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Strategies & Market Trends : S&P Index Futures (Daytrading SP) -- Ignore unavailable to you. Want to Upgrade?

To: VALUESPEC who wrote (63)	12/11/1997 1:05:00 AM
From: VALUESPEC	Respond to of 350

Japan is now down about 2.7% and S Korea is down about 5.6% HK -6% and tailand - 5% The s&p is now - 9.60 to 960.60. I hope for the sake of my s&p things stay this bad. I expect the market to gap down limit in the morning if everything stays down in asia. Korea's currency fell limit down (10%) to another record low. This is bad. It is putting pressure in the HK dollar which some fear might collapse. If it does, run to the phone and short a bunch of s&ps becasue the market will almost definitley have a very bad day if it does fall. Here is a pertinent article: AOL MarketDay Close, Dec. 10 _____________ Live Market Commentary from Briefing.com Close Dow -70.62 at 7979.04, Nasdaq -23.93 at 1596.62, S&P -6.00 at 969.78: Another down day on Wall Street with several companies checking in with earnings warnings, and Microsoft reporting that its revenues are slowing in Asia due to weak PC sales... Both occurrences led to a broad-based retreat that was paced by technology and banking issues... Indices traded sharply lower throughout the day before a late buy program helped pare the losses... Late move was a bit surprising in that previous recovery attempts throughout the day had all been met with renewed selling pressure... Nonetheless, last week's bullish sentiment has faded with investors growing more cautious amidst the realization that the Asian crisis will have an adverse impact on earnings... Lowered earnings estimates for Coca-Cola, Oracle's earnings disappointment, and Microsoft's announcement this week providing further evidence that Asian troubles are real and cannot be dismissed... And today, J.P. Morgan (JPM -5) added another spice to the mix, stating that volatile global market conditions had led to less client activity and lower trading revenue... JPM didn't quantify the amount of the trading loss, yet it's declaration was tantamount to an earnings warning... Subsequently, banks and blue chips sold off precipitously following the news... Other notable companies checking in with earnings concerns today included Oxford Health Plans, Tenneco, and Excel Communications... There were few positives in today's session, yet gold stocks managed to buck the trend as the price of gold rebounded slightly... Breadth figures were distinctly negative on both the NYSE and Nasdaq... Long-bond traded +18/32 to yield 6.08% with much of its gains coming after the futures close... DJTA -5.60... SOX -7.56... XAU gold index +3.43.

To: VALUESPEC who wrote (63)	12/11/1997 1:15:00 AM
From: VALUESPEC	Respond to of 350

Thursday December 11, 12:45 am Eastern Time FOCUS-S.Korea markets despair as crisis deepens By Jaekwon Lim SEOUL, Dec 11 (Reuters) - South Korea's desperate effort to regain foreign confidence failed to ignite buying interest in the country's stock market as the Korean won continued its plunge on Thursday, dealers said. Currency trading again came to a halt in the first few minutes after the won plunged to its 10 percent daily lower limit of 1,719.8 to the dollar. The stock market slumped more than 5 percent. In a nationwide address, South Korean President Kim Young-sam took the blame for the economic crisis. "I cannot find the right words to apologise," he said. Traders shuddered as they watched the stock market tumble and the won being abandoned. ''I am really scared,'' said one trader at Dongsuh Securities. ''The mayhem will go on and on.'' An executive at a local brokerage firm added: ''It's a massacre. Even the country's president is helpless.'' Kim's words were buried by the panic that dominated South Korean markets. The composite stock price index closed the morning session down 4.71 percent at 381.03 amid broad sell-offs. The previous yearly low was 356.82 registered on December 3. The plunge in the won means the South Korean unit has lost 51 percent of its value against the dollar so far this year. ''If the government lets the market as it is, the dollar will head for 2,000 on Monday,'' a foreign bank dealer said. ''But it has run out of ammunition.'' South Korea's desperate quest for dollars led it to open 50 percent of its equity market to foreign investment on Thursday, four days earlier than expected. But foreign buyers were almost non-existent with blue chips battered by heavy selling instead. ''The enormous risk of the Korean currency is scaring off even the most daring investors,'' said Oh Yon-suk, a director of Hannuri Investment & Securities. Traders voiced their increasing frustration over the government's handling of the crisis. ''The government's idea to move up the market-opening schedule to Thursday from next Monday was accepted by foreign investors as another Korean joke,'' said a broker at Daewoo Securities. That meant even one day was an eternity to South Korea with its dollar reserves running on empty, brokers said. ''South Korea's country risk is in sharp focus with every foreign investor and their feeling is that the situation could become worse,'' said the Daewoo broker. South Korean credit ratings were also hit. Overnight, Moody's Investors Service lowered South Korea's foreign debt currency ceiling, while downgrading the ratings of 31 Korean issuers. Traders said South Korea was caught in a vicious circle with the currency crisis driving away foreign investors despite the allure of a cheap and now open stock market. ''As long as the won doesn't recover, foreign funds will not flow in,'' said Wang Jang-sik, a broker at Shin Young Securities. The situation has been little changed in the South Korean debt market with no trading seen in benchmark corporate bonds even at 25.53 percent yields, unchanged from Wednesday.

To: VALUESPEC who wrote (63)	12/11/1997 1:48:00 AM
From: ratan lal	Read Replies (4) \| Respond to of 350

Valuespec << Now I'm short again @ 966.80. >> Another good move. At 1:47 a.m S&P is down 9.20 and all SEA markets are down substantially. I see a blood bath tomorrow. I watched S&P around 8:30 est when it was down only .20 and I was talking to my friend and watched it go down to 1.20 as we spoke. Checked the SEA narkets and they were all read. Even suggested to my friend that we go short but then just didnt trust the SEA markets to do it. I even thought about doing only 1 contract then forgot about it. Well!!! live and learn S&P now down 10.20 as I type. Good Trading ratan