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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: StockOperator who wrote (6213)	2/12/1999 11:06:00 AM
From: marcher	Read Replies (1) of 99985

Friday February 12, 10:38 am Eastern Time U.S. stock index futures fall to big early losses CHICAGO, Feb 12 (Reuters) - U.S. stock index futures fell to sharp early losses after Thursday's stunning runup. March Standard & Poor's 500 futures eroded in overnight Globex electronic trading, tracking the steep drop in U.S. Treasury bond futures that accelerated before the opening of debt futures' abbreviated pit trading session. ...T-bond futures began eroding overnight at the same time that the Bank of Japan announced it would cut its overnight call rate target to 0.15 percent from 0.25 percent. The decline gained force in T-bond futures a couple of hours after the BoJ announcement, with futures tumbling hardest to a 1-24/32 loss as the pit opened on Friday. In stock index futures, the turnaround from Thursday's strength was not unexpected although some brokers said they had expected a little more resistance to the selloff. ''I'm a little surprised they turned it around as easily as they did,'' said one floor broker in S&P 500 futures. ''It could be from some technical weakness on the rally Thursday.'' Early on Friday, March S&P 500s broke support at 1,244.50, with the next level near 1,231.70, the 50-day moving average.

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