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To: chris714 who wrote (166575)	5/20/2002 5:13:17 PM
From: John Pitera	Respond to of 436258

FAX is the best of the bunch. But it's 200 DMA is at 4.68 and it's had a big move in the past 6 weeks. So we'll see some technical sellling, but don't short it buy weakness, don't sell strength. Here's something I wrote on FAX on Friday: Message 17483122 FAX -- AUD and CAD continue to trade higher on positive interest rate differentials. What I consider significant is in bold below. The RBA raised rates this past week .25 up to 4.50. The interest rate differential between the Fed Funds target of 1.75 and the AUD short rates is now a positive 275 basis points, which you earn each and every day you are long the AUD. (weekends and holidays too). And with the resurrection of Gold, crude and the CRB. The AUD can go back to .66-.68 over the next 15 to 18 months. So pick up some FAX on a dip and pick up a 9.35% yield finance.yahoo.com and a 20-25% currency appreciation kicker over the next year and change for a 30-35% total return vehicle. Remember that a closed end fund like FAX can see it's premium expand if investor enthusiasm grows, as it often does when the fundamental underpinnings are in an uptrend. That's if Gold stays here. Price in a higher price for gold and that sweetens the pot. Foreign exchange market extremely quiet. Dollar/yen up about a half a figure, holding above the Y128 level. Euro little changed on the session, as is the Swiss franc. Aussie and loonie both a tad firmer, taking advantage of the heightened focus on rate differentials. Sterling still weighed down by the heightened euro enthusiasm in the UK. M&A activity has provided somewhat of a headwind for sterling as of late as well. ....FAX had technical buying right at it's 50 dma on the sell off 2 weeks ago. To be fair FAX is overbought, and I did mention buying it on a dip. If it pulls back to 4.15 or 4.20 that would be a gift entry. and time to add to it more aggressively. That's the way it looks today. However, we have no guarantee of that big of a pull back occurring. JP