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To: Sonny McWilliams who wrote (19889)	6/17/1998 5:39:00 PM
From: Frank Ellis Morris	Respond to of 27012

Good Afternoon Sonny, Hi and hope that you are feeling well? I am glad that you made a nice quick profit with AMZN but I was a little uncomfortable with the sharp run up as it is not earning anything to support the level. I think you made a smart move. Yes that was unfortunate for HWP to be downgraded. The one bright spot is that Oracle beat earnings estimates by 3 cents and this may help the market tomorrow. The trading in the pits ended with the s+p futures up sharply. I will probably tune in tomorrow morning at 6 to see how things fared over night in Europe and Asia. Wednesday June 17, 4:53 pm Eastern Time U.S. stock index futures end sharply higher CHICAGO, June 17 (Reuters) - U.S. stock index futures ended sharply higher as strength in the Nasdaq and broader markets lifted September Standard & Poor's 500 to resistance around the 1,126.50 area, traders and analysts said. They said buying remained heavy in afternoon trade due to gains in Asian and European stocks, as well as U.S. and Japanese intervention in support of the yen which was estimated by dealers at $6 billion. September Nikkeis soared as the yen stabilized below 137.00 spot in afternoon dealings. Traders are looking for the contract to test resistance at 15,500 in the near term. ''Everyone and their uncle has been buying Nikkeis,'' one futures floor source said, estimating volume for September at about 8,000 contracts for the day. He said September Nikkeis' ability to hold at about a 600-point premium to SIMEX Nikkei futures, which closed Wednesday's session at 14,765, was a bullish sign. ''Really, it's a pretty positive thing whenever September is even trading 200 or 300 better than SIMEX,'' he said. ''It's certainly possible the Nikkei is bottoming,'' Charles Crane of Key Asset Management told Reuters Television on Wednesday. ''But the news out of Japan is likely to get worse before it gets better.'' Toward the end of pit trade, U.S. Treasury Secretary Robert Rubin said that the U.S. decision to intervene did not mark a shift in the U.S. strong dollar policy and that intervention had more to do with Japan's problems. Some traders initially speculated the joint intervention occurred due to a serious commitment from Japan to finally implement aggressive economic reforms. U.S. President Bill Clinton said early Wednesday that Japanese Prime Minister Ryutaro Hashimoto had made clear that he was prepared to take ''bold steps'' to move the Japanese economy forward. The mere possibility of serious economic reform in Japan was enough to erase the negative sentiment in the U.S. stock market, which has been bearing the brunt of the exodus of safe-haven money into U.S. Treasuries, they said. Traders noted the Nasdaq composite's strength helped propel to September S&Ps to their lofty levels. ''The secondary stocks are looking a lot more appealing from a valuation point of view,'' Crane also said on Reuters Television. One U.S. dealer alone bought 5,000 to the day's high at 1,126.50 from 1,122, floor sources said. "We've seen wave after wave of buying," one trader said. At the end of pit trade, September S&Ps were up 22.60 at 1,122.10, Dow futures gained 181 to 8,938, KCBT Value Lines were up 13.30 at 944.10, NYSE New Composites were up 11.65 at 576.80, Nikkeis gained 565 at 15,370, Midcap 400s were 2.85 higher at 357.10, Nasdaq 100s were up 19.00 at 1,245.50 and Russell 2000s were 6.00 higher at 450.00. Have a good evening Frank