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(November 14, 1997) FINANCIAL INSTRUMENTS: EURODOLLARS–Of all things! Our longs have been called to reverse to shorts at the open this morning, and this may well be a precursor of all the financials turning down. But, then too, this may just be a false signal. The gyrations yesterday in the U.S. equity markets took the Eurodollar for a bumpy ride, perhaps giving us a false signal.
TREASURY BONDS–Reduced risk here too, and the way the charts look to us, it increases our doubt about the validity of the Eurodollar reversal. The market appears to be concentrating on the behavior of the U.S. stock market more than anticipating the release later this morning of the PPI data and October retail sales.
TREASURY NOTES–Support for our longs is coming here, and for bonds, by comments by Greenspan who believes the troubles overseas will create disinflation in the U.S. However, there are too many uncertainties about the currency and banking issues abroad to draw much comfort or certainty from anyone's pronouncements.
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