THE TODD MARKET TIMER
26861 Trabuco Rd., Ste. E 182, Mission Viejo, California
(December 1, 1997) FINANCIAL INSTRUMENTS: BONDS–We have all, by now, heard of favorable seasonality for the stock market. Less known is the same phenomenon for bonds. According to Eric Wall technical analyst at MMS International, the period from mid-November until the end of the year has been the most bullish six weeks of the year. We can't vouch for Mr. Wall's statistics, but this general feeling is echoed by other bond analysts. For instance, since 1990, bond yields have fallen between October 31st and December 31st seven times and have risen only once.
Certainly the chart of bonds shows an obvious uptrend and the resistance around 166½ has now been overcome. We have to be bullish on the bond market.
Stephen Todd
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