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Strategies & Market Trends : Point and Figure Charting

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To: terracin who wrote (8640)	10/11/1998 4:23:00 PM
From: James Strauss	of 34817

Terracin: The Hedge Funds are the next shoe to drop... They were borrowing money in Japan at 1/2% and converting into dollars and then buying U.S. Treasuries that pay 5 1/2%... Not a bad deal while it lasted... The bottom fell out when the Yen rose against the dollar... Since a good deal of their investments were heavily leveraged on the side of a falling Yen it's rise has compounded their losses to the degree of their leverage... This is causing forced liquidations that can have a destabilizing effect on the equity markets... Jim

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