Futures Seek Fair Value on Either Side of $2.00

After opening at the pivotal $2.00 level yesterday the Maycontract was held to a tight, 3.5-cent trading range, as tradersseemed willing to sell the prompt contract on moves above $2.00 andbuy the market on moves below $2.00. And similar to the priceaction, yesterday’s close had something for everyone. Bulls foundsolace in the market’s ability to finish above $2.00, while bearswere optimistic following the market’s second-straight day oflosses. May slipped 1.7 cents to $2.013.

April 7, 1999
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