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Politics : Idea Of The Day
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To: J.T. who wrote (16378)1/15/1998 1:39:00 PM
From: Lee  Read Replies (2) of 50167
 
JT, Midday and nothing has a direction. SOX up 3.48 but nothing that is up is up with conviction. Due to the unknowable extent of SE Asian troubles, we seem to be stuck in a trading range for now. I am not sure that even exceptional or good earnings will lift us from the current channel. In the past, this is the time to sell puts and calls, is it not? I think, and this is just very green thinking, that until each of the affected SE Asian countries has accepted and initiated IMF conditions and reforms, that we can't have a direction because of the uncertainties involved. Early indications are that S. Korea has seen the light and therefore, the path, and committed to reform but others are struggling. Also, Japan's MOF is playing the same old "propping up" games and that's a big friction on the whole process. Very dangerous for the region to cling to old ways. I have no opinion or knowledge on China but understand that it is important to HK peg. Info FYI in case you are interested.
Lee
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