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TAURUS COMMODITIES
133 W. Boscawen Street, Winchester, Virginia
(November 14, 1997) CURRENCIES: BRITISH POUND–A quick stop-out on our new longs, followed by an immediate re-entry buy signal after what floor sources called another lackluster and uneventful session that has come to mark the FOREX in recent days. Support is coming from ideas the Bank of England will raise rates again soon.
DEUTSCHEMARK–Almost at break-even here, and here as with gold, if our stops hold today, we should be okay for next week. The only thing we don't like about this position is that it is a bit overbought and longs may be taking some profits before the weekend especially with the situation in the Middle East.
JAPANESE YEN–Our shorts are at break even, so if our stops continue to hold we will sit back and begin trailing our stops downward soon. Prices should continue declining due to Japan's economic weakness as three Japanese banks were downgraded yesterday by a European rating firm, further adding to the woes in the Japanese stock market.
SWISS FRANC–Not much risk left in this long, and if we get a pop up today, we may be able to get our stops up to breakeven for the weekend. Despite supposedly reassuring comments from Fed Chairman Greenspan about the lack of impact on the dollar from the Southeast Asia crisis, market players are nervous about what comes next.
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