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Strategies & Market Trends : Waiting for the big Kahuna

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To: William H Huebl who wrote (26703)	9/7/1998 5:28:00 AM
From: BubbaFred	Read Replies (1) of 94695

DAX up 2.5 - 3.0% quote.yahoo.com^GDAX&d=1d Monday September 7, 4:46 am Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) German DAX makes hefty gains but market still wary FRANKFURT, Sept 7 (Reuters) - Germany's electronic Xetra DAX index vaulted the key 5,000 points level shortly after opening on Monday but dealers warned it was too early to talk of market recovery after weeks of weakness. By 0828 GMT the Xetra DAX was 1.91 percent stronger at 4,957.85 points after earlier rising as high as 5,015.68 points. The floor DAX was 3.02 percent firmer at 4,965.83. Substantially stronger Asian bourses gave the DAX its cue and the market was buoyed by Federal Reserve Chairman Alan Greenspan's suggestions last Friday that he was as inclined to cut U.S. interest rates as he was to raise them. Tokyo's benchmark Nikkei average closed 5.32 percent higher and Hong Kong's Hang Seng ended 7.86 percent stronger. ''There are big gains in the Far East. Look at Tokyo and the Hang Seng. But this is all more of a technical reaction. Although suggestions the U.S. could cut rates helps too of course,'' one dealer said. The DAX appeared to shrug off a weaker dollar and lower close on Wall Street last week. Firmer September S&P 500 futures were supporting the German shares but with U.S. markets closed for a public holiday a key source of direction was absent and dealers advised caution. (Note: this article is ''in progress''; there will likely be an update soon.)

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