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Strategies & Market Trends : Tech Stock Options

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To: stockycd who wrote (55590)	10/15/1998 9:40:00 PM
From: James C. Mc Gowan	of 58727

Stockycd: Re: Fed Cut and Hedge Funds History 1982- Mexico/Latin Am. devalues; Citibank, et al. take big losses; Fed lowers rates; banks made whole mid 1980"s: S and L debacle: Fed lowers rates; taxpayers pick up tab for $500B 1987: Portfolio Insurance/Market crashes: new Fed Chairman A. Greenspan cuts rates to "stabilize" markets; recession ensues 1994: Mexico devalues/Latin Am. defaults: A. Greenspan and Rubin cajole Congress to grant $50B "loan" to Mexico, later paid back "in advance" with another loan; NAFTA looking good for Clinton reelection Current Events: 1998: Hedge Funds tank: US Banks: We need help, we f****d up, again Fed cuts, surprise cuts, cuts again; re-liquification Question: which major brokers, banks have not yet announced that they have "more than sufficient collateral", to cover past and future losses/exposure to hedge fund losing positions? Rumor: One hedge holds 30000 S+P Futures long; needs to deleverage(from Princeton Economics; 10/9/98) Technical question: on expiry day tomorrow, what is break-even for market makers on OEX; what's a good intraday play on this; the break even must be below today's close at 518? Any thoughts? vocex

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