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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Yorikke who wrote (3234)	2/8/2001 2:17:22 AM
From: Yorikke	Read Replies (1) \| Respond to of 33421

Nikkei hits 28-month Low biz.yahoo.com The Kyoto-based manufacturer garners 41 percent of its revenues from wireless communications devices. The banking sector took the market's slide hard, with its sub-index falling 3.34 percent -- a level last seen in October 1998 -- as investor concern heightens over growing latent losses and how they will look on the banks' books when the fiscal year closes at the end of March. ``The market is increasingly worried about whether some of the weaker large banks will take substantial hits to their capital bases by unrealised losses on their securities holdings,'' said Garry Evans, strategist at HSBC Securities. The sector is also under selling pressure by Japanese corporations which traditionally hold bank shares to keep ties with their creditors, but who are now focusing more on their balance sheets ahead of the introduction in April of new mark-to-market accounting rules. Sumitomo Trust & Banking Co Ltd lost 5.0 percent to 703 yen, while Mizuho Holdings , the world's biggest bank by assets, was 4.34 percent lighter at 595,000 yen, now 40 percent off a peak hit several days after listing in late September.

To: Yorikke who wrote (3234)	2/8/2001 8:50:16 AM
From: onurbius	Read Replies (2) \| Respond to of 33421

Get over it. Unless world economies go back on the gold standard we will not have a repeat of the Great Depression. Better cover your shorts soon.

To: Yorikke who wrote (3234)	2/9/2001 11:29:57 AM
From: John Pitera	Read Replies (2) \| Respond to of 33421

Tony Dwyer points out that Greenspan will come out with a positive rate cut scenario for the traders next tuesday: ----There is a clear vacuum of any market moving news out there and as a result, the market is drifting lower. It is drifting lower and not higher because the most recent news was a poor earnings report by Cisco (CSCO:Nasdaq). Since then there has been no real important news. What could be the next market moving news? Greenspan speaks on Tuesday. The Fed does not want to see any further erosion in consumer sentiment. That means he doesn't want any more significant weakness in the markets. How do we know this? Just before the Fed did the surprise rate cut on January 3, Greenspan gave a speech where he made the statement, "Market turmoil may lead excessive economic weakness." Given that we near the January lows in the Nasdaq, I would expect Greenspan to give more market friendly commentary at his upcoming speech, which should attract the attention of traders given the lack of any other market making news. As I have outlined (way too much), we are likely to stay in a trading range over the near-term, which means that you buy oversold and not buy overbought. That means today you buy the Nasdaq and wait for the DJIA to pull back.