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TAURUS COMMODITIES
133 W. Boscawen Street, Winchester, Virginia
(November 21, 1997) FINANCIAL INSTRUMENTS: EURODOLLARS–Continuing sideways movement in this market, but then that often is its nature. We are still wondering if the sell signal here is a harbinger of a turnaround to the downside in the long end of the curve, i.e., bonds and notes. Early indications are that this may in fact be the me and that we will be universally short soon.
TREASURY BONDS–Unable to get our stops up any on our longs, as weakness is showing up causing us concern. The decline in prices is being propelled by more rumors appearing in responsible Japanese newspapers of imminent Japanese repatriation of funds out of U.S. Dollar-denominated assets into Japanese investments.
TREASURY NOTES–Similar situation here as for bonds, as is so often the case. As the stock market gets stronger, some of the bullishness for notes and bonds has faded even though the inverse trade between U.S. stocks and equities has not been quite as significant this week as it has been in recent weeks.
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