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THE REAPER
P.O. Box 84901, Phoenix, Arizona
(November 13, 1997) FINANCIAL INSTRUMENTS: INTEREST RATES–Money supply growth is rising at a rapid rate and accelerating. The central bank is making money available, and thus, the lead indicators of inflation are up. Wages and salaries and still rising at the strongest pace in years. Cross currents should keep this market volatile, in the trading range. December T-bonds are in the throat of 119-122 resistance.
RECOMMENDATION–Investors who lightly purchased put options in March T-bonds on scale-up strength–hold.
R.E. McMaster, Jr.
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