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Technology Stocks : Intel Corporation (INTC)

INTC 45.51

+10.7%

Jan 9 9:30 AM EST

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To: Jim McMannis who wrote (37807)	10/27/1997 8:14:00 PM
From: Paul Fiondella	Read Replies (1) of 186894

Intel support range Its funny Jim but I also concluded 60-65 was the support range and a 15% correction from here seemed about right when I sat down this afternoon to look at the charts. There are two factors here independent of Intel that people should be aware of. (1) Hong Kong is resisting a float. As long as it does it will clobber down the Hong Kong Exchange. Asset deflation will wreck the real estate and capital investment markets and hurt the Japanese banks. The spread to China which is depending upon foreign capital to manage the state owned to private enterprise transition is inevitable. China in a recession is going to be a dangerous country. All these countries are going to try to flood the US with goods undermining capital investment here. This spells recession. (2) The dollar didn't do well at all today. This reflects the feeling in EUrope that the US equity market is overvalued. The 30 year bond ended at 6.14%. Because Hong Kong hasn't gone to a float the full effect on Japan hasn't been registered. Japan is getting creamed tonight because people are picking up on the inevitabilities of the situation. If the Hong Kong dollar floats then the pressure on the YEN may cause renewed pressure on US equity markets. This situation is like a nuclear core meltdown. Hard to stop once it starts. Meanwhile the NASDAQ is up 18.95% this year. Intel investors are on average up more than that. I watched Intel today. It reached its low before the first market shutdown and unlike MSFT didn't finish on the low. The question is how many Intel investors have done the smart thing---take their profits and put them into cash. Smart investors have been locking in profits for several days now while pandering the safety of the market to the masses. IF all of the Intel virgins wake up at once to figure out what is happening to them LOOK OUT!!! ==================================== Those circuit breakers are going to prolong this crisis. I expect everyone to run for the door tomorrow at the opening. ITS GOING TO BE REAL PANIC TOMORROW AT THE OPENING.

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