Solid Move in T-bonds Going Into Tomorrow
T-bond futures
June futures [USM9>USM9] traded quietly as there were no reports today. We established a short position yesterday at 121 29/32 level with a stop in around 122 25/32. We will try to cover the position at the 121 20/32 level for a small profit as we expect bonds to trade in a range until Friday.
Currency futures
The June Swiss franc [SFM9>SFM9] and ECU [ECM9>ECM9] were off today after NATO dismissed the cease fire offer by the Serbs. The NATO operations have been bearish for the European currencies; fears the conflict will spread to other parts of Europe have caused traders to buy U.S. dollars. We are still on the sidelines.
S&P 500 futures
The June [SPM9>SPM9] contract continues to elude us. Volatility levels are rising but we have not yet had a chance to enter at a low-risk point. Yahoo announces earnings after the close, which could set tone for tomorrow. Stay tuned.
Next scheduled update: Friday, April 9, 1999
(Check “Today’s Schedule” every day on our home page to find out about additional updates.)