Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Joey Two-Cents who wrote (14186)	9/29/1998 7:52:00 PM
From: Market Tracker	Read Replies (2) of 18691

I believe this Sunday is the Brazilian national election. Word has it that if President Cardoza, does not win re-election, de-valuation in Brazil is a certainty. When (and if) that occurs, the effect will cause U.S. markets to sternly test their recent lows, IMO. The 0.25% interest rate cut by the Fed this afternoon, was basically nothing more than a token move in a short-term attempt to assuage the markets. Perhaps additional cuts are in the Fed's future plans, but today's 1/4% gimme infers there must be some pretty hawkish Fed Governors sitting on the committee. I was quite surprised they left the discount rate intact. Tomorrow is the end of the 3rd quarter, and the close of the government's fiscal year. And then it's into October we go. Alan Greenspan will testify on Capitol Hill on Thursday, attempting to enlighten the committee about Long Term Capital and the hedge funds. We may hear more on the scope of the LTC bailout, and suggested increased capital requirements for the hedges. His words should prove most interesting. MT

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