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

To: John T. who wrote (15102)	5/27/1999 1:44:00 PM
From: Les H	Respond to of 99985

Euro Central Bank Defends Currency by Selling Treasuries biz.yahoo.com

To: John T. who wrote (15102)	5/27/1999 2:04:00 PM
From: j.o.	Read Replies (1) \| Respond to of 99985

The T-Bond futures traded down to 117 22/32, and have not moved much since then. I suspect we are torn between some "safe-haven" buyers, and the technicals, which for me are pointing to completion of our 5th wave up in the TYX - target between 5.98 and 6.06% (matching wave 1 and wave 3, respectively). What do you make of the dollar's surge? I would not have expected this just as the US market is beginning to show that it's not invincible. OK - higher rates mean richer carry trades, but I would think that the foreign money flow would at some point reverse and carry the dollar lower (at least vs. Europe). Maybe Kosovo is interrupting this expected flow back into Europe? j.o.