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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: greenspirit who wrote (39477)11/7/1997 11:38:00 PM
From: Paul Fiondella  Read Replies (2) of 186894
 
Remember that anything the Fed does takes 6 months to work through the economy

The most significant events of the day were not Intel's analyst's conference --- which failed to move the market, but the employment figures and the Japanese market selloff.

The Asian flu is spreading to Japan and Korea. These are significant American markets. I read one report which indicated the Japanese hold financial assets in dollars. They will sell their dollar assets if the yen comes under pressure.

Japanese banks are heavily involved in capital projects throughout Asia and are suffering tremendous loan losses which have just barely registered on the US markets. A large japanese bank indicated today that it must liquidate its stock portfolio to obtain cash. More banks may suffer the same fate as the stock market falls further in JApan.

IF the yen falls with the Japanese market, the US treasuries will be sold and the dollars converted to yen to obtain liquidity.

In the midst of this nothing Intel can do will calm the market. Intel longs should hope for a stable trading range---say 72-78. But I fear the short shorts have all departed the market and if the stock goes up into the 80's, the slide down will even be more dramatic.

Its a suckers market. IF Japan tanks, there is no Asian market. Any recession will turn China into a nightmare. No one is going to buy anything --- including computers.

"No one knows" --- Andy Grove 11/7/97
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