Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: SliderOnTheBlack who wrote (76670)	10/18/2000 12:56:55 PM
From: Winkman777	Read Replies (1) \| Respond to of 95453

Slider, this is why I don't like steel sellers like NSS, LSS, and MVK. American firms selling proprietary products are having a harder time selling overseas because of the strong dollar. Commodity sellers are really hurt. From your post: <<The U.S. steel and paper industries are reeling from a flood of cheap imports.>> BTW, I've "got gold", NEM, and am down 21% with it. But I'm not going to blame you. I chose to buy it. Luckily I sold some OCT 17.5 calls for 1 to help ameliorate the loss. You have made some good calls, but like all humans, you've screwed up some also. Good luck all. And don't forget the dry powder. Winkman

To: SliderOnTheBlack who wrote (76670)	10/18/2000 2:12:33 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 95453

Euro Falls to Records vs Dollar, Yen After U.S. Stocks Rebound By Mark Tannenbaum New York, Oct. 18 (Bloomberg) -- The euro, in one of its biggest tumbles ever, fell to records against the dollar and yen as U.S. stock indexes rebounded from their weakest levels of the day, underscoring the appeal of U.S. financial assets. U.S. stocks plummeted in early trading, with the Dow Jones Industrial Average sinking below 10,000 for the first time since March, and the Nasdaq Composite Index falling almost 6 percent. As buyers stepped in and stocks rebounded, concern eased that foreign investors might shift funds from U.S. financial assets. ``The investor has such lack of faith in the euro'' that a recovery in U.S. stocks is going to wipe out any gains in the currency, said Charles Spratt, a manager of foreign exchange at Brown Brothers Harriman & Co. Without action by the European Central Bank, the euro may fall below 80 U.S. cents, he said. After rising to almost 85.70 U.S. cents as U.S. stocks plumbed their lowest levels of the day, the euro shed more than two full cents, to as low as 83.30 cents, from 85.44 yesterday. The prior record low was 84.43 cents, reached Sept. 20. The euro had its biggest drop in almost seven months against the yen, sinking to an all-time low of 89.58 yen, below the prior record of 90.065, set on Sept. 20. It's down from 92.3 yesterday. The German mark, sometimes viewed as a historical proxy for the 22-month-old euro, fell to 2.3408 marks per dollar from 2.29 marks, reaching its weakest since April 1986. Profit Concern After losing as much as 5.8 percent earlier, the Nasdaq index rebounded to a loss of 0.2 percent by midday in New York. The Dow Jones average remained down 1.4 percent. Stock declines were triggered by concern profit growth in industries such as computers is slowing. The euro traded almost 4 cents below where central banks stepped in with joint euro purchases on Sept. 22, in an effort to stem the currency's decline. Those joint purchases, by the ECB and the central banks of the U.S., Japan, the U.K. and Canada, pushed the currency to as high as about 90 cents, gains that took about three weeks to erode. With no action by the ECB to support the currency, or perhaps a change of leadership at the central bank to give the perception of a fresh approach to the currency's travails, a decline to below 80 cents per euro is possible, said Spratt at Brown Brothers. ``If central banks do come in, they'll have to bring in the big guns, and spend a lot of money,'' said Rick De Souza, head of foreign exchange in London at Henderson Global Investors, which manages more than 60 billion pounds ($87 billion). ``They'll have to force it up to 90 to 95 (cents) and keep it there.'' He said he's ``not convinced'' they'll be able to do that.