The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Doug R who wrote (18513)	6/17/1998 9:16:00 AM
From: James Strauss	Read Replies (1) of 79298

A Bounce... ~~~~~~~~~~~~~~~~~' We may be seeing the beginnings of a short term bounce today that may take us back to the Dow 9200-9300 area... This is because the U.S. will support the Japanese Yen by selling Dollars and buying Yen... Caution is advised because currency intervention usually doesn't work unless the country being aided takes the necessary economic reforms... Japan doesn't seem willing to do this... So, we get a short term bounce in the market until investors realize that nothing has changed in the Japanese economy... Then, the market retreats again... So, use this rally to build up cash positions over the next week or two before reality sets in about Japan's inability to do the necessary economic reforms in a timely manner... If Japan devalues its currency in the near term, China will follow suit... That will be the knockout punch for world markets... I wish the message could be more positive... But, this is how I see it... Jim

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