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| CURRENT POSITIONS (AS OF 02/16/00) | |||||
|---|---|---|---|---|---|
| Market | Date | Long/Short | Enter | Stop | Target |
|
Mar. 99 T-Bonds |
Flat |
||||
|
Mar. 99 S&Ps |
Flat | ||||
|
Mar. 99 Euro |
Flat | ||||
Bonds
The March bond contract (USH0 | Quote | Chart | News | PowerRating) was slightly down today as the market waits for Greenspan and the PPI report tomorrow. Volume was very light and the market had only a 14-tick range. This morning, the Commerce
Department reported that housing starts increased 1.5% in January, which was higher than expected, but they also reported that commodity prices from importers rose .1%, which was lower than expected. The market did not react much to these reports, choosing to wait instead.
Technically, the market is really looking range-bound now between the 93 to 95-00 zone. I look to sell at the upper end of this range if we rally there in the next couple of sessions. The market seems to have found a point of equilibrium here.
Currencies
The March euro future (ECH0 | Quote | Chart | News | PowerRating) rallied today after a stronger report out of England on their economy helped push up the British Pound. This buying enthusiasm spilled over to the Euro currency which is sensitive to the British
pound, the reason being that the economies of England and Euroland are closely related.
Technically, the market is still range bound between .9650 and 1.00. This could change after the market sees Greenspan and the economic reports in the next couple of sessions.
Position: The short position was covered on the close today as it has not been profitable. Because of the news coming out tomorrow, I chose to exit today.
Stocks
| "The Dow put downward pressure on the S&P 500 today, and the Nasdaq was a slightly bullish influence." |
March S&P (SPH0 | Quote | Chart | News | PowerRating) was down today on more of the same factors that have pervaded in the last week. The Dow put downward pressure today on the S&P 500, and the Nasdaq was a slightly bullish influence.
The market is just waiting for news on the economy so that it can decide how much more the Fed is likely to raise rates. On the other hand, it is also looking at corporate earnings which have been favorable. A deadlock.
Technically, I am in my range-bound trading mode until this market can show me which way it really wants to go.
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