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To: LzzrdKing who wrote (7440)	10/31/1997 3:08:00 AM
From: Jess Beltz	Read Replies (2) of 25960

To All on the Thread: A note on Hong Kong. We had a symposium here today and the following general consensus came out of it about the crisis here. There are some problems here, but there was not and is no reason to run the currency. The HK Monetary Authority has 10 X the amount of HK dollars currently in circulation in US dollars. NO speculator has any way to force the territory off of the peg. Why did some people run the currency? To test the HKMAs reaction to the attack. We believe that some anticipated that the HKMA, in a knee jerk reaction, would raise interest rates here (which they did) and that this would crush the market (which it did) and that they anticipated this with huge short positions in equities and index futures. They made a killing. I believe we are attempting to contact the HKMA to alert them to this, because having seen the HKMA's reaction, they may try it again, although rates are now fairly high. By the way, I am anticipating a bounce on Wall Street tomorrow and a return of investor confidence on Monday here, now that October is gone, and have purchased two Calls on the November index futures contract. wish me luck. jess.

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