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To: Henry Volquardsen who wrote (54066)	7/30/1999 9:06:00 PM
From: John Pitera	Read Replies (1) \| Respond to of 86076

I've got to agree with you Henry, that I can not see an expansion of sanctions on foreign banks by the Japanese. Armstrong should be contemplating the upcoming Yuan devaluation, the forwards are expanding on the Yuan the past few days I believe. I like Armstrong as well.. BTW... I did pick up some CDC and ALLC that you mentioned for the yield account. I got ALLC before it broke out over 20 so I've been pleased with it. FAX is a great yield play. A yield of almost 11% and I agree with Goldman Sach's that the AUD is one of the world's most undervalued currency. Since FAX invests in AUD govt debt , there is a capital appreciation play along with the great yield. It was beaten from over 8 to 5 and change last year and is still only at 6 5/8. AUD should be at 70-72 by year end. In fact the AUD is a great long generally here as it just bounced off it's upward rounding 200 dma and has excellent horizontal support at 64.00-.35 the AUD reminds me of how it was trading back in 1986-87, it was a great long-side play back in 1987, for a real Position Play host.cnbc.com John