Trend Setters and Range Riders Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Trend Setters and Range Riders

MSFT 481.72

+0.2%

Jan 28 3:59 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Susan G who wrote (15208)	4/8/2002 1:48:26 PM
From: Skywatcher	Read Replies (2) of 26752

Pelosky stays bearish on U.S. dollar By Julie Rannazzisi Jay Pelosky, Morgan Stanley's global strategist, said he remains underweight U.S. equities and expects the dollar to decline by 15 to 20 percent over the next several years. "I look at the dollar as a stock that is widely owned, that has enjoyed a major positive surprise (first-quarter economic data) and an oil price spike and yet has failed to rise," Pelosky told clients in a research note. The strategist noted that a spike in oil prices has typically been beneficial to the dollar as oil is a U.S. dollar-denominated commodity. The dollar traded lower against the yen but rose modestly against the euro. Pelosky expects a dollar correction to occur in conjunction with an increase in foreign exchange volatility. Pelosky remains underweight the global energy sector on belief the group is already priced for oil prices near current levels. The strategist believes it's highly unlikely that many other Arab states will flock to Iraq's side on the oil embargo front. The Morgan Stanley strategist also asserted that the Middle East situation may herald a significant shift in the balance of oil power. "Russia is now pumping more oil than the Saudis, surpassing them for the first time since the 1980s. I believe that Russia and the former states of the Soviet Union will be a significant energy source for Europe. The ability of Saudi Arabia to use its capacity to drive pricing may well be changing," he commented. CC

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next