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Strategies & Market Trends : Fidelity Select Sector funds

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To: Julius Wong who wrote (2952)	9/24/2000 12:56:05 AM
From: gregor	Read Replies (1) of 4916

Julius: Boy was I naive. I thought that the administration would not intervene in the euro until after the elections because they wouldn't want to be accused of throwing the election to Gore. But they went with the old one/two punch on Friday by the treasury snapping up euros and the Whitehouse releasing oil from the strategic reserve. They were worried about the income from multinational corporations and the strong dollar first, and they were worried about high oil prices tanking the economy, second. Well Thursday I was asking about advantaging the strong dollar and with the intervention the euro popped from .84 to .89 in a day. Short term I see it pulling back as traders seeing the intervention as an early Xmas gift. But as cheaper oil prices work through the economy and as the specter of lower interest rates becomes evident the euro should stabilize and then rise. On the political front the depletion of the strategic reserve will not work in favor of Gore. The backfire, or greatest threat would be that it not lower prices and that is a great possibility..gregor

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