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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (30096)	10/15/1999 11:23:00 PM
From: bobby beara	Read Replies (1) \| Respond to of 99985

Heinz, i don't know if we have a crash or a grinding bear that stairs steps down from one support to another. all i know is goldilocks died in 1997 and that has been ignored to excess and there will be a payback and those that don't comprehend the new trend will not be very friendly. even though there is some put buying, i don't really even see the amount of gutteral fear that happened at the 8/10 bottom, there is a certain feel of exhaustion here, bulls and bears have both thrown in the towel. bb

To: pater tenebrarum who wrote (30096)	10/15/1999 11:44:00 PM
From: Greg Jung	Read Replies (2) \| Respond to of 99985

Heinz, US investors are heavily conditioned into a) buying weakness b) buying technology c) ignoring pessimism. You are pickig up the mood from Europe, which doesn't have as much of a pop culture following for the stock market. It will take several "corrections" and recoveries over here, I think even the A/D line will be improving after next week. We're still going to go pretty much sideways, without much more than the 2-5% across-the-board cuts. Regardless of what you think it deserves, remember that this is October and only two more weeks are left and we really haven't done much serious damage. In November it'll be a new market. There isn't a catalyst for a quick drop.

To: pater tenebrarum who wrote (30096)	10/17/1999 12:04:00 AM
From: Don Green	Read Replies (1) \| Respond to of 99985

Major push to gear up Japan's securities markets Integration of stock, venture capital and over-the-counter markets planned By Anthony Rowley in Tokyo JAPAN, whose securities markets are lagging behind those in other leading financial centres in sophistication, is planning a major offensive to close the gap. A key part of the plan is to integrate existing stock exchanges in Japan with new, over-the-counter markets, which are electronic trading networks of brokers and market-makers best exemplified by the Nasdaq exchange in the US. Also to be integrated with the existing stock exchanges will be venture capital markets crucial to new business start-ups, and the government will also give full play to rapidly-developing Internet trading systems. "I can sense that our securities market is lagging behind. We must establish an internationally credible market," the chairman of the Japan Securities Dealers Association (JSDA), Seiichi Kato, revealed yesterday. Already, the securities industry has begun a transformation with the abolition of fixed commissions on stock trading from Oct 1 and with new freedoms being given to different types of dealing systems to compete with the Tokyo Stock Exchange and other bourses in Japan, Mr Kato said. New brokerages are also being formed at a rapid rate, many of them catering to the rapidly swelling ranks of small investors in Japan. To help the Japanese securities industry catch up, the JSDA plans to launch a forum of industry practitioners, regulators and other experts, charged with drawing up a "grand design" for the future development of the industry by the end of next March, Mr Kato noted. One element of this design will be to construct a modern settlement system for securities and bond transactions on the "T plus-one" basis so that settlement is made within one day of a transaction taking place, he said. This will bring Japan into line with other leading countries whose financial centres form part of a global 24-hour trading network. The JSDA will shortly open a new over-the counter market for stock trading, and "there is a move to open a new stock market related to venture business in Japan", he disclosed. The US National Association of Securities Dealers, which runs the Nasdaq exchange, has announced plans to form an alliance with major Japanese software house Softbank to provide automated dealings facilities in Japan linked to the Nasdaq global network. Internet trading of stocks is meanwhile growing rapidly in Japan, Mr Kato noted. "We must not block the development of electronic-commerce transactions in Japan but we need to be very careful in order to prevent any possible abuses," he said. Mr Kato noted that the recent "Big Bang" deregulation of the financial sector and, in particular, the passing of the Financial System Reform Act along with amendments to the Securities and Transaction Law last December, have made many changes possible. The JSDA will produce guidelines to regulate the new forms of stock dealing that are rapidly proliferating in Japan. Fighting back In addition, Japanese banks were given freedom as from earlier this year to compete with securities firms by distributing mutual funds -- which are shares in investment pools accessible to retail investors -- through their national branch networks. The securities industry is fighting back and some 20 new brokerages have been formed over the past year to take advantage of the fact that new brokerages have only to be registered now instead of having to wait for an official licence to be granted, as in the past. Many of these new firms are discount brokers, which offer cheaper rates than traditional brokers, but there are also many firms specialising in dealing on behalf of smaller investors who have made a quite dramatic comeback to the Tokyo stock market since last March, Mr Kato observed.