wmeubank@ocp.kcmo.com
COMMODITY REVIEW AND OUTLOOK
195 Route 6A, Suite 6, Orleans, Massachusetts
(December 18, 1997) STOCK INDICES: S&P 500–Light dealer selling hit stops, sending the S&P lower, which was a dubious performance after the Japanese tax package. The trade remains afraid that something new will pop out of the Asian Pandora's box. The market remains focused on the Asian bailout plans, especially for Japan and South Korea. Year-end squaring of books will remain a feature for the rest of the year.
RESISTANCE–Resistance basis March is 981, 983-984, 991, 995, 1000.
SUPPORT–Support is near 975, 971-972, 961, 955-957, 944-948, 932, 916, 912, 905-907, 890.
RECOMMENDATION–Stay cautious, and if not very aggressive and well capitalized, stay out. We have moved into moment of truth territory. Aggressive traders could continue to sell in the upper 970's, lower 980's with stops over 986 or of 300- 500 points. Look for a test of the mid-low 950's.
M. Steven Morgan
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