Monitor Shorts on S&Ps
| PREVIOUS POSITIONS | ||||
|---|---|---|---|---|
| Market |
Long/Short |
Enter | size=2 color=000000>Exit | size=2 color=000000>P/L (per contract) |
| Sep. 99 T- bonds | Long | 113-19 | 114-02 | $468.75 |
| Sep. 99 S&Ps | Long | 1285 | 1309 | $6000 |
| Sep. 99 Swiss franc | Long | .6710 | .6705 | -$62.50 |
CURRENT POSITIONS (AS OF 8/16/99) |
|||||
|---|---|---|---|---|---|
| Market | Date | Long/Short | Enter | Stop | size=2 color=000000>Target |
| Sep. 99 T-bonds | – | Flat | – | – | – |
| Sep. 99 S&Ps | 8/16/99 | Short | 1331 | 1342 | 1325 |
| Sep. 99 Swiss franc | – | Flat | – | ||
Note: All price levels are approximate.
T-bond futures
The September futures [USU9>USU9] were little changed today as the market awaits tomorrow’s Consumer Price Index (CPI). We are on the sidelines for now, but we suspect that we could see more of a relief rally tomorrow. Even if the CPI comes in lower than expected, the Fed will almost certainly still raise rates on August 24. For this not to happen, the CPI would have to come in much lower than expected, which is unlikely.
S&P 500 futures
The September contract [SPU9>SPU9] was little changed today. We established a short position today at the 1331 area with only half our regular position size. We could see some pre-CPI worries, which will probably cause some selling tonight, so we will try to cover on Globex around the 1325 area. Stops are in at the 1342 level.
 |
| Figure 1. September S&P futures (SPU9), 15-minute bar. Source: Quote.com.
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Currency futures
The September Swiss franc [SFU9>SFU9] and Euro [ECU9>ECU9] were little changed today–currencies are waiting for the CPI report as well. There has been a great deal of fund liquidation of longs after Friday’s sell-off. Nothing new to report–we’ll wait for a favorable trade opportunity to arise.
Next scheduled update: Wednesday, August 18, 1999
(Check “Today’s Schedule” every day on our home page to find out about additional updates.)