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Strategies & Market Trends : The Stock Market Bubble -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (1115)	8/13/1998 9:21:00 AM
From: Box-By-The-Riviera™	Read Replies (2) \| Respond to of 3339

very nice soros ditty..... the sorrow of soros????????????? the interest rate thing is all wrong............ a very good reason why interest rates will not rise.... is they will be a tool used by the fed to attempt a soft landing as we go into recession.... hence, low rates in a bear market............ all markets are reverting to a mean standard....of about ten years ago......with the US going back about seven...(add some kind of time value of money calculation)..... and I bet you can support a 6500-7000 DOW more than theoretically..... it's all lining up nicely... oil yen/dollar asia markets CRB index etc etc etc..... all at ten year ago levels...... but we go seven barring the unforseen....such as panic.... Joel

To: Moominoid who wrote (1115)	8/13/1998 5:46:00 PM
From: Box-By-The-Riviera™	Respond to of 3339

here's another nice once.....courtesy of reuters..... Wall St reels as Russia's rocky finances unnerve By Huw Jones NEW YORK, Aug 13 (Reuters) - Wall Street reeled Thursday as the unfolding financial crisis in Russia added to investor worries that the global economy was under siege and corporate profits will suffer. ''There is uncertainty over the direction of Japan and their economy, and the new fears over Russia and implications that may have on the banking system in Europe and the United States,'' said Harvey Hirshhorn, chief economist and investment strategist at Stein Roe & Farnham. The Dow closed unofficially off 93.46 points at 8459.50. ''The prospects for corporate profits continue to be scaled down by investors and as we look out over the next several months, there will be continued pressure on U.S. stocks,'' Hirshhorn said. ''We could get relief rallies at times and bargain hunters will come in, though some got their fingers burnt in this morning rally.'' The Dow rose more than 50 points in opening trade, but the rally quickly fizzled, leaving blue chips to whipsaw largely in negative terrain as a spate of computer program trades took their toll. The market was already in poor technical shape and groping for direction before facing the unfolding crisis in Russia. Investors were winded earlier in the week when the Dow slid 112 points Tuesday after the yen tumbled. ''This is a market unsure of its direction and trying to make the bottom from earlier this week a good one. But I have a feeling we are going down to test the lows we made last week,'' said Scott Bleier, chief investment strategist at Prime Charter Ltd. On the New York Stock Exchange, declining issues led advancers by two-to-one on volume of 661 million shares. Russia's stock market ended off 6.5 percent after mining two-year lows in what was dubbed Black Thursday. The central bank stepped in to protect both the rouble and the banking system amid calls for a devaluation. The Moody's and Standard & Poor's rating agencies downgraded long-term foreign currency deposit ratings for as many as 11 Russian banks due to concerns that Russia's crisis has knocked confidence in the banking system. With few signs of resolution to Japan's and Asia's crises, and with U.S. corporate profits shrinking, investors feared worse news for the world economy, analysts said. International financier George Soros, famed for his role in sending the British pound spinning from the European Exchange Rate Mechanism in 1992, urged a rouble devaluation coupled with swift western help to stabilize the currency. The dollar edged higher against the mark following his comments. In isolation, Russia's woes would have had little immediate impact on the United States but, swallowed with Asia's problems, investors began thinking the worst. ''Synchronized global recession and deflation - that's the worry,'' said Hugh Johnson, chief investment officer at First Albany Corp. Expectations for Wall Street guru Abby Joseph Cohen's latest word on the market midmorning, raised some investor hopes, but even though she delivered the expected bullish comments, the effects of those comments quickly faded. Cohen, a Goldman Sachs' market strategist, did not change her stock market targets or earnings projections. Stocks were now at the bottom of their trading range, and Asia's impact was only a modest negative, she said. Gary Anderson, who advises money managers said: ''The bull is not done. He's old, but he's not out. He's crafty, and his enemies may be somewhat exhausted.'' DuPont Co. (DD - news) shed 5-1/2 to close at 55, accounting for over 20 points of the blue chip index's losses. The chemical company warned that third quarter earnings will fall short of a year ago due to weak oil prices and Asia's crisis. Among the most heavily traded stocks Thursday, shares of Premier Parks (PKS - news) plunged 7-8/16 to 19-5/16 after warning that 1998 earnings may fall short of estimates. Kohl's Corp. (KSS - news) rose 4-5/8 to 57-1/8 on news the company will be added to the S&P 500 after the close of trading Thursday. It will replace Mercantile Stores Co Inc. (MST - news). Shares in Internet stock GeoCities (GCTY - news) slid seven to 38-1/2 after Federal regulators said it misled its members by secretly selling personal information about them to marketers. The stock made a dazzling debut on the Nasdaq earlier this week. The Russell 2000 small caps bellwether fell 4.72 points to 403.83. The 30-year Treasury bond shed 14/32 to yield 5.65 percent. Retail sales fell 0.4 percent in July, the first decline since last October, with the strike at GM blamed for the drop.