Opportunities In T-bonds and the D-mark

T-bond futures

Short-term perspective: There were no economic reports today, and the June futures
[USM9>USM9] gained slightly (three ticks) today as the market consolidated Friday’s gains. We
will look to sell tomorrow in the 121 15/32 area and above.

Long-term perspective: Bonds are still in a downtrend. Even though it’s not always the story
of the day, fears of future interest rate hikes loom over this market.

Currency futures

Short-term perspective: The March D-Mark [DMH9>DMH9] had a short-covering rally on light
volume today. Tomorrow we will try to sell this market at the 5580 (or better) area.

Long-term perspective: The March D-Mark is still in a downtrend because of the same interest
rate fears plaguing bonds. We have stops in at the 5700 level to cover our shorts. The next
reports of interest come out on Thursday, March 11.
Stay tuned.

S&P 500 futures

We’re still short the March futures [SPH9>SPH9] from Friday, and our stops are in at the
1295 level. Our profit target for this trade is around the 1268 level. Volatility has increased
after Friday’s run-up, which usually provides good trading opportunities.

Next scheduled update: Wednesday, March 10, 1999

(Check “Today’s Schedule” every day on our home page to find out about additional updates.)