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To: sheila rothstein who wrote (43147)	1/11/1998 10:51:00 PM
From: Spank	Read Replies (1) \| Respond to of 58324

So, Hong Kong is now down 10%... Does that mean we get slapped around some more tomorrow? What time did that market open? -Spank

To: sheila rothstein who wrote (43147)	1/11/1998 11:03:00 PM
From: Gary Wisdom	Respond to of 58324

Sheila, I'll discuss HK with you after Simpsons and King of the Hill is over. 9 PM PST. <eom>

To: sheila rothstein who wrote (43147)	1/11/1998 11:47:00 PM
From: Brent D. Beal	Respond to of 58324

***Gary, Could you explain the significance of the HK market's performance tomorrow as it relates to the US markets.? SR Hopefully not too significant, isn't it down about 12% right now?

To: sheila rothstein who wrote (43147)	1/12/1998 12:25:00 AM
From: Gary Wisdom	Read Replies (2) \| Respond to of 58324

Sheila, re: the significance of the HK market's performance tomorrow Sheila, FWIW, here's my opinion (since you asked for it): As you probably know if you've read the papers over the weekend, HK's Peregrine Trust is very close to going under, if it hasn't already. This has created another wave of fear in HK tonight. Now, with that said, why is HK more important right now than Japan or Korea? It isn't really. It's just another excuse for those that can impact the market to create a wave of panic here so that they can buy stocks cheaper. Of course, the reality of the situation is that, just like here, they have margin calls all over the world. Imagine if we were down 11% (we may be tomorrow - just kidding, I hope). There'd be margin calls all over the place and people would have to sell stocks at the bottom, causing an incredible diminution in wealth. The same thing is happening there. IMHO, this Asia crap is total bullshit. But, that's not going to help anyone tomorrow. Just another reason not to be margined these days. In sum, HK is and is not more important than Japan or Korea. For tomorrow, it will be. After HK hits 7000 later this week, it won't be. Now, go to bed and stop worrying. There's absolutely nothing you can do about it.