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Wm Chippas C.T.A
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Below is the 3-24-1997 issue of FuturesCom.
Thanks for your interest and attention
Bill
William Chippas C.T.A
Advisory Services
Registered Broker, C.T.A and Member National Futures Assoc.
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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
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FuturesCom
Morning Comments
03/25/97 6:56:46 PM
for March 26, 1997
On the Frenzied Forex Front.
June --Yen:
Early Resistance is 8194 then near 8206 where we would be tempted to
sell for a quick turn and risk only 25 pts. Support is near 8119 to
8106 where day traders can buy for a bounce and risk 35 pts or a trade
under 8090.
The June Swiss Franc
Resistance is near 6909 where we would sell for a turn lower, risk 30
pts . More resistance is near 6926 then 6965.
If An extended trade under 6870 occurs it would augur for a slip into
the 6836 .
Any trade under 6836 indicates a test of 6782 .
Trade Accordingly.
June British Pound
Shorts in the Bpm near 161.50 risk a close over 162.30 for two days in
a row..
Resistance is near 162.16 then 162.44
Support is near 160.20 then 159.20 where we would cover shorts and sell
the next rally while we await our longer term target at 157.60...
Trade accordingly...
June D-Mark : * Failure to hold over 5920 is negative for a pullback
into the 5880 region
Early Resistance is at 59.51 then in the 5970 region where we would
sell for a turn Lower and risk only 20 pts. Support is near 5920 then
5870. A trade under 5880 is an indication that 5851 will trade....
The Precious Metals:
April Gold
Protect all longs with a stop under 349.20 basis the close .
We will roll to the June Gold Shortly..
Resistance is near 350.50 then 351.80. Support 348.20
Trade accordingly.
May Silver
If long from the recent pull back place sell orders near 524.5 then
534...
Longs should use a stop close under 514.0 for two more days to
protect.
We still feel one should Buy dips and Be long.
Support is near 497.5 where we would have buy orders resting.
Resistance is near 517.5 with then 523.5. A close over 522 tells us
the worst may be over.
May Copper
The close over 111.65 is bullish for a test of 113.55
May Copper ...Longs from 107.30 and holding use a stop close under
109.65 for three days in a row. Same goes for the longs from
109.15....and the ones ‘near’ 108.25....
We suggested selling 1/3 into the 111.15 region last week So in effect
we have two different longs in May copper
Today Support is near 111.65 where we would buy for a bounce , use a
50 pt stop. More support is near 110.65.
Nearby resistance is at 113.55 where we would sell 1/2 of the
remaining longs.
Buy Dips then Sell rallies.. Our Target is still 120
Trade accordingly
July Platinum longs use a stop under 368 for three days to protect any
new position from the 378 region.
Support is near the 377.5 region where we would buy this week for a
turn higher.
Resistance is near 383.50 then 388.9. A close over 385 is friendly and
we would be buyers if this happened for a turn towards 400.
Still bullish ...but caution once again.
The Exciting Energies
June Crude Oil..
If long June Crude , use a stop close under 2112 to protect.
Resistance is near 2105 then 2115 then 2140 . More resistance is near
2168 and 2211 where we would sell to exit waiting to buy the next dip...
Support is near 2090 where we would buy for a bounce and risk 40 pts.
May unleaded :
Support is near 6590 then 6490 to 6450 we would aggressively buy for a
bounce and risk 80 pts ---Hold on a close over 6490.
Buy dips and sell some into a rally and hold the rest.....
June Heating Oil.
Support is near 5415 where we would buy for a bounce and risk 80 pts.
Resistance is near 5605 then 5745.
* If June Heat holds the 5555 region and closes over 5610 , go long for
a rally to 5740...*
Trade Accordingly.
The Grande Grains:
Stop adjustment : All longs in May Beans should use a stop close under
839 1/4 for three in a row.
May Beans
Support is near 839 1/4 where we would Have buy orders waiting. Critical
support will appear at 825 1/2 and 819 3/4. (We suggest selling the May
9.00 Calls at 10 cent or better against the longs in May Beans.)
Resistance is near 847 3/4 then 853 1/4.
A close over 854 augurs for a spurt to 875 or higher...
Buy this dip if able....
Conservative Spreaders should continue to Buy September Beans and Sell
November Beans...More hearty Traders can Buy August and Sell Nov or
Jan...
If you have not put on any of these spreads we suggest only the Sep/
Nov.
July Bean-Meal
Support is in the 272.5 region where we would buy an early break for a
bounce.
Resistance is near 274.30 then 283.
A close over 275 augurs for a test of the contract high of 279.8.
Be long for a move over 3.00!!
Stop adjustment :Protection on longs should set under 270.20 basis the
close for three days in a row
Trade accordingly...
July Bean Oil If long BON from the 2459 region use a stop closed under
2439 to protect,.
Support is near 2440
Resistance is near 2478 then 2505 and 2542 where we would sell longs.
Corn:
Spreaders can Buy Sept Corn and Selling Dec.
Add if the spread closes 4 cents Sep over Dec...
July Corn
Longs from near 299 3/4 to 300 1/4 use a stop close under 296 3/4 stop
for two days..
Support is near 303 3/4 and 301 3/4 in July Corn. Buy there and risk a
close under 296.
Sell July 320 calls against the position to have a little protection.
Resistance is near 306 /34. A close over 307 augurs for a quick thrust
into the 313 3/4
region where we would let go of the excess longs. While maintaining a
long posture....
* We feel July Corn will start to accelerate up shortly to trade
against 310 to 313.
And If it holds....July Corn will test 327 3/4 shortly. *
Be long....
Wheat:
May Wheat has support near 388 to 385 3/4 where we would buy for a
turn higher.
Risk a close under 381 3/4 . Resistance is near 391 and 393 3/4
A close over 393 3/4 augurs for a test of the 410 to 411.
Trade Accordingly.
July Wheat Longs from (340 /345 region) for the Pull should use a stop
under 375. Basis the close for two days.
For today support is near 383 3/4 and 377 3/4 where we would
aggressively buy for a bounce. risk 7 cents. Resistance is near 387 1/4
then 389 3/4. With more selling waiting near 395 and 399 1/2. A close
over 389 3/4 augers for a test of 401 then 412 and 419 where we would
exit all positions.
Be patient and long...We eventually see a test of 419 ...
July Oats. Longs from 173 1/4 use a stop under 165 for three days
Buy dips near 170 3/4 use a 5 cent risk ... Resistance is near 175 1/4
then 178.
Look for a trade into the 210 region if the rally continues..
The Softs...
May Coffee Nimble traders who took our Buy recommendation in May
coffee yesterday Bought near the lows of the day. The Sell area was hit
within 1 hour or so and longs were able to exit very nicely...
Let me digress a moment . All the mkts are dynamic . We can only try to
understand what the mkt is telling us. For example. Yesterday when May
Coffee open up into the buy area at 160.70 if you were able to purchase
it , the area to go short should have been your exit level .
Now we did not see Coffee reaching up to 180 in one day . However we did
sense
a test of 172 was coming if it closed over 165.55. ....All said and
done Coffee performed very well to say the least....
For today...
May Coffee has support near 177.40 to 175.85 where we would buy and
risk 100 pts. more support is near 173.80 then 171.20..
Resistance is near 180.80 to 182.20 where we might probe the short side
for a quick turn ,
risk 150 pts. More resistance is near 185.80 and 186.50 beyond that
189.55 is likely to trade....
Have Fun....but be careful....
July Cotton
sloppy again.
Support is near 7335 where we would buy as break for a bounce and risk
50 pts. Resistance is near 7510 where we would sell for a turn and risk
50- pts
May Sugar
May Sugar has support near 1078 where we might like to probe the long
side for a trade use a stop under 10.43.
Resistance is 1090 then 1119 region where we sell and buy a set back.
* If May Sugar can open and hold over 1090 it is friendly for a test
of 1104 *
Trade accordingly.
May Cocoa
* Longs should now use a stop close under 1435 for three days in a row
to protect *
Support is near the 1438 where we would buy for a position and risk a
close under
1412. If May Cocoa can close over 1453 a thrust into the 1484 region is
likely.
Resistance is near 1450 then 1484. and 1500.
In the Lively livestock Sector:
April Cattle: Longs from 6835 ish risk a close under 6797 for three
days in a row....
Support is near 6797 where we would have buy orders waiting and use a
50 pt stop.
Resistance is near 6872. Then 6897 and 6947 where we would sell some
longs accumulated during the break. The upside Target is 7022..
Still Bullish,
June Hogs: shorts risk a close over 8182 for two days in a row.
Resistance is near 8137 where we would be a seller if able. Risk a
close over 8242.
The close under 8172 was negative and we would be short for a pullback
to the 7982 region then 7940 and 7837.
Trade accordingly.
We still feel that traders can Buy Cattle and Sell Hogs as a spread.
June Hogs is over June Cattle by roughly 1800 pts look for the spread to
narrow.
May Bellies
Resistance is near 7687 where we would sell Use a stop over 7777 basis
a two day close.
Support is near 7537 then 7472 our ultimate target before the Report is
a test of 7480 then 7297 if it becomes overdone. At these levels you
should exit shorts....
Trade accordingly.
Bonds
June Bonds longs use a stop under 108-12 basis the close to protect.
Support in June bonds is now critical at 108-13 this is where we would
be a buyer for a bounce. risk only 5 pts. More support is near 108-04. a
close under 108-04 augurs for a test of the 107-12 region....
Resistance is near 109-10 to 109-12 then 110-12 where we would exit
longs go short for quick turn and risk 10 pts.
A close over 109-12 indicates to us the worst may be over.
SP 500
June SP500
For today: Early support is near 793.90 where would buy for bounce
and risk 65 pts hold on a close over 795.40.
Below that we have support at 790.15 to 789.45 and 788.65 where we
would buy for a bounce. If that fails 786.40 should trade and 783.60
should stop the break if the mkt is going to Retain Composure. If not
777.70 will most likely trade
Resistance is early at 796.85 then 799.15. Above that 802.90 to 804.40
offers resistance where we would sell for a turn and risk 150 pts.
Pick your poison.....
Happy Trading
Bill
Wm Chippas C.T.A.
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