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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jeff Jordan who wrote (15047)9/17/1998 9:22:00 PM
From: PaulB  Read Replies (2) of 120523
 
Off the front page at quote.com, anyone have comments on where we are going on Friday.

Paul

Markets around the world made their desire for a rate cut clear today following Alan Greenspan's admission yesterday that there has been no discussion of a coordinated rate cut among G7 officials. The DJIA(sm) fell more than 200 points at the opening bell reflecting the disappointment of major overseas markets which finished their sessions 3% - 6% lower. ADRs suffered the deepest losses led by French telecom equipment maker Alcatel Alsthom which dropped 37% after warning that earnings will be lower than expected. The losses refocused attention on the crisis in the Japanese banking system and problems in Latin America. Tomorrow should be better since it is a triple-witching day, which means that anyone who hasn't exercised their September options contracts must act. Options' analysts believe that, given the negative bias today, investors will exercise their options tonight to avoid risking further losses, creating buying pressure tomorrow that should lead the market higher. In addition, there are new rumors floating around that Brazil is making progress in reaching a bailout agreement with the IMF. The one cause for concern is that the market was still declining at the close which could effect tomorrow's direction.
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