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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Temple Williams who wrote (40437)2/6/2000 2:11:00 PM
From: Tom Trader  Read Replies (2) of 44573
 
Several cross-currents seem to be at play, right now

I would have liked to have seen more follow-thru than was evident on Friday. But on the other hand, the NAZ was strong even as the the other indices did not display much resilience. I remain on a buy signal on my system, as of Friday -- and I hope that your scenario for next week comes about. What price action would it take to negate your positive outlook?

At the back of my mind, the behaviour of the long bond this past week has me a bit on edge; the last time that I saw such erratic and dramatic moves in the bonds was during the market crash in 87 -- the bonds last week behaved like a dot.com stock --- and that is pretty amazing given that the bonds usually are such a staid instrument. I am not suggesting that we are seeing a prelude to anything on the same lines as we saw in 87 -- but I do have this nagging concern that the move last week must have caught a lot of big time shorts off-guard and, if this did occur, we are yet to see the fall-out from this. The rally in the POG seems to have been missed by many financial commentators.

The action in the BKX is also troublesome -- especially since the the bond rally seems to have had minimal impact in helping that index.

Like I said -- several cross-currents in play! As Ed Hart used to say, we shall know in the fullness of time!
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