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

To: ratan lal who wrote (130)	12/19/1997 6:55:00 AM
From: VALUESPEC	Read Replies (2) \| Respond to of 350

Top Prudential Bull says 1998 will be down 20%, etc: <<Friday December 19, 4:52 am Eastern Time FTSE 100 opens lower after Tokyo, Wall St slide LONDON, Dec 19 (Reuters) - The UK's FTSE 100 index opened one percent weaker on Friday in response to sharp falls in Asian and U.S. stock markets overnight. The leading share index had fallen 53.6 points to 5,114.7 by 0901 GMT. The softer tone was expected to be mirrored across Europe, after Tokyo stocks suffered their third biggest points loss this year, reminding investors that financial turmoil in Asia was still very much alive. ''The longer it goes on, the more serious it becomes,'' said one trader. ''We have to admit to being nervous.'' The Nikkei 225's five percent fall was triggered by the collapse of a commodity trading firm on Thursday. Toshoku, was the ninth listed firm to fail this year and investors were increasingly doubtful about whether the government's economic stimulus measures would work. Most other Asian markets fell in sympathy. The Korean won suffered as the country elected its new president, opposition leader Kim Dae-jung. The Hang Seng finished with losses of three percent. Meanwhile, sentiment in New York was hurt by a bearish market forecast from one of Wall Street's long-time bulls. Ralph Acampora, Prudential Securities' chief technical strategist said he expected the majority of stocks to fall by 20 percent or more next year. The Dow shed 1.4 percent or 110 points to 7,846.5. Global bonds were pushed to new highs in early trade as stock investors dived for cover. The March long gilt future rose 14/32, within sight of the contract high of 122.00. ''The big question is whether the institutions will sell,'' another dealer said. ''We don't think they will, but just stepping away will be enough to take this market down 50-100 points.'' Investors were likely to remain edgy until after the ''double witching'' of FTSE index options and futures expiry between 1010-1030 GMT, the first such expiry under SETS. ''The expiry will add to the uncertainty,'' the trader said. ''People will move to the sidelines and that could exaggerate the market's fall because of the lack of liquidity.''>>