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You are here: Home / Recent / Tech Sector Could Add Support to S&Ps

Tech Sector Could Add Support to S&Ps

December 8, 1999 by Manuel Ochoa

 
































size=3 helvetica>CURRENT POSITIONS (AS OF 12/08/99)
size=2>Market Helvetica>Date size=2 Helvetica>Long/Short size=2 Helvetica>Enter size=2 Helvetica>Stop Helvetica>Target

Mar. 99 T-Bonds

Flat

Mar. 99
Euros

  Flat      

Dec. 99
S&Ps

  Flat      

 


 color=#800080>Bonds
The March bond contract [ush0>ush0]
was slightly down Wednesday on quiet
trade. We just missed our short entry point Tuesday. The only report of interest
Wednesday was the Beige Book which showed “moderate- to- strong” expansion in
the economy. The market responded very little to the report as this is already
widely known in the markets. We will wait until Friday when the Producer Price
Index is released for a possible trade. We don’t expect much activity until
then. 




“…we feel it is
best to stay on the sidelines for now.”


color=#800080>Currencies
size=2>Note: Effective immediately, we will begin trading euro currency futures
on the CME.
The March euro contract
[ech0>ech0]
had a quiet session
Wednesday after the correction on Monday. The market had rallied on a stronger-
than- expected report on the German economy but we still view the same economic
scenario being in place. We will look to resell this market in the next couple
of sessions. Remember, the overall economic picture doesn’t change from one day
to the next. What do change are the positions that traders have in the market.
When they get too lop sided, you get what we had on Monday.

color=#800080>Stocks
Our December S&P [spz9>spz9] position
was covered Tuesday at our profit
target. The market has been driven by the tech stock sector but we expect a
correction in the techs soon. We will move to the sidelines for now as the
short-term outlook has become less clear. The possibility for further downside
action in the S&P 500 is good. However, the recent tech sector strength
could add support to this market. With these two cross currents, we feel it is
best to stay on the sidelines for now.


 


Next update: Friday, December 10,
1999.

Filed Under: Recent

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