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To: StanX Long who wrote (9635)	4/30/2003 3:38:07 AM
From: StanX Long	Respond to of 95656

Euro Hits Four-Year Highs, Nikkei Jumps story.news.yahoo.com By Richard Baum SINGAPORE (Reuters) - The euro scored four-year highs against the dollar and yen on Wednesday as higher interest rates lured investors to the European currency, while Tokyo stocks rose three percent off 20-year lows following U.S. gains. Other Asian stocks were little changed amid nagging worries about the economic impact of the SARS (news - web sites) virus. Oil prices, hurt by reduced air travel because of SARS, climbed off five-month lows. The European Central Bank's 2.5 percent interest rate has made euro deposits attractive for investors faced with alternatives of 1.25 percent in the United States and next to nothing in Japan. That helped drive the euro to $1.1140, its highest since February 1999, and 133.20 yen, its highest since March 1999, dealers said. The rise came despite a report on Tuesday showing U.S. consumer confidence (news - web sites) in April recorded its largest jump since the end of the 1991 Gulf War (news - web sites). "The euro remains strong, and it gained more support due to the fact that the dollar stayed under pressure. I was a bit shocked to see that the dollar slumped despite strong consumer confidence data," said Hideaki Furumaya, head of the interbank desk at Trust and Custody Services Bank. Profit taking wiped out much of the gains by late Asian trade, leaving the euro at $1.1123 compared with $1.1074 in late U.S. trade, and at 132.77 yen, little changed from 132.74 yen in New York. The dollar also weakened against the yen, to 119.40 yen versus 119.80 in late U.S. trade. SONY SHOCK SUBSIDES The consumer confidence data helped U.S. stocks score modest gains on Tuesday to hit highs last seen in mid-January, but most Asian markets inched up at best amid lingering concerns about Severe Acute Respiratory Syndrome (SARS). The exception was Tokyo, where the market reopened after a holiday on Tuesday needing to catch up with gains elsewhere in the world. The Nikkei 225 average jumped to 7,831.42, up 2.9 percent from Monday's 20-year closing low. News that the Bank of Japan had decided to inject more liquidity into the financial system, citing concern over weak share prices as a factor, underpinned the market. "The rise in New York over the past two days has been key. Most earnings results, excluding Sony, haven't been bad, and we've seen Hong Kong rebound on hopes that SARS has peaked there," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. Consumer electronics giant Sony Corp (news - web sites) rebounded 6.6 percent, after losing 27 percent in the previous two sessions following a disappointing earnings statement and outlook last week. Hong Kong stocks were little changed by 2:30 a.m. EDT while Singapore was down 0.8 percent. SARS worries continued to weigh on both markets, despite rallies this week on hopes the outbreaks had peaked. "The SARS problem is not over yet, that's for sure. The market is just harboring hopes that it will be over sooner than expected," said Gabriel Yap, senior vice president at Singapore brokerage Kim Eng Ong Asia. Taiwan fell 1.2 percent on worries about companies with investments in China, the epicenter of the virus outbreak. Chinese shares edged up ahead of a long market holiday. Australia was flat while South Korea (news - web sites) gained a third of a percent. OIL CLIMBS Oil futures climbed off five-month lows as the market awaited the release of weekly U.S. inventory data later in the day. U.S. light crude rose 0.9 percent to $25.47 per barrel after ending lower for a sixth successive session on Tuesday amid expectations the data will show another rise in inventories. A slump in air travel because of SARS has also undermined crude. Gold gained as the dollar weakened, rising to $334.80 an ounce from $333.90 at the U.S. close. On Wall Street on Tuesday, the Dow Jones Industrial Average finished up 0.4 percent at 8,502.99. The Nasdaq Composite Index added 0.6 percent to end at 1,471.30, a closing level not seen since early December.

To: StanX Long who wrote (9635)	4/30/2003 10:16:54 AM
From: Return to Sender	Read Replies (1) \| Respond to of 95656

SNIP: The market wrap tonight also mentions that the NASDAQ-100 bullish percent has risen to 70. Thus, 70 percent of the stocks in the NDX are on a buy signal. That's technically overbought territory and a market top cannot be far away. I know we've been saying the same thing about a market top coming due to the VIX and VXN indicators and our cautious statements remain. With the VIX and VXN at lows and the major market indices at resistance (albeit the Nasdaq and the SPX are in breakout mode) this is a crucial decision point for the markets. Given the economic reports coming out this week, it only takes one of them to be the catalyst and have Wall Street use it as an excuse to sell. asianinvestoronline.com Stan, I don't entirely agree with the statements above. I think BPNDX is not extremely overbought until it hits 75: investorshub.com However many of the charts indicate (like the one you linked) that we are indeed overbought so even if I do change my bias to a bullish one I will be waiting for a dip to buy long. RtS