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Politics : Idea Of The Day
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To: Judy who wrote (13916)11/10/1997 5:02:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
Judy- market is in search of leaders- look at the media and prospective stories of default nearly everyone is worried about 'massive defaults' from ASEA but the problem is that little do people realise that total ASIAN exposure of major US banks like Citi is less than 131 billion all of which is secured- they may loose some 100 million on devaluations but peanuts compare to 1.9 billion they racked last three quarter- every one is looking at stock exchanges all around where some of these stock exchanges has market cap of less then a medium size company on US- 10billion to 100 billion - now a 5% movement sends shivers down the financial markets and media little do they realise that 5% of 100 billion is not 5% of 9 trillion- when %ages occupy more coverage then volume then voltality is guaranteed- Nekkei futures and some good Asean news will help this market. I think a test of 910 is important if they have come so far they don't mind testing the resolve. This market is not at all focussing on earnings or growth it is now pre-occupied with meltdowns and as such until Nekkei or AG speaks of no such threat we may well be in for a quick test of 910 the first major support if this does not hold on closing basis I will see a concurrent test of 7200 and 887- lot will be decided tonight Nekkei can be important- Bovespa after gaining 4% lost most of it but closed up nearly 2%- that alongwith stability in Russia where major hedge funds are taking big positions can provide some solid buying.
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