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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (31666)	10/28/1999 10:50:00 AM
From: Les H	Respond to of 99985

Good News! Only Two More Fed Rate Hikes Seen (Instead of Four More). economeister.com

To: Les H who wrote (31666)	10/28/1999 5:53:00 PM
From: Les H	Read Replies (1) \| Respond to of 99985

Strategist Mike McGlone at Aubrey Lanston in New York pointed out that if the contract closes the week above 112 10/32, it would be a key reversal up in weekly bond changes. To post the first up month since January, Dec T-bonds would have to close above 113 30/32 by Friday's close, he added. economeister.com However, sources said caution remained ahead of the speech by Fed Chairman Alan Greenspan at 7:30 p.m. ET in Florida. "Remember Greenspan's seemingly unimportant banking speech that knocked stocks a week ago?" one source pointed out. Traders said the evening event will be Greenspan's chance to respond to strong GDP, as well as strong stocks. The Dow Jones Industrial Average ended Thursday's New York session over 227 points higher. On the back-burner is Friday's Chicago purchasing managers' survey, due at 10:00 a.m. EDT. A Market News International survey of economists reflects a median estimate of 57.0, versus 53.8 in September. Rupkey warned that market players should be particularly careful of the Chicago purchasers' prices paid component, which has been steadily rising and was reported at 71.0 in September. That level was the first time the index rose above 70 since June 1995. Also set for release at 10:00 a.m. EDT Friday is September new home sales, forecast at 940,000 versus 983,000 in August, and the October University of Michigan sentiment index.