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Technology Stocks : Intel Corporation (INTC)

INTC 34.50

+2.6%

Nov 21 3:59 PM EST

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To: Barry Grossman who wrote (66175)	10/10/1998 5:45:00 AM
From: Jules V	Read Replies (1) of 186894

Saturday, October 10, 1998 The word on the street of fear: sell into any rallies By BRIAN HALE in New York Wall Street's most volatile week this decade is ending in near-panic with a plunging currency and a tumbling long-bond yield keeping watch on the death-throes of the seven-year bull market. smh.com.au A short bear market rally seemed a possible conclusion for the final sharemarket session of the week overnight after four days' of turmoil, but few experts have any hopeful expectations left. Even the best advice from the Merrill Lynch broking empire after a tumultuous Thursday was "sell into any rallies". Nor did the outlook seem brighter on currency desks after the US dollar's stunning fall this week; or on bond-trading desks or futures pits after a totally unexpected "flight to quality" away from 30-year bonds; or in a host of other financial markets. The mood in the world's financial centre has gone from negative to dismal to black over the past week, with Wall Street awash with rumours and hedge funds liquidating positions while beset by worries about a global credit crunch and fears of an apparent sudden fading in the strong American economy. --------- Analysts, surprised by the speed of the dollar's fall, said it appeared to have little to do with any reappraisal of Japan's economy. "It is certainly not because the fundamentals have changed and people are investing in Japan; the real question now is how long can this last," said one dealer. "This is not yen buying, this is dollar selling," said another.

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