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Friday Bond Pivots



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Market closed below pivot again today in a narrow range trade.
Pivot and stoch moved lower. OBSI still small oversold reading.
Tomorrow is bond option expiration. Large open interest at
122-00. Greenspan will deliver semi annual Humphrey- Hawkins
testimony next Tuesday and Wednesday. Also slated is next week's
treasury auction. Tonight is release of Japanese plan to
stimulate the economy and this weekend G7 meeting to attempt to
resolve Iraq crisis. The Bond market looking for a reason to move
and trading a little heavy in front of supply and Greenspan
testimony. Good trading,
JD

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