Volatile Markets Abound
S&P 500 futures
Same old story. The March contract [SPH9>SPH9] refuses to provide a trade setup. We will remain
on the sidelines.
Short-term perspective: The March contract [USH9>USH9] rallied close to our exit level today.
Our goal is to exit this trade around 125 for a small loss.
Long-term perspective: The market is still in a downtrend, and momentum and volatility
readings suggest it still has further to go.
Deutschemark and Japanese yen:
Short-term perspective: The March D-Mark contract [DMH9>DMH9] made a correction rally but didn’t provide a trade
setup. The March Japanese yen [JYH9>JYH9] has broken its short-term uptrend. This market
continues to be very volatile and difficult to trade.
Long-term perspective: The March D-Mark continues its downtrend. We’re staying short. If it trades above
the 59.00 level, we will start to cover our short position.
Next scheduled update: Wednesday, February 10, 1999
(Check “Today’s Schedule” every day on our home page to find out about additional updates.)