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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Pancho Villa who wrote (10410)	6/23/1998 9:12:00 PM
From: Joey Two-Cents	Read Replies (4) \| Respond to of 18691

Good Evening Pancho, looks like the Chinese financial system is starting to show the stess and wear of the Asian crisis. Moody's reports on 6/19 the Chinese banking system remains "critically weak" and the problems may soon be compounded by an interest rate cut that will reduce profit margins. It goes on to say interest or principal payments are overdue on 25% ($270B)of the loans. In another story the Hainan Development Bank became the first Chinese bank to fail amid the country's banking reforms. Also, China Venturetech Investment Corp, one of the country's largest investment companies, said it was ordered shut down at once because of bankruptcy. I don't think we'll get through the 3rd quarter without devaluations in China, Russia and Brazil also possibly Mexico and Venezuela. From the news releases I've been reading, Australia and New Zealand are fast approaching economic crisis with their currencies and economies sliding into recession/depression quickly. On another note, I picked up some BPT (Prudhoe Bay Trust)@ 10 7/16. BPT is a trust that distributes a quarterly dividend that is a % of profits on oil sales from Prudhoe Bay drilling. It was $ 15 in April and with that OPEC meeting tommorrow I figure I may be able to pickup a couple of quick points. BUFFET FILES CHAPTER 11 !!!!!! biz.yahoo.com Hong Kong headed for recession washingtonpost.com CNBC #1 (50% of American Adults are invested in Stocks) dailynews.yahoo.com Kremlin announces econcomic anti-crisis package nando.net China cancels press visas Clinton protests cnn.com