“Dead” was the popular word used by traders to describe thestagnant cash market Thursday, where prices showed very little, ifany, change from the prior day. Most sources believe that shortcovering is the main factor helping cash maintain current pricelevels amid the lack of any meaningful fundamental support.
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‘Deja Vu Again’: Flat, With a Slightly Softer Edge
A Houston marketer invoked the wisdom of baseball great YogiBerra to describe Tuesday’s cash market: “It’s deja vu all overagain.” In other words, it was like most of February’s previoustrading activity-generally flat with tight ranges. However, thoughthere was little if any change at any point, whatever changes didoccur were slightly to the downside. They were limited to 1-3 centsin all cases.
February 17, 1999
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