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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Clint E. who wrote (21659)	6/22/1999 4:59:00 PM
From: Iris Shih	Respond to of 69835

Clint, Your "athm" indicator sounds better than my yhoo's. Too greedy to sell at the highs but good to lock in some nice profits. Love the volatility. NEW YORK, June 22 (Reuters) - U.S. Treasuries ended lower for the third straight session on Tuesday, weighed down by corporate supply and worry about the interest-rate outlook. ''Nobody is ready to bid before the FOMC,'' said John Canavan, market analyst at Stone & McCarthy Research Associates, referring to the Federal Open Market Committee's June 29-30 monetary policy meeting. ''The bids have completely disappeared,'' he said. In late trade, the benchmark 30-year Treasury bond was priced at 88-27/32, down 16/32, to yield 6.07 percent. Prices opened lower on Tuesday and deteriorated gradually through midday when they steadied at lower levels. A busy calendar of corporate offerings weighed on Treasuries, traders and analysts said. Investment-grade issuance this week is expected to total more than $6.0 billion, with a Ford Motor Co. (NYSE:F - news) deal accounting for the single largest portion of that. Ford Motor Co. unit Ford Motor Credit Co. might launch its global debt offering on Tuesday and price it on Wednesday. The A1/A rated issue, called global landmark securities or GlobLS, is expected to total at least $3.0 billion and include five, 10- and 30-year maturities. Analysts said Ford could easily increase the size of the offering if demand is very strong. ''The market is searching for direction and wants to believe that a rate hike would be pre-emptive and maybe a one-time shot but it doesn't (show) a lot of conviction,'' said one trader. ''The market has digested that a Fed move seems inevitable at the end of June and it is moving sideways until we start getting some more economic data,'' said Josh Feinman, chief economist at Deutsche Asset Management Americas. Feinman said the important question for the market, and what will ultimately dictate Fed monetary policy, is where the economy goes from here. ''Until we get an answer to that question, we'll just stay around these levels,'' Feinman said, defining the boundaries for the 30-year bond yield as 5-7/8 percent to 6-1/8 or 6-1/4 percent. ''For the market to get out of that range, it needs to know whether the economy is slowing down and, if not, does that have inflationary implications,'' Feinman said.