
Resistance is at 7512 and 7587 to 7602..Beyond that a test of 7672 to
7692 is likely.
BW Traders should go short if a close under 7232
occurs.
July Hogs
Recommended open position long at 7550
Support is at 7512 to 7487 and 7432 to 7417 ..Below that buyers should
appear near the 7342 to 7327 region. BW Traders can buy at 7417 and risk a
close under 7317 for three days in a row.
Resistance is at 7587 to 7602 and the
7762 to 7777 region
July Pork Bellies
Resistance should appear near 11300 to 11360 and 11640 to 11690
Support is
11155 and 11010 to 10960
---
Traders should stay tuned for BW Updates and Flashes in the Livestock
markets ---
The
Grande’ Grains
July Corn
Recommended Open Position Long 322 1/2
Resistance
should appear near 326 1/4 to 327
and 331 3/4 to 332 3/4
Support
is at 321 1/4 to 319 1/2 and the 315 3/4 to 314 3/4 region.
BW Traders should go long if a close over 328 1/4 occurs.
December Corn
recommended Open Position Long 299 3/4
Resistance should appear near 321 1/2 and 326 1/2 to 327 .
Support is at 315 3/4 to 314 3/4 and 304 1/2 to 303 3/4
..
BW Traders should go long if a close over 323 1/2 occurs.
July Soybeans
Resistance is at 1032 to 1036 and 1058 to 1068.
Support should appear at 1013 3/4 to
1010 1/2 and the 1003 3/4 to 1002
1/2 region..
July
Soymeal
Support should appear near 319.4 and 310.2 to 309.2
Resistance should appear near 326.1 to 327.0
and the 331.9 to 332.6 region.
BW Traders should go long if a close over 321.5 occur.
July Soybean Oil
Recommended Open Position Short at 3135
Resistance should appear near 3377 to 3386 .. Beyond that sellers should
appear near 3425 to 3443 and the 3493 to 3503 region.
Support should appear near 3313, a close under augurs for a test of 3270 to 3261
and the 3213 to 3194 region, which should contain a decline,
BW Traders can go short if a close under 3309 occurs
Stay tuned for BW Flashes and Updates..
July CBOT Wheat
Recommended open position long 2 at 399 3/4 avg
Support should appear near 392 3/4 to 390 3/4 and 386 3/4 to 385 3/4
Resistance should appear near 404 3/4 to 405 3/4.
A close over is friendly and augurs for
a test of 416 1/4 to 416
3/4
Trade Accordingly and Stay tuned for updates
The
Satisfying Softs
July the ‘Monster’ Coffee
Support is near 6835 to 6810 then 6755 to 6740 and 6670 to 6655.. BW
Traders can buy at 6765 and hold for higher prices.. risk a close under
6655 for three days in a row. Below that buyers should appear near 6350 to 6335
and the 6115 to 6105 region.
Resistance should appear near 6990 to 7005 and 7070 to 7090 .. A close
over is friendly and augurs for a test of 7240 to 7255 and eventually the 7325
to 7340 region. Beyond that sellers should appear near 7585 to 7605
BW Traders should go long if a close over 7015 occurs.
July Cocoa
Recommended open position short at 1385
Support is at 1383 to 1377 and the 1346 to 1334 region.
Resistance is at 1414 to 1428.and1453 to 1459
July Sugar
Support should appear near 686 to 682 and the 661 to 656 region.
Resistance should appear near 704 to 712 and the 735 to 739 region
BW Traders should go short if a close under 681 occurs.
July Cotton
Recommended open Position Long at 6380
Support
should appear near 5955 to
5945 and 5880 to 5855
Resistance should appear near 6025 to 6045 and 6165 to 6190 .
A Ship in Harbor is Safe...But that is not what ships
are built for –
Stay tuned for
flashes and updates in all markets..
Happy
Trading!
Bill
wil@futurescom.com
1-866-409-3890
Monday May 3rd, 2004
3:05 PM South Florida Beach Time
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.
-----------------------------------------------------------------------------------------
Terms
FuturesCom Investment Publications Copyright@1996-2004 all rights reserved
Recommended Open BW Positions
Short 2 June Swiss Franc 7674 avg
Short June British Pounds 17651
Long 3 June SP500 1122.80 avg
Short June Gold 391.7
Short June Unleaded Gas 12670
Short June Heating Oil 9705
Long July Hogs 7550
Short July Soybean Oil 3135
Long July Corn 322 1/2
Long December Corn 299 3/4
Long 2 July Wheat 399 3/4 avg
Short July Cocoa 1384
Long July Cotton 6380