wmeubank@ocp.kcmo.com
TAURUS COMMODITIES
133 W. Boscawen Street, Winchester, Virginia
(October 20, 1997) FINANCIAL INSTRUMENTS: EURODOLLARS–Flat here as throughout the financial instruments. Analysts and traders are pointing to the market being supported on the one hand by bullish economic reports, but hindered on the other by traders quickly taking profits after each move up, discounting to some degree the bullishless of the markets.
BONDS–Floor sources said the pattern of late has been traders buying on any dips as prices had reached an overbought condition on an intraday basis, and then taking profits ahead of the release later this morning of the September Capacity Utilization and Industrial Production reports. Most sources are expecting a move up from these reports.
NOTES–If in fact we do got a move up today, that could be enough to trigger buy signals in this and the bond market it the move is high enough with a high close. Traders and some funds have been exiting their longer-term long positions ahead of these reports and dealers have been wood sellers on the way down.
VALUE LINE–A new approach that should help the profitability of this market for all of us. But, no new signal yet as prices plunged yesterday in reaction to economic data, earnings reports and fears of interest rate hikes, exacerbated by a report that market guru Abby Cohen, an analyst at Goldman Sachs is predicting a series of interest rates hikes by the FOMC.
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