wmeubank@ocp.kcmo.com
TAURUS COMMODITIES
133 W. Boscawen Street, Winchester, Virginia
(December 5, 1997) FINANCIAL INSTRUMENTS: EURODOLLARS–As with many of our trades in this market, prices are creeping sideways, but with a downward bias. Some strength was seen yesterday ahead of the November U.S. Employment report due out later this morning. The long end of the yield curve is seriously overbought, and should it turn and run down, we will have the Eurodollar in tow.
BONDS–Hated moving stops so close to market action last night, but that is what our system rules called for, and if the Employment report is stronger than expected, we may be thankful to have our stops that fight. If the report is as expected, or close to it, we should be able to raise stops tonight and lock some profits in.
NOTES–Technically, we have an overbought market combined with heavy overhead resistance at the 112-00 level of the late-October highs. A correction of some magnitude is overdue, and with bullish sentiment very high, that correction will come on the least bit of bearish news, hopefully not the Employment report.
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