|
PureBytes Links
Trading Reference Links
|
When the market is in the beginning of a liquidation phase, oversold means
little and as far as I can tell there are absolutely no signs of
accumulation in the intraday charts. For me to think about fresh longs I
will need to see overtly bullish behaviors (at the least a poor result of
effort or a selling climax.. auto rally formation).
Look at the sharp declines in open interest. As far as I can tell it is
going to take new buying to put the market higher... the speculative short
base was wiped out on the rally to 135.00.... now longs are scrambling to
get out.
It might bounce but I think that there will be much better bets.
At 08:49 PM 10/12/98 -0500, Robert W Cummings wrote:
>
>Bonds have broken 9 points in 5 trading sessions anybody but me thinking
>maybe bonds a little oversold now?
>Is buy yen sell bonds the new way to trade for the next couple of weeks,
>years? I heard today the break in the dollar meant about a point and a half
>discount in interest rates. So if the Feds cuts rate bonds going down on
>that as well, how fast things can change in markets.
>
>Robert
>
>
Stewart Taylor
Taylor Fixed Income Outlook
Voice: 501-219-9774
Fax: 501-228-0963
E-Mail: staylor@xxxxxxx
Web Site: http://www.cei.net/~staylor/
|