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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: mike who wrote (8596)	11/7/1997 2:12:00 AM
From: Volsi Mimir	Read Replies (1) \| Respond to of 25960

Sorry to interrupt your conversation on HK I have one question and one short story 1 for me and 1 to figure Q? If i put in a sell or buy order now after hours on etrade would that transaction be put in a queque<sp>(first come first serve) or does the MM match what they see 1st on their screen when they first arrive-- ie should I put in 1 sell order and 1 buy order now or can i wait 4 hr after i sleep? story- I wanted to get a bull and bear coin so i called tradeline. This was a week before last Mondays Loss- got a call from their broker and had a nice discussion I had an extra 10,000 (which I put into CYMI and margined and added to this overweight stock this is my gorilla) He told me to watch out bad things to come and I said Thank you and it did. Mon he called and left a message saying it would bounce it did. needless to say he wants my business but he was right--yesterday he left another message and said that to watch for this market to retest the lows--- now since he was right 2 for 2 in this short time -- i cant sleep --thinking it will be 3 for 3 With my limited experience I'm not ready or able to read the tea leaves like many do. Did you guys readily see what had already occurred or were able to judge it?-- i.e. after alot of experience are you able to gauge a feel for the market if so do you feel we will test the lows like last week? Thanks in advance and so for bad puncuation and <sp> you dont need this to drive a truck learning eddyb

To: mike who wrote (8596)	11/7/1997 4:42:00 AM
From: Jess Beltz	Read Replies (1) \| Respond to of 25960

Mike, pleased to meet you as well. Let me respond to your several questions. (1) I have never been aware of HK banks being heavily involved in the T-Bill market at all. There are such things as E-Bills here (exchange bills) and while they are a debt security, they are really not used at all the way T-Bills are, ie the government issuing debt to the public/corporate sector. They are used almost strictly as an interbank liquidity vehicle. Banks with temporary excess cash reserves can park them in E-Bills, while those in need of cash can borrow from the exchange fund, or sell E-bills that they have. There is no possible loss of public confidence in the exchange-bill program, the public simply has no access to this market. (2) The Banks here are not in real deep trouble that I know of. There is and has been a property market bubble here for a long time. Some of the big property developers are going to take a hit, but they are very wealthy, and most will survive. The banks do have some exposure to the property market, but are only in danger from the commercial real estate side of their portfolio, not the consumer side. In fact, on the consumer side, (a) there is still such demand for housing that yesterday a bank raised its mortgage rate with the intent of making no more loans to the sector. Borrowers typically have to put 40% down, so the default rate on the home-mortgage portfolio will not increase substantially, whatever happens. I think both sectors are in for a hair-cut, but will come out of it alright. The bigger question is, will the currency speculators return again, and if they do, will the HK Monetary authority raise interest rates again in an attempt to defend the currency, thereby crushing the stock market. It seems the currency speculators first take big short positions in Hang Seng Index Futures, hoping for just this chain of events. Two days ago I was talking about this very subject to my HS futures trader, and he said they have standing orders to short Index Futures heavily on any anomalous increase in open interest volume in futures contracts. Hope this helps. jess.