Phil; I heard rumor about Russia devaluating, but they denied it, did you actually get the News, I mean have they done it ?
I cant find it yet, and in checking their stock market this
mourning they are one of the few in Europe that is up, and they
and Hong Kong are up over 10%..
If they devalue it's no small thing and will effect billions in loans,
it's far worse than if their stock market went zilch.
As to,RE> "Asia continuing its steady fall"
I don't know many things in the market that we can use the word
"steady" with, while for most of them I have gave up hope of a fast
recovery but only Malaysia & Hong Kong it seems has put in
meaningful new lows. I actually made a little profit playing Korea
long about a month ago. I'm not so sure a rebound in their stock
markets will help us any way, heck it could shift money back out
of our market.
I see good chance of more downside, but I don't expect a market crash
the more people looking for that the more puts, and shorts
take up positions which in it's own way puts in a bottom.
The bigger crashes come when no one is prepared for them,
or the market moves below it's last major support,
like I think back in Jan we did a 7600 DOW & about 980 S&P
if we were to take them out we could have a melt down just
as bad as Asia, but till then if I did puts I'd stay close to
or just in the money. I'll get worried before that, at 8000
I'll be calling my friends and telling them to clear the market
and pay off any and all debt. I think it's to soon to be worried
about it, but it don't hurt to have one eye looking that way.
Jim |
