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To: IQBAL LATIF who wrote (19223)	8/10/1998 8:43:00 AM
From: Nemer	Read Replies (1) \| Respond to of 50167

Greetings Cousin Ike: As usual, your posts enlighten me and grant me an understanding and comprehension of the world markets that I don't have without reading them. I don't follow Venezuela but the last part of the week has piqued my interest ..... Tues ...... 4737.02 Wed ..... 4656.05 Thurs ... 10817.10 Fri ........ 4394.13 and I'm showing the close Fri to be down more than 59%, which of course is correct mathematically ..... I would normally go find out for myself and not bother you with such a mundane request, but I have jury duty this morning and it's possible that my posting will be limited for a while, depending upon whether or not I'm selected and the type of trial . I thought the rest of the thread might possibly be interested in the reasons for such a precipitous drop, also. Thanks again for your daily reports. Regards --- Uncle Nemer

To: IQBAL LATIF who wrote (19223)	8/10/1998 10:49:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

1. Market pit rumors - The pits want to first of all clean out the people who have gone short the market opening. The market is now 1088 SPU; they would clean out the short on opening taking their cue from Europe. 2. In my opinion, the market would also like to test 1102 but pits also want to test 1080 today so this will be a range-driven market between 1102 and 1080. The kind of excessive pessimism in the market is indicative that there can be a short-covering rally. One needs to be careful in shorting this market. 3. As I indicated to Raj that although Rubin is not intervening, he will throw something to the traders, but the traders may take the Yen to 150 and beyond and intervention will be at the upper ranges between 149-153. 4. A Chinese devaluation is heavily rumored, but Chinese have a limited convertibility of yuan and the hardest hit will be Hong Kong. So, for growing export parity over Asia, the Chinese would have to have to think that their devaluation will not be the last. They might become competitive against Japan but other ASEAN countries will follow suit, rather, the markets will sell their currencies, but the second round does not have more than 5-10%. I think the Chinese will still be looking heavily at Rubin and Japanese PM, Obuchi, but they will not intervene until they trap traders big. This post has been dictated by Mr. Latif as he is tied up in meetings for the next couple of hours and will not be able to log in. Therefore, please accept my apologies in case of mistakes in numbers or text. Samira Asst. to Mr. Latif

To: IQBAL LATIF who wrote (19223)	8/11/1998 4:24:00 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

My prediction in the morning was we will hold support at 1060 and that is what happened-- my 1070 pivot is under test and this is from my 29th July post to James Strauss- we are moving with the pivot -we did check 1060.5 and 1058.5 twice during the day.I sold some naked 1020 puts and went out for my jogging- came back and saw the market where I wanted it to be, I was expecting 1080 but a good trade. In this market the biggest shorts are the 'longs' not the shorts, probably someone will realise soon that world is not coming to an end and we may see ASEA stabilising. I will think we will test 1080 tomorrow.