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Strategies & Market Trends : Waiting for the big Kahuna

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To: Defrocked who wrote (10395)	11/25/1997 8:43:00 PM
From: bearshark	Read Replies (1) of 94695

Hi Defrocked: I was unable to find the charts at the Merc site. However. when I logged on this morning at about 7:00 am, I was surprised to see Europe taking the Asian decline so well. Then I checked Globex and saw it fairly steady to mildly up. I went to the Yahoo site and read the news for the European markets. The news I read was that Europe had reacted to Japan yesterday and did not need to today. Also, the S&P Futures were calming the markets because they were anticipating an up opening in New York. We definitely had a motive and there was an effect. But I don't know. I read Greenspan's press release several times before and again this morning. He clearly wants to intervene only in special cases and only rarely. There is so much "Greenspeak" in that press release that I am not sure exactly what he wanted people to hear. However in times of crises, I fully expect the U. S. Government to intervene in the markets with the Fed playing its part. They do overtly, if indirectly with circuit-breakers, so why not covertly. In this manner, I expect the U. S. to support Japan in any way it sees fit. I would find financial backing and acceptance of a higher dollar against the yen as plausible items. In truth, I am not sure what can be done about the dollar in the current environment. The various SEA currencies have been devalued and it appears that the yen is on the way also. I have heard expectations of 150 yen to the dollar. Although we may tame the current crisis with various bailouts, our own economy may pay the price several months in the future. But of course, what do I know. I yearn for the days when 3 discount rate hikes would bring a recession and a bear market and three discount rate cuts would bring a recovery and a bull market. That I can understand..

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