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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: steve susko who wrote (16533)	2/24/1999 4:56:00 PM
From: Gary E	of 44573

A reason for the fall ? NEW YORK, Feb 24 (Reuters) - The benchmark 30-year U.S. Treasury bond fell a full point and its yield jumped to 5.50 percent in mid-afternoon trade on Wednesday, hurt by a weak two-year Treasury note auction and by technical selling. The 5.50 percent bond yield was the highest since August 21, four days after the Russian government effectively devalued the rouble and declared a 90-day debt moratorium on August 17, 1998. "The market is being led down by the two-year results," said one trader. "A lot of people thought they'd come in inside five percent. Everything is at a loss right now." The selling started following the auction results, "which were poor," said John Jacobs, fixed-income analyst at I.D.E.A. "There was optimism earlier in the day and talk that the two-year would attract retail demand. But that didn't happen." Technical selling accelerated the move lower, analysts said. "From a technical standpoint, we don't expect the market to be able to turn around from here," Jacobs said.

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