Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject	11/7/2002 12:10:39 PM
From: energyplay	Read Replies (1) of 74559

Excitment in currency markets... Tero Kuittinen A disturbance in the Force... a million currency traders screaming in agony... 11/07/02 11:43 AM ET The dollar actually breached 1.0090 a moment ago - the currency markets have been in a state of distress since yesterday for obvious reasons. The buck took out not only the September lows, but also late July lows - even though equity markets are far above both those levels. Now all that's left is the Mid-July panic bottom. As Fleckenstein shrewdly observed a while ago, the dollar stability preceded the equity bounce this fall; and now the currency swing has taken place even as equities have still clung to new highs. Of course, this has had a fatal impact on the telecom sector -- this more or less confirms that these stocks have been trading on speculative momentum. The overall anxiety over US assets is now hitting the telecom names for no other reason that it's the speculative hotbed of this and every other major bounce. This makes playing with Qualcomm ahead of the earnings extremely hazardous game -- the sector may no longer move with internal newsflow.

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