wmeubank@ocp.kcmo.com
TAURUS COMMODITIES
133 W. Boscawen Street, Winchester, Virginia
(October 10, 1997) CURRENCIES: POUND–A really meandering market of late, but if we ran get a bounce up in prices today, we may be able to raise our initial stops up to the break-even point on tonight's hotline/fax. Our indicators remain bullish, but a bit less so than earlier in the week.
D-MARK–The Bundesbank (BBK) raised the German repo rate yesterday, causing the mark to rally against other currencies. While we expect some correction today before the weekend, nonetheless prices appear to be poised to move higher as a result of the rate increase from 3% to 3.3%.
YEN–Flat now after taking profits out of our shorts, which we're just as glad to have gotten out of given the oversold condition of this market and the probability for a sharp upward correction imminently before prices resume their downward move. Barring unforeseen fundamental occurrences, we expect a re-entry sell signal sometime next week.
FRANC–Our stops barely held for our longs, and look in jeopardy for today's trading as a result of pressure arising from the upward movement in the mark/Swiss cross because of the BBK raising rates (along with Belgium and the Netherlands). If our stops can survive today's market action, this may still turn out to be a good position.
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