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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: N who wrote (26520)	9/4/1998 6:58:00 PM
From: flickerful	Read Replies (1) \| Respond to of 94695

nancy Closing Financial Futures Report for Friday, September 4, 1998 Interest rate futures finished narrowly mixed in choppy activity. The 30 Year December Bond settled 9 ticks better at 127-11 after trading in the day session range of 127-20 to 126-19. The 10 Year December Treasury Note closed 3 ticks better at 117-07. The contract's day session high was 117-11 and the low was 116-25. The 5 Year December Treasury Note inched up 1 tick to 112-02 and traded within the day only range of 112-05 to 111-25. The 2 Year December Treasury Note slipped 3/4 of a tick to 105-06 3/4. It had a daytime high of 105-08 and a low of 105-03. Fed Fund futures settled from 1 tick lower to 1 tick higher, and the December Municipal Bond index rose 5 ticks to 126-03. Fed Funds were at 5 7/16% when the futures closed, the same rate that traded when the Fed added reserves via 4-day system repos. The move was viewed as technical to address the add need. Equity futures ended moderately lower after storming back from sharp losses. Dow(sm) futures were stronger at this morning's resumption thanks to spillover support from the Asian and European markets. The gains were short-lived, however, due to a reluctance among traders to hold on to their positions going into an extended weekend in which anything is possible. Russia is teetering on the brink of economic and political collapse, Asia still hasn't recovered from its problems, and Latin America appears to be the next emerging market region headed for trouble. Moody's lowered Brazil's debt rating yesterday afternoon. Brazilian equities responded by giving up more than 10% of their value. At one point late in the session, September futures on the Dow(sm) were down by as many as 248 points before bouncing back to its closing level. Many traders had complained of being worn out by this week's frantic activity and some decided to get an early start on their holiday weekends. The absence of players might have exaggerated the wide price swings seen during the last hour of trading. The September Dow(sm) closed 50 points lower at 7673. The session high was 7785 and the low was 7475. Debt futures ended on both sides of unchanged ahead of the holiday weekend. Credit prices showed very muted reaction to this morning's surge of 365,000 in August payrolls because the number was within the range of expectations and traders were more concerned about the stock market's performance. The early strength in equities pressured Treasury prices as flight-to-quality funds began to exit the market. However, those funds were quick to return as the stock market began its descent into negative territory. Traders were also busy covering their short- positions ahead of the holiday weekend. Fed Chairman Greenspan has a speech scheduled for later this evening but traders won't have the opportunity to respond to his comments until Monday night's Project A session. In forex activity, the dollar was weaker and was last quoted at 1.7300 marks and 133.72 yen. Once pit trading resumes on Tuesday morning, traders will be greeted with the Mitsubushi Bank retail sales survey at 8:00, the Richmond Fed business conditions survey at 9:00, and the Johnson Redbook survey near the close. At 2:00 July consumer credit is forecasted to rise by $2.5 billion. The 12:10 and 1:00 cash quotes were as follows: The 12:10 5 1/2% long bond was 103.06, the 1:00 quote was 103.08/09 The 12:10 5 5/8% 10 year note was 104.20, the 1:00 quote was 104.22 The 12:10 5 1/4% 5 year note was 101.17, the 1:00 quote was 101.17/18 The 12:10 5 5/8% 3 year note was 102.00, the 1:00 quote was 101.31 The 12:10 5 1/8% 2 year note was 100.13, the 1:00 quote was 100.13 Written by: Brad Adams CBOT Market Information Dept. 435-3638 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ from your helpful cbot link.... thanks again. randy ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~