THE TODD MARKET TIMER
26861 Trabuco Rd., Ste. E 182, Mission Viejo, California
(November 10, 1997) FINANCIAL INSTRUMENTS: BONDS–In spite of fears of deflation and in spite of month after month of good inflation data, it was beginning to appear that the Federal Reserve chief was preparing to raise interest rates. However, the market dislocations around the globe have very likely put this impulse on hold, at least for a while.
Certainly the chart of bonds looks positive and sentiment as measured by Consensus Inc. of Kansas City, Mo. shows a lot of nervousness. Putting it all together, we have to be bullish on the bond market.
Stephen Todd
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