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Pastimes : Ask Mohan about the Market

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To: Tommaso who wrote (11190)	12/12/1997 9:58:00 AM
From: Defrocked	Read Replies (2) of 18056

As stocks open higher this morning, the yield curve is flattening somewhat, the yen remains under pressure and the dollar in great demand relative to many other SEA currencies. Continuing declines in PPI with an outlook of compeitive foreign import price reductions provide a whiff of deflation here in the US. Gold down, grains probably down, CRB too when everthing opens. Silicon Valley home values will also be undergoing reevaluation IMHO. If dipsterism is met with additional sales today, the weekend action overseas could get outlandish. Note that despite the 8% rise in the Nikkei on Nov.17 (through concerted intervention) the Nikkei closed down about 1% last night at 15904.30, below the prior propping up point. So. Korea now says $100 billion may not be enough. Look out for the China card now as many Red Chips sellers looking for liquidity find no buyers for their fundamentally flawed companies which were initially sold at excessive book values. What sort of economic climate are stocks,near record valuations, rallying into???? IMO stocks have only a 5 to 10% upside from here but a 10 to 20% downside risk. Taint over. BWDIK.

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