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Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: wizzards wine who wrote (4000)	6/23/1998 2:28:00 PM
From: R Stevens	Respond to of 34810

Preston, this was from yesterday. Looks like sometimes we are the chicken and sometimes we are the egg in terms of the inter-market influence effect, and sometimes there seems to be no relation at all. My conclusion?...when the US is trending down, negative foreign market moves will exaggerate our downtrend, but positive foreign market action won't do much. And when the US market is heading up, the foreign markets will only help but not hurt too much. Thus if the asian markets were to have a big rally tonight it might fuel an even bigger up day tomorrow. Or perhaps...the foreign markets are bottoming and the US market is just a leading indicator of their imminent upturn. Any thoughts? Asian markets close lower Last Update: 12:25 PM June 22, 1998 HONG KONG (AP) _ Most Asian stock markets fell Monday, with Hong Kong slumping 4.5 percent as investors dumped stocks in the absence of a precise plan by Japan to bolster its economy. Philippine stocks also tumbled, dragged down 3 percent by continuing concerns over the faltering Japanese economy. Meanwhile, the U.S. dollar soared against the Japanese yen. The dollar was quoted at 138.54 yen in Tokyo, up 3.57 yen from Friday in Japan. Brokers said investors were disappointed that Japan had not come up with any measures to boost its faltering currency and economy after world finance officials, including Deputy U.S. Treasury Secretary Lawrence Summers, met in Tokyo over the weekend. The yen's slide in recent weeks rocked Asian financial markets by stirring concerns about a possible new wave of currency devaluations like those that triggered the region's economic turmoil last year. Thai shares also fell 3 percent as investors saw little hope of a short-term recovery in the stagnant Japanese economy. Malaysian shares fell 2.1 percent because of the continuing weakness of the Japanese yen and in Singapore, the benchmark Straits Times Industrial Index slumped 2.2 percent. On the Tokyo Stock Exchange, the 225-issue Nikkei Stock Average edged up 41.11 points, or 0.27 percent, closing at 15,309.09. Attention focused on a dramatic decline in shares of Long-Term Credit Bank of Japan amid rumors, which LTCB denied, about the bank's health and a possible merger with other institutions. Elsewhere: TAIPEI: Share prices closed 1.61 percent lower on profit-taking. WELLINGTON: New Zealand share prices closed 1.6 percent lower. SYDNEY: Australian share prices closed 0.3 percent higher, supported by a steady performance from Tokyo's stock market and by a stronger gold price. SEOUL: Share prices closed 1.4 percent lower on worries that the yen could resume its plunge against the U.S. dollar. JAKARTA: Indonesian shares closed 1.1 percent lower.