LS Trader Weekly Update – Monday 31st October 2011

The past 3-4 weeks have been a similar story, with stocks continuing to rally, while the dollar has declined. Commodities remain mixed but for the most part are still in long-term downtrends. As summer comes to a close we enter what is seasonally a bullish time of year for stocks but following the strong October rallies it remains to be seen how much is left to the upside.

Stocks

We wrote last week that we may see further strength towards 1250/1260 on the S&P 500 and the market reached that level and then continued further, with the December S&P 500 reaching 1288.8 on Thursday before pulling back slight to Friday’s close. The large move higher on Thursday was followed by a small real bodied candle which may represent some indecision at the current level, particularly with the 1300 resistance level in sight.

The N asdaq 100, which has been leading the way of late for stocks of late has continued to move towards the highs of the year and briefly crossed the 2400 level on Thursday but as with the S&P 500 it pulled back Friday and formed a northern doji. This is not in and of itself a reversal pattern but reflects some indecision and if we get a long red candle on Monday would complete an evening star pattern, which at resistance would be a bearish reversal. If however we see continued strength and a close above 2400 then we may well see a move towards the highs of the year at 2430 and a possible change of long term trend to up.

Commodities

Gold finally cleared the $1700 resistance level and continued onwards from there, only pausing slightly on Friday. If strength continues early next week then we may see a move higher towards $1800. Gold has remained the only metal in a long-term uptrend, and is there fore the strongest and the most likely to give a new buy signal.

Currencies

The dollar has continued south for a fourth straight week, with the dollar index falling through what was potentially good support around 7650. The trend remains up for now but that may change with continued weakness.

The major currencies have all fared well against the dollar of late but all still remain in a long term downtrend with the exception of the Japanese Yen, but maybe not for much longer. Several markets continue to press towards resistance levels and as with stocks, there are a few small real bodies/dojis showing on Friday including a couple of bear haramis, so there is some indecision at current levels or at least a pause. These markets could move in either direction at present so the week ahead should be interesting.

The Yen hit new record highs against the dollar, prompting speculation that the Bank of Japan will intervene once again to weaken the Yen. Possibly the only thing that is giving them pause is the fact that the Yen was softer against several other currencies. However, be on the long out for intervention and a decent sized move higher for the dollar, possibly towards the 7800 area.

Interest rate futures

Interest rate futures are beginning to head lower with the longer-term markets making new multi week lows. The long-term trend still remains up as for much of this past year this sector has been in a bull market but there are signs that these markets are beginning to potentially roll over. However, all of the markets remain above good support levels so until that changes the trends remain up.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 24th October 2011

Stocks have continued their recent short-term strength while commodities have for the most part continued lower although there are exceptions. The dollar ended the week lower for a third straight week but the moves seen in the currency markets have been far from convincing. Long-term trends remain as before, up for the dollar and down for stocks and commodities.

Stocks

We wrote last week that a break above 1230 on the S&P 500 would be short term bullish and we got that this week and may now see further strength towards the 1250 1260 area. That said, a second close above 1230 would really be required to confirm this breakout as the market could easily pull back to within the recent range and head lower once more, in the direction of the long term trend which is down.

The Nasdaq 100, which has been leading the way of l ate for stocks actually ended the week lower. It still remains the closest to its highs of the year out of all of the indexes and the only one likely to give a change of trend to up in the short term. Generally when stocks are strong the Nasdaq 100 leads the way but with last week’s action being down, the Nasdaq remains below short-term resistance so it is not leading in the short term.

Commodities

Gold tested the $1700 resistance level that we wrote about last week and was unable to clear it. The long-term trend remains up for now as gold remains the only one of the metals still in a long term uptrend following recent weakness. Silver has also continued to struggle with resistance, in this case around 3300 and remains in a long-term downtrend.

Currently, the most important of the metals is copper, which this week moved down to test the recent lows and the crucial 30000 level. Friday did see a decent move for copper, with a bull sash pattern. A bull sash is a very short-term reversal pattern but the trend and momentum is still down for copper. A break below 30000 support may be significant not only for copper but for commodities on the whole, which may follow copper lower on a break down through support.

Currencies

With the exception of the Japanese Yen, the long-term trend is down for all major currencies against the dollar. The dollar index ended a third straight week lower but the trend remains up. The index is currently at a fairly important short-term support level, as we have written about recently at 7650 on the December contract. As before, there are numerous markets that are grappling with resistance levels and some currencies have also been relatively flat over the past week, which may indicate that the recent short-term dollar weakness is coming to an end. Whether t he markets can clear the resistance levels will likely set the tone for the coming weeks in the currency markets.

Interest rate futures

Interest rate futures were higher across the board as the long-term uptrend remains intact. In the short-term interest rate markets have been weak but have found some support from the prior week’s lows. If the support levels are taken out there is considerable room to the downside but some decent moves will be required for a change of long-term trend.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 17th October 2011

The reversal from 1 year lows formed during the previous week continued this week and the markets are now approaching key resistance levels, as in fact are many markets including commodities and currencies. The past couple of weeks’ moves have been counter to the long term trend and the long term trends all remain intact, so still down for stocks and commodities but up for the dollar.

Stocks

The trendline that we wrote about last week around 1175 gave way, as did the 1200 level as the strong 2 week rally continues. The S&P 500 has yet though to clear crucial resistance at 1230, which may well be the critical level and decider for what may happen to the markets on the whole over the next few weeks. A break through 1230 would undoubtedly be bullish short term and may lead to a move higher towards 1250. The trend however still remains down and will continue to be so for the foreseeable future. Considerable further strength will be required for a long-term change of trend for stock indexes. The exception to that is the Nasdaq 100, which continues to be the leader and may well test the highs of the year in the coming weeks. Whether those highs can be taken out remains to be seen.

Commodities

Commodities for the most part were higher over the past week but the trend for most remains down. Gold, one of the commodity markets that has remained in a long term uptrend, rose by 2.89% for the week but is still chart-wise in a consolidation pattern and remains below the $1700 level. Silver is following a similar pattern and continues to struggle with the 3300 area. The trend for silver remains down.

One sector that has continued to do well is agricultural commodities and especially the cattle markets, all of which are h igher and are approaching multi-month highs. If these levels can be cleared there could be further decent advances in this sector.

Currencies

The past 2 weeks has very much been about dollar weakness and has seen two strong weeks for the other currencies, which are counter to the long-term trend. The dollar index has fallen to its lowest level in a month and is now approaching a good support area. Considering the strength and extent of the moves seen in such a short period, a bounce for the dollar would not be surprising. Several currencies are heading towards resistance areas so whether we seen a continuation of short-term strength for these markets or whether the moves stall and reverse remains to be seen. With the exception of the Japanese Yen, the long-term trend is down for all major currencies against the dollar.

Interest rate futures

The long-term trends remain up for the interest rate futures sector with the exception of the 3-month Eurodollar. Longer term rates were lower after a decline for the week of 2.06%. The 5 & 10 Year T notes were also lower but both had been lower during the week before a partial recovery by weekend.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 10th October 2011

The past week saw new 1 year lows for the stock market, followed by a sharp rally for most of the week, which only ran out of steam on Friday. As ever the inverse relationship between stocks and the dollar is still in play, but not as much as normal. Such a move in stocks would normally correlate with a much larger down-move for the dollar, but the dollar ended the week down but not significantly so.

The long-term trend remains down for stocks indexes and commodities overall but it remains up for the dollar almost across the board.

Stocks

The S&P 500 initially fell to its lowest level in a year before making a strong recovery and ending the week ahead by 2.57%. The long-term trend however remains down and the market failed to clear the downward sloping trendline on Friday. Of interest is the spinning top pattern on t he daily chart which represents indecision and a possible turning point, with the high of the day running into resistance at the trendline. Although you’d never place trades based on this information, on a historical basis Monday and Tuesday of next week are normally bearish so it will be interesting to see the markets reaction and whether the trendline holds with resistance around the 1175 level on the December contract.

The VIX almost made it as high as our 4800 target but then moved sharply lower as stocks rallied, ending the week lower by some 15.47%. Moves such as this have been typical on the VIX for the past couple of months, so even volatility is volatile! As we wrote before, if 4800 is eventually taken out taken out we could see levels of fear in the markets not seen since the 2008 crash and such a move would correlate to a sharply lower stock market.

Commodities

The grains sect or continues to be very weak, with some grains markets falling to their lowest levels in a year. The entire grains sector is now in a long term downtrend with the exception of Rough rice. Weakness in this grains sector is being led by soybeans, which has taken out and closed below long- term support.

The metals sector remains weak overall even though we have seen some upmoves over the past week. Only gold remains in a long term uptrend, but even gold is effectively moving sideways before the next directional move, which by looking at the current chart formation is likely to be down.

We wrote last week that Copper may decline as far as 28400 if support at 30000 could be taken out. The 30000 level was tested and support found, leading to a rare up week for the metal, which had been in decline for the previous 5 weeks.

Currencies

The US dollar was lower, albeit not by a great deal, a lmost across the board. Of interest though is that the rally for other currencies for most of the week ran out of steam on Friday, with several markets printing reversal candles, such as shooting stars on the Aussie and Euro and hammers on the Dollar/Canadian and dollar index. If these patterns are good for a reversal the week ahead promises to be interesting.

Interest rate futures

We had written a few weeks back that 10 year yields would not likely move lower than 1.70 and that was almost exactly the bottom. Since then yields have risen in the interest rate futures sector which has sent prices lower. The long-term trend remains up with the exception of the 3 month Eurodollar and as we have suggested before, there is a possibility of a spike higher in interest rate futures yields, which may lead to an eventual sharp decline in this sector.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 3rd October 2011

It would be safe to say that fear has returned to the markets and that we are overall seeing a risk-off strategy being employed by many market participants and this is leading to many markets selling off sharply and entering bear market territory. The main exception is the US dollar, which as we have suggested recently would benefit from stock market weakness and its perceived safe haven status.

The long-term trend remains down for stocks indexes and is also down for nearly all commodities but it remains up for the dollar almost across the board.

Stocks

We have been writing for several weeks about the seasonal September weakness for the stock indexes and in particular the S&P 500 and we have once again seen this tendency appear. The December S&P 500 contract opened the month at 1211 and closed out the month at 11 26 for a fairly hefty down-month and it could have been considerably worse as the index had been as low as 1102 earlier in the month but support around 1100 held firm. Weakness on a seasonal basis can often continue through to the end of the first week of the month and beyond.

The VIX ended the week ahead by 4.15% and is looking to be in a very bullish pattern formation that could lead to a spike higher. A move above 43.87 would likely bring a test of the 4800 level and if 4800 is taken out we could see levels of fear in the markets not seen since the 2008 crash where the VIX actually topped 8000. Such a move would correlate to a sharply lower stock market. Whilst I would personally never place any trades based upon what the VIX is doing it is worth keeping an eye on.

Commodities

Commodities price action over the past week can be briefly summed up with one word, “sell”. This seems to be the case with virtually every commodity market at present and many are being sold off sharply in a trend that looks set to continue. Even George Soros sold his Gold this week and gold has held up better than many commodities and still remains in a long-term uptrend!

Perhaps the most important of these markets as far as the economy is concerned is our old friend Dr Copper, known for taking an accurate pulse of the economic climate. At present, copper is giving a sell signal not just in its own market but also for the global economy and the past week has seen another sharp move lower, as well as a new low close on Friday for the move. A continuation lower towards 28400 may follow if 30000 can be taken out.

Currencies

Our comments from last week about the dollar still very much apply and it continues to be the beneficiary of the current global financial crisis and its perceived safe haven s tatus. But as we have written many times before, since the other safe haven currencies of Japan and Switzerland are both being devalued by their respective central banks, the dollar will likely continue to rise as the global economic crisis deepens over the coming months.

The reverse is true obviously of the higher risk commodity based currencies of New Zealand, Canada and the ultimate risk currency, the Australian dollar. All of these 3 currencies were lower over the past week as risk continues to be shunned.

Interest rate futures

We wrote last week that we may be approaching a top for interest rate futures and were looking for 10 year yields to find support around 1.70 and they did before moving higher. The 10 year notes have just about held on to support but things are getting interesting in this sector as there appears to be limited upside.

Although clearly still in a long ter m uptrend, we still see interest rate futures as being a likely candidate for a very steep decline over the next few years.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 26th September 2011

In a week that has seen the global financial crisis come to the fore once again, stock indexes failed to clear resistance and headed sharply lower as the dollar moved higher. Commodities were also sharply lower almost across the board and these are trends that are likely to persist for the time being, although nothing ever moves up or down in straight lines and there will always be corrections and bear market rallies along the way.

The long term trend remains down for stocks indexes and is now down for most commodities but is now up for the dollar against nearly all of the majors.

Stocks

In last week’s update we wrote “So far this year the seasonal September weakness has not come to the fore but we may yet see the September selling rear its head. The S&P 500 is currently flat for the month so if the record of being t he worst month of the year for the S&P 500 is going to pan out this year there will have to be some considerable weakness before month end from here. For now it looks as though resistance around 1220 may be tested and the market’s reaction at that level will be a good indicator of short term action.” Short term resistance at 1220 was nearly tested before a steep sell off returned the indexes to bear market territory.

The VIX soared 33.15% for the week, bouncing higher from the support area just above 30 and closed the week out at 41.25 as fear returns to the market.

The Dax did not quite fall to the prior week’s lows at 4971, bottoming for the week at 4980 but we may still see a move towards the next support target around 4600 a bit further out and the trend still remains very much down.

Commodities

Last week we wrote “Further gold weakness has increased the possibility that w e have seen a major top as indicated by the possible double top formation. If dollar strength does resume then this would add further pressure to gold”. The double top pattern was confirmed this week with a breach of the low point between the 2 highs, which in this case was the low of the hammer pattern at $1705. We can therefore subtract the low of $1705 from the high of $1923 to give $218, which when subtracted from the low at $1705 gives a target of $1487 for Gold. For now though the trend remains up for gold although it is down for the other metals in the sector.

Last week we also wrote “Crude continues to grapple with the resistance at $90 that we have been writing about for several weeks and appears as though it may be winding up for a decent move in the not too distant future. The short-term range on Crude therefore still spans some $15, from $75 to $90.” Further failure to clear $90 led to a big move as suggested, a decline of 9.45% for the week. The next targ et will be the $75 and the $70 level, although steeper declines may follow further out.

Currencies

The dollar resumed its recent uptrend and continues to be the beneficiary of the current global financial crisis and its perceived safe haven status, which is somewhat ironic considering that it is effectively a fiat currency. But as we have written many times before, it is only the fact that it is still the world’s reserve currency that it has safe haven status. The other safe haven currencies of Japan and Switzerland are both being devalued by their respective central banks, leaving the dollar as the only viable alternative, and it will likely continue to rise as the global economic crisis deepens over the coming months.

Interest rate futures

The trend remains bullish for interest rate futures but we still may be a pproaching a top. 10 year yields will likely find support around 1.70, which is pretty much the high price point equivalent on the charts seen last week and we may see a move lower from there. We still see interest rate futures as being a likely candidate for a very steep decline over the next few years.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 19th September 2011

Stock indexes had a good week after initial weakness saw them first head lower before making a good recovery. The long term trend however remain down for stocks indexes. The dollar was also lower for the week but had seen some swings in some major pairings before ending lower and the trend remains mixed for commodities.

Stocks

So far this year the seasonal September weakness has not come to the fore but we may yet see the September selling rear its head. The S&P 500 is currently flat for the month so if the record of being the worst month of the year for the S&P 500 is going to pan out this year there will have to be some considerable weakness before month end from here. For now it looks as though resistance around 1220 may be tested and the market’s reaction at that level will be a good indicator of short term action.< br>
The VIX made a sharp weekly decline of 19.57%, which included 5 down days in succession as stocks rose and now finds itself at the major 30 support area.

We wrote last week that the Dax would likely target the obvious round number at 5000 and that we could expect some support around that level and that is exactly what happened. The December contract initially moved as low as 4971 before finding support and ending the week ahead. We may still see a move towards the next support target around 4600 a bit further out and the trend still remains down.

Commodities

Further gold weakness has increased the possibility that we have seen a major top as indicated by the possible double top formation. As we wrote last week this is not confirmed as yet and for it to be an actual double top the low point between the 2 highs must be taken out, which in this case is the low of the hammer pattern j ust above $1700. If dollar strength does resume then this would add further pressure to gold, but for now the yellow metal is just about holding on to the $1800 level and the trend remains up with the market above support.

Crude continues to grapple with the resistance at $90 that we have been writing about for several weeks and appears as though it may be winding up for a decent move in the not too distant future. The short-term range on Crude therefore still spans some $15, from $75 to $90.

Currencies

The dollar ended the week lower having begun the week on strong footing and continuing the recent uptrend from prior weeks. Strength evaporated and the dollar index ended lower by 0.81% having earlier been at its highest level since February.

The Euro was as ever the inverse of the dollar index, having begun the week sharply lower, falling all the way to $1.35 before recovering and ending the week ahead by 0.94%.

The Pound was one of the majors that actually ended the week lower, and fell to its lowest level since early January and now may potentially fall as low as $1.53.

Interest rate futures

Interest rate futures retreated as stocks and riskier assets advanced. The trend is still bullish in the interest rate futures sector but the markets may be headed for a test of short term support. Only the 3 month Eurodollar managed a gain in this sector and that was by a miniscule amount.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 12th September 2011

The past week was a shortened trading week due to the US Labor Day holiday. As we wrote last week, this holiday is often followed by some strength for stock indexes early in the week but that often runs out of steam relatively quickly, and that’s exactly what happened with some strength being seen up to mid-week followed by a continuation of prior weakness.

The past week was an eventful one on several counts due largely to the unprecedented intervention by the Swiss National Bank to weaken and peg their currency and this led to some huge moves in the forex markets, with the US dollar as the prime beneficiary. These moves have begun to shift the long term trend in favour of the US dollar. The long term trends remain down for stocks and mixed for commodities.

Stocks

As we wrote in last week’s update, “September is historic ally the weakest month of the year for stock indexes on a seasonal basis but the month can often start on strong footing after the Labor Day US holiday, which is this Monday. Weakness often gets underway towards the latter part of this coming week and into the following week.’ As mentioned in the introduction, this is exactly how the week panned out, and after a reasonable start to the week the S&P 500 ended lower and may now continue lower towards the recent lows.

We also wrote last week about the German Dax and that we expected the index to continue lower to target the next support level around 5270, and this target was hit and then exceeded as the Dax fell 6.42% for the week. The Dax has now been lower in 6 of the past 7 weeks. The next target will be the obvious round number at 5000, where we can expect some psychological support especially in view of the extent of the recent decline. Further out we may see a move towards the next support target around 4600.


Commodities

Last week wrote that we may see another go at all time highs in the weeks ahead and we did in fact briefly see new all time highs during the past week. New all time highs now stand on the December contract at $1923.7. Following the new all time highs the market did sell off in quite a sharp 2 day move before finding support and moving higher once again.

There is however a possibility of a double top formation on Gold following this recent rejection at very similar levels to the prior high. This is not confirmed as yet and for it to be an actual double top the low point between the 2 highs must be taken out, which in this case is the low of the hammer pattern just above $1700.

Crude has had a couple of attempts at pushing out of the range and has moved briefly above the $90 level but has been unable to stay there and has subsequently moved back within the range. The shor t-term range on Crude therefore still spans some $15, from $75 to $90.

Currencies

The dollar index shot higher over the past week as the Euro and Pound fell and the Swiss Franc made a huge one day move following an unprecedented intervention by the Swiss National Bank to weaken the Franc. In the long run this will be a terrible decision by the SNB as they will ultimately end up buying back all the other currencies that they have bought at a substantial loss that will probably run into the billions. It seems that policy setters around the globe are uniform in the fact that they completely fail to understand economics and the long term impact of their actions. Whilst in the short term this intervention may have the desired effect, in the long run the market is larger and will go where it wants to go.

Interest rate futures


Interest rate futures continue to press higher as yields remain at or near historic lows. The long-term trend remains up across the sector. How much further room there is to the upside remains to be seen but as yet there is little in the way of reversal signals to indicate that the trend is coming to an end.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 5th September 2011

This coming week is a shortened trading week due to the US Labor Day holiday and US markets will therefore be closed. This holiday is often followed by some strength for stock indexes early in the week but that often runs out of steam relatively quickly.

Stocks

We wrote last week that if the S&P 500 could clear 1200 that we may see some further short term strength, and we did. It was however relatively short lived and the S&P 500 came up short of the 1250 level which many may have been looking for it to reach as a minimum. On Thursday we saw a bearish engulfing pattern and continuation lower again on Friday. The weekly charts show a large shooting star patter, which is bearish.

September is the historically the weakest month of the year for stock indexes on a seasonal basis but the month can often start on strong footing after the Labor Day US holiday, which is this Monday. Weakness often gets underway towards the latter part of this coming week and into the following week.

We also wrote last week about the German Dax and it’s continued weakness and further weakness was seen during the past week, which included Friday’s 3.19% decline on the September contract. We continue to target the next support level around 5270.

Commodities

Following the huge volatility and large decline for Gold seen during the previous week, normal service resumed this week and Gold ended the week ahead by 4.43% and we may well see another go at all time highs in the coming weeks, currently at $1917.90 on the December contract, not all that far from Friday’s $1876.9 close. As we wrote last week, the hammer pattern formed on the 25th august should provide good support.

The current short-term range on Crude still spa ns some $15, from $75 to $90 as resistance at $90 just about held this week and Crude moved lower again from Thursday’s highs at $89.90. A break of either level could be good for a decent move in the direction of the breakout. For now the trend remains down.

Currencies

The dollar index gained 1.31% for the week as the index continues to find support from the recent lows around 7350. The index may yet push higher towards the next resistance levels around 7560 but the trend remains down.

The British Pound declined for a second straight week and now looks set to test support from both the recent lows and a long rising trendline on the weekly charts.

Interest rate futures

Interest rate futures rose for the week as yields declined once again. The 10 year note is now close to it’s recent all time high and strong resistance can be expected at current levels. The sector as a whole continues to remain near the highs of the year and the long-term trend remains up across the sector. How much further room there is to the upside remains to be seen.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 29th August 2011

Volatility has remained high once again over the past week, with some large swings seen in stocks and commodities, especially Gold, which made a new all time high and then a steep sell-off followed. The long-term trends remain down for stocks and the dollar and mixed for commodities.

Stocks

Stocks endured another volatile week and continue to have large swings on an almost daily basis. This was epitomised by Friday’s price action surrounding Ben Bernanke’s speech at Jackson Hole, which initially saw stocks decline 2% but then end the day ahead by 1%.

Amidst all the volatility, which still remains at very high levels, the odds are still that we have seen a major top for stocks back in April but if the S&P can decisively move above 1200 we may see some short-term strength. However, the trend is down without question an d downside targets remain at 1076, 1026 and 1000 on the September contract.

As we wrote last week, with the exception of the Nasdaq 100, all of the indexes that we trade at LS Trader have been unable to clear the 2007 highs and this means that on a long-term basis the indexes are making lower highs and this is a bearish set up.

The German Dax continues to be the weakest of the indexes and we’re still looking at the next support target around 5270.

The VIX ended the week substantially lower by over 10% for the week but had earlier been approaching the recent highs seen 3 weeks ago at 48.

Commodities

The main commodity story of the week is Gold, which made 2 records during the past week. The first was the new all time high posted on Tuesday at $1917.90 on the December contract, which was followed by a huge $200+ decline over 3 sessions, before finding support at $1700 and the n moving higher. The daily charts show the formation of a hammer pattern on Thursday, with the low of the hammer just above $1700 and that level may now provide good support.

October Crude Oil clawed back most of the losses from the prior week but still remains in a downtrend and below the $90 resistance area. The current short-term range spans some $15, from $75 to $90. A break of either level could be good for a decent move in the direction of the breakout.

The grains sector had a strong week with gains seen across the board.

Currencies

The dollar index ended the week lower again but did not quite fall to new 17-week lows. The trend remains firmly down for the dollar index as it does for the dollar against most of the majors. The US dollar continued to advance against the Swiss Franc and the recent long-term downtrend appears to be over for the immediate future.

The dolla r did not fare so well elsewhere and was lower against the majority of the majors, including against the Yen, Euro, New Zealand and Australian dollars.

Interest rate futures

Interest rate futures yields pushed marginally higher this week, sending prices lower. Prices however remain near the highs of the year and the long-term trend remains up across the sector.

Kind Regards

Robert Stewart