wmeubank@ocp.kcmo.com
TAURUS COMMODITIES
133 W. Boscawen Street, Winchester, Virginia
(October 10, 1997) FINANCIAL INSTRUMENTS: EURODOLLARS–As with the entire financial complex, we got out of our longs here just in time after some really volatile sessions for this normally placid market. News of a wave of European rate hikes plus the bearish jobless claims news pushed prices down and as of now it appears they will continue dropping for at least a while.
BONDS–Took some decent profits out of our longs here, and unless this–and the other financials–turn back up, we are likely to be sidelined for a while until our mathematical indicators confirm that an ongoing downtrend is in fact in place and not merely a major correction, the latter of which we seldom get signals for anyway.
NOTES–Technically a break-even on our longs, before commission/slippage, but we were unable to use our break-even rule to eliminate that small loss. It is simply too soon to tell if we have had an intermediate-term trend reversal or a correction, and until our indicators confirm one of the other, we'll stay on the sidelines here too.
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