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Strategies & Market Trends : Paint The Table

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To: Jorj X Mckie who wrote (6900)	12/20/2001 11:49:45 AM
From: John Pitera	Read Replies (1) of 23786

Great post. You would think that Argentina is priced in unless there are banks, financial institutions or big hedge funds either here or overseas that have too much exposure to their debt or to say Brazil or other emerging markets and we see emerging markets debt spreads expand, and or currency turmoil in emerging markets. Additionally we saw how european banks had the most unsecured exposure to ENE, and some Japanese funds were holders of ENE paper. It roiled Japan a little. I mention this because do you get to the last straw on the camels back at some point in which it's the cumulative series of blows that causes a bigger problem. Companies, banks etc have been seeing losses on investments and assets for a couple of years now. look at how the whole merchant energy sector is really getting it's market cap marked down. ENE, CPN, EPG, MIR, DYN and others. Luckily there should be signs of real stresses on the system that should show up in the international markets. Let's hope so anyway. Macro bears can argue that the furious FED easings of rates and massive Money Supply expansion IS a sign of real stresses in the system. I've not even really gotten into Japan's perilous state of affairs.

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