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To: Paul Merriwether who wrote (70085)	7/27/1999 5:16:00 PM
From: GST	Respond to of 164684

Paul -- currencies reflect movement -- that is one way. I met with a top currency player in Tokyo in June. I asked him repeatedly if he thought we would see a yen below 120 -- he emphatically said it would never be allowed. The Japanese government came in day after day after day with tens of billions in intervention -- and the result? A 116 yen to the dollar. This is not all stock money. But pulling money out of US bonds raises rates which in turn causes US players to re-allocate to bonds from stocks filling the gap left by the Japanese. Don't forget the $300 billion dollar trade deficit. As for our trading day, the market was ST oversold -- and what rallied? Some good prospects. The nets? No way. They just took one more step towards the cliff. We woke up one day oversold and three years overbought -- take your pick.