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(November 7, 1997) FINANCIAL INSTRUMENTS: EURODOLLARS–This has to be one of the slowest moving markets imaginable at times as prices creep sideways on our longs. Good Treasury auction results benefited the long end of the yield curve much more than the short end. Many traders here, and in the other financials, are awaiting today's release of the October jobs report.
BONDS–Difficult to say yet how our new longs will fare despite the favorable auction results, which was a pretty good auction, considering that rates are so low. The widespread belief among traders that the October jobs report is not going to be damaging to the market supported bonds yesterday, but this is only an expectation.
NOTES–Flat after a small loss as our indicators here, different somewhat than for bonds, refused to give us a new buy signal, at least yet. Most sources don't believe notes or bonds will really reveal their intentions until the situation in Asia becomes clearer and the extreme volatility in our stock market settles down somewhat.
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