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THE WINDY CITY TRADER
P.O. Box 673,
Chicago, Illinois
(June 10, 1997) FINANCIALS: Bonds continued to plug away at the old high of 110.08 basis September before finally breaking through on Friday. Next objective is 112 over the near term. Don't get too carried away however. The next FOMC (Federal Open Market Committee) is 3 weeks away and we will surely see 2 to 3 interest rate hike scares before then. Currencies continue to rally. The EU (European Union) meeting begins on June 16th. This is to determine if they feel that the countries involved will be ready for the move to a single European currency by its proposed inception in 1999. Germany is in no position now to meet the EU guidelines. Without the mark, there will be no single currency in Europe so the other groups will almost certainly make allowances. At the very least, they will delay the time frame. The thought here is that any delays will be construed as bullish to the mark, Swiss Franc, yen, pound and French Francs as Germany tries to get its economic house in order. Beware the Dow. While it rumbles on, there are finally some undertones of dissent. The technology sector is looking very dicey right now. The current quarter will end in 3 weeks and early reports suggest some very low earning in much of the technology group.
Stephen Connell and William Frejlich
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