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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.83

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Dec 3 4:00 PM EST

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To: j.o. who wrote (25939)	9/15/1999 3:20:00 PM
From: pater tenebrarum	Read Replies (2) of 99985

j.o., you're remark about the Yen carry trade is hereby seconded. according to what i hear, many players have hung on to vast losing positions in the hope that the BoJ would come to the rescue by intervening. a completely wrongheaded view of where Japan is in terms of capital flows has added to this - interestingly, the Yen's rise is still viewed with a lot of doubt. the losses mount...and once the unwinding starts in earnest, the remaining gains will be locked in - these gains are in the stock market. some European funds are getting nervous too i gather...the view that the U.S. stock market is in an unsustainable bubble is gaining ground. since Europeans have pumped money into U.S. stocks like never before in the first half of this year, this is potentially very dangerous. regards, hb

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