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To: Les H who wrote (3374)	10/28/2002 12:38:18 PM
From: Les H	Read Replies (1) \| Respond to of 29592

What about the Fed’s Latent Concern with the Falling Dollar? According to the minutes of the May 7 FOMC meeting, the Fed referred to emerging inflation concerns stemming from various sources including the falling dollar. By the May 7th meeting, the Fed’s broad dollar’s trade-weighted index had fallen 1.4% from its late January high. Today, the Index is down more than 3%, from its January high. Thus, if the Fed were concerned when the dollar was off 1.4%, it is definitely more preoccupied with the dollar’s accumulated losses doubling thereafter. The Fed's willingness to participate in the June 28 coordinated central bank intervention to cap the rising yen, is also a tacit endorsement to stabilize the falling dollar. The June 28th intervention reflects the increased preoccupation by global monetary authorities with the fall in the world’s reserve currency—the dollar, which still accounts for 74% of the FX armory of industrialized nations’ central banks, compared to 13% for the euro. Thus, it is nonviable for these cenbanks to let a decline in the currency go unchecked. Asian central banks are particular owners and “buyers” of dollars. forexnews.com

To: Les H who wrote (3374)	10/28/2002 1:58:25 PM
From: Les H	Read Replies (2) \| Respond to of 29592

Software (126 stocks) GSO Goldman Sachs Software Index and IGV iShares percent stocks over MA Trend Price Phase market GSO 10 d 21 d 50 d 200d Score Phase Change ----------------- ---- ---- ---- ---- ----- ----- ------ Oct 25 99 75 80 57 11 100 2.83 Oct 24 97 73 76 51 8 100 2.32 Oct 23 99 79 75 46 10 99 1.69 Oct 22 95 79 73 42 7 99 0.59 Oct 21 98 88 79 47 8 99 0.07 Oct 18 95 86 74 42 8 100 -1.28 Oct 17 96 82 67 40 6 100 -2.43 Oct 16 91 71 58 29 6 100 -4.01 Oct 15 94 79 59 35 6 100 -5.13 Oct 14 91 68 42 22 6 99 -6.80 Oct 11 89 61 39 22 5 99 -8.19 Oct 10 84 39 27 13 5 91 -9.44 Oct 9 80 17 10 9 5 71 -10.02 UP Oct 8 80 18 13 10 5 56 -10.10 Oct 7 78 16 12 9 6 55 -10.04 Oct 4 80 27 15 16 7 66 -9.28 Oct 3 81 34 16 20 7 70 -8.92 Oct 2 83 31 17 18 7 79 -8.55 Oct 1 85 32 18 19 7 86 -8.24