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Strategies & Market Trends : Roger's 1997 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Roger A. Babb who wrote (6599)	11/7/1997 7:35:00 AM
From: purecntry5	Respond to of 9285

Morning Roger...I have a feeling your going to have a very popular thread today, and maybe for the weeks to come as well. I've got CTXS and YHOO so I'm looking for an excellent day and an even better Monday. LCOS looks to be an excellent short if it doesnt gap down too bad at the open. Good Luck Cowboy Brett

To: Roger A. Babb who wrote (6599)	11/7/1997 7:48:00 AM
From: Kevin Stull	Read Replies (1) \| Respond to of 9285

Good to all - any ideas on SMTC or RMBS for shorts today? Also UIS for a quick scalp. Thanks, Kevin

To: Roger A. Babb who wrote (6599)	11/7/1997 8:03:00 AM
From: Steve168	Respond to of 9285

Am I already late after the low open? Thanks,

To: Roger A. Babb who wrote (6599)	11/7/1997 8:32:00 AM
From: Stephen D. French	Respond to of 9285

Asian-Pacific Markets Drop; Japan, Hong Kong Stocks Fall An INTERACTIVE JOURNAL News Roundup Tokyo's Nikkei tumbled 4.2% Friday, leading Southeast Asian stocks lower on renewed fears that struggling Japanese financial institutions may sell-off equities to improve their balance sheets. Hong Kong's Hang Seng fell nearly 3% on worries about local interest rates and the slide in South Korea's equities market. European markets mirrored losses in Asia in midday trading. The Nikkei stock average plunged 4.2% to its lowest level in 28 months as investors dumped shares on a news report that Bank of Yokohama decided to sell almost all its stock portfolio in two to three years. The report, which said Bank of Yokohama would sell stocks with a book value of nearly 600 billion yen to improve its balance sheet, added to fears that many other struggling Japanese financial institutions would take such action. The Nikkei average of 225 selected issues tumbled 697.51 to 15836.36 after an 85.82 rise Thursday. The Nikkei last finished below 16000 on July 6, 1995, when it closed at 15256.89. The 16000-level is believed to be crucial for the market because below that level, many banks have unrealized losses on their stock holdings. Overseas investors already have been unloading financial issues in recent sessions due to worries about their exposure to the Asian currency crisis. The Nikon Keizai Shimbun report added fuel to the fire. When the report "suddenly appeared on the front page of the Nikkei, it was enough to discourage investors" even further, said Mikio Takada, general manager of the stock division at Nikko Securities. Bank of Yokohama, while not confirming the report, didn't do much to allay the fears. It issued two brief statements during the day. The first one said it didn't plan to sell "all" its stock holdings. The second reiterated this but confirmed that the bank was "adjusting" its stock and loan portfolios as part of a program of shrinking assets. Meanwhile, the Hong Kong Stock Exchange was affected by rumors of speculative bidding against the local currency and worries that interest rates could climb further, hurting corporate profits. The Hang Seng Index tumbled 308.06, or 3%, to 10104.50. The Hong Kong government, meanwhile, made public a strong vote of confidence in the economy from the International Monetary Fund. The fund concluded its annual health check of the Hong Kong economy by saying it was fundamentally sound and praising the government's response to the recent market turmoil. It also endorsed the Hong Kong dollar's peg to the U.S. dollar. The Hong Kong dollar is the last major currency in Asia still pegged to the U.S. currency. Its failure to depreciate as other Asian currencies have fallen has made it a target of speculators, and the government's defense has resulted in higher interest rates. Although IMF and government support for the fixed link to the dollar offers assurance of economic stability, it also depressed stocks amid worries about continued high interest rates. Philip Wong, an analyst of Pacific Challenge Securities Ltd., noted that the Korean stock market was hurting trading in Hong Kong in particular. "The Korean market was down nearly 7% because of the currency turmoils," which had dragged investors' interests to Hong Kong stocks. The Korea Stock Exchange's key index plunged 6.9%, its biggest one-day drop, following the sharp decline of the Korean won against the dollar. Other Asian markets were hurt by the drops in Tokyo and Hong Kong. The key index in Australia fell 2.2%; in Taiwan, 2.7%; Indonesia, 2.7%, and Malaysia, 3.2%. European markets extended early losses in midday trading Friday amid fears about a possible global market rout. The Financial Times Stock Exchange index slumped 1.8% and the IBIS-DAX in Frankfurt was down 2.3%. On the Johannesburg Stock Exchange, the All-Share Index was down 2.3%. The Paris CAC-40 was down 2.4% and the Milan Mibtel Index was down 2.4%.