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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.53

-1.5%

Nov 20 4:00 PM EST

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To: Lee Lichterman III who wrote (15725)	6/3/1999 4:01:00 PM
From: Les H	Read Replies (1) of 99985

Nervous Market Awaits Jobs Report Bonds are up fractionally on some short covering before tomorrow's unemployment number. Thirty-year bonds are up 6/32, yield 5.92%. Two-year notes are up 2/32, yield 5.50%. Expectations for tomorrows report is for 4.3%, unchanged. Non-farm payroll is projected to rise by 215,000 workers. Average hourly earnings are expected to rise .3%. Initial jobless claims rose 4,000 to 305,000. Expectations were for an unchanged number. Despite the small rise, jobless claims paint a picture of a very tight labor market. Nothing new here. Bonds had little reaction to the data. Factory orders for April fell 1.2%. Expectations were for a decline of .4%. Ex-transportation orders rose .5%. Ex-defense orders fell .5%. Bonds had little reaction to the data. The euro rose against the dollar on news of a peace accord in Yugoslavia. NATO has said that the bombing will continue until a peace keeping unit is in place in Kosovo. EU leaders are currently meeting in Cologne. No statement has been issued on the euro's weakness. This caused the euro to retrace some of its gains. Rumors of China devaluing the yuan are circulating again. Japan's Nikkei index fell 1.16% on the rumors. Cheaper exports out of China would be a negative for Japan. Have a great day. bonds-online.com

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