S&Ps Due For Rally; Euros Indeterminate
| CURRENT POSITIONS | ||||
|---|---|---|---|---|
| Market | Long/Short | Entry | Stop | Target |
| June T-bonds | Long | 121 22/32 | 120 15/32 | 122 |
| June S&Ps | Long | 1304 | 1280 | 1350 |
| June Swiss franc | Flat | – | – | – |
Note: All price levels are approximate.
S&P 500 futures
We sold our longs (@1328) in the June S&P [SPM9>SPM9] this morning at the 1335 level. However, the S&P continues to be weak and we took another long position at the 1304 level and we will try to exit around 1350 tomorrow.
Figure 1. June S&P 500 futures (SPM9), 15-minute bar. Source: Quote.com.
The momentum stocks are finally experiencing serious profit taking. However, our research indicates the S&P 500 big caps will be strong compared to the average momentum stock, so we think there is a strong possibility for a rally tomorrow. Stops are in at the 1280 level and position size is only half due to high volatility.
T-bond futures
The June futures [USM9>USM9] rallied about 15 ticks today as buyers came in when the stock market reversed course. We missed our 122 exit by a tick but are working the order right now on Project A (electronic trading). No major reports came out today.
Currency futures
The June ECU [ECM9>ECM9] and June Swiss franc [SFM9>SFM9] dropped today on continued worries over the NATO operations in the Balkans. The technicals remain very unclear at this time and we continue to wait and watch.
Next scheduled update: Wednesday, April 21, 1999
(Check “Today’s Schedule” every day on our home page to find out about additional updates.)