Watch for Tomorrow’s CPI
T-bond futures
The June futures [USM9>USM9] got an early boost from weakness in the stock market but finished well off their highs after stocks turned around. The Consumer Price Index (CPI) comes out tomorrow and could move the market. We are still on the sidelines.
Currency futures
The June ECU [ECM9>ECM9] was up modestly and the June Swiss franc [SFM9>SFM9] was down slightly after being much firmer earlier in the day. When the stock market stabilized and money started going back into it, these currencies backed off. We are currently flat.
S&P 500 futures
Our short position in the June S&P [SPM9>SPM9] was looking good this morning until the market turned on us. As volatility has increased, we will try to cover half our shorts today on the close and the rest tomorrow at the 1338 level.
Appartently, the Compaq profit report had no lasting effect on the market. I suspect we will get another sell-off tomorrow, but the market is nonetheless
very bullish right now and we will take whatever dip we can get to cover our short.
Next scheduled update: Wednesday, April 14, 1999
(Check “Today’s Schedule” every day on our home page to find out about additional updates.)