Euros and S-franc Rally for Long Profit
| PREVIOUS POSITIONS | ||||
|---|---|---|---|---|
| Market |
Long/Short |
Enter | size=2 color=000000>Exit | size=2 color=000000>P/L (per contract) |
| Sep. 99 T- bonds | Long | 116-06 | 115-05 | -$1031.25 |
| Sep. 99 S&Ps | Long | 1322 | 1320 | $-5500 |
| Sep. 99 Swiss franc | Long | .6525 | .6540 | $187.50 |
CURRENT POSITIONS (AS OF 6/18/99) |
|||||
|---|---|---|---|---|---|
| Market | Date | Long/Short | Enter | Stop | size=2 color=000000>Target |
| Sep. 99 T-bonds | 6/16/99 | Short | 115 | 116-14 | 115-15 |
| Sep. 99 S&Ps | 6/16/99 | Short | 1342 | 1367 | 1345 |
| Sep. 99 Swiss franc | – | Flat | – | – | – |
Note: All price levels are approximate.
T-bond futures
The September futures [USU9>USU9] were little changed today after yesterday’s relief rally. We are still short with stops in at the 116 14/32 area and will try to cover at the 115 15/32 area as the rally was much stronger than we anticipated.
We still see a broad range being formed from the 114 area to the 118 area for the next couple of weeks. The market now feels adjusted and ready to accept a 25 basis point interest rate hike.
 |
| Figure 2. September T-bond futures (USU9), 15-minute bar. Source: Quote.com.
|
S&P 500 futures
The September contract [SPU9>SPU9] also rallied yesterday on the relief factor. We are still short and will try to cover at the 1345 area as the rally has been stronger than expected.
The market looks like it has found a bottom here; the aggressive investors were buying Internet stocks. The market has been giving us a hard time this month but you have to expect this from time to time.
 |
| Figure 1. September S&P futures (SPU9), 15-minute bar. Source: Quote.com.
|
Currency futures
The September Swiss franc [SFU9>SFU9] and Euro [ECU9>ECU9] rallied today in more trading range action. We exited our longs at the .6540 area for a small profit. We are expecting range bound action in this market as well. The market is still short and we anticipate short covering to continue, creating small rallies.
 |
| Figure 3. September Swiss franc futures (SFU9), 15-minute bar. Source: Quote.com.
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Next scheduled update: Monday, June 21, 1999
(Check “Today’s Schedule” every day on our home page to find out about additional updates.)