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FISHBACK MANAGEMENT & RESEARCH
P.O. Box 23798,
Lexington, Kentucky

(June 11, 1997) SEPTEMBER BOND FUTURES: Our bond market model remains bullish. But there has been a modest deterioration. The yield curve is very positively sloped, which is quite bullish. Also, interest rate trends the past quarter are bullish. Interest sensitive stocks are pushing higher, especially the brokerage firms. Even gold is getting into the act, falling sharply and signaling that inflation is not much of a problem. The one area that has deteriorated is sentiment. The level of bullishness has started to get a little frothy. It isn't bearish, by any stretch. But it is certainly no longer bullish from a contrarian's point of view. We'll be keeping a close eye on this situation, alerting you of a change in our market composite if the need arises. For now, however, our bond market composite is still bullish.

Consensus National Futures and Financial On Line Index
Financial Index

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