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Pastimes : Ask Mohan about the Market

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To: Cynic 2005 who wrote (8266)	11/17/1997 2:01:00 PM
From: Defrocked	Read Replies (1) of 18056

Well, the DJIA is now up 150, the sun is shining and everything's smelling like roses. All the risk must have dissipated??? To refresh some memories around here, consider the last time the Japanese massively intervened in their markets: October 2, 1990-- up 13.2%-- to 22,898.41. The Nikkei then peaked around 26,500 or so in May of '91 and has fallen ever since to today's intervention levels. Market intervention failed in 1990 and will probably fail again in 1997 without meaningful balance sheet restatements. FWIW, I remain very cautious and skeptical.

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