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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (24473)	8/17/1998 9:09:00 AM
From: Jurgen	Respond to of 94695

Yes, Russia allowed to float, 12% down. HK +10% - isn't HK closed today ? [EDIT] Rubel down 12% aver Russia allowed it to float and called for a 90 day debt moratorium

To: James F. Hopkins who wrote (24473)	8/17/1998 9:09:00 AM
From: Pierre J. LeBel	Respond to of 94695

YES, Jim, the Russians have decided to let the ruble floats... msnbc.com Have a very nice day. Pierre

To: James F. Hopkins who wrote (24473)	8/17/1998 9:15:00 AM
From: HairBall	Read Replies (1) \| Respond to of 94695

James: I stated in an earlier post I expected the overall market to be up in the am. After further analysis, I am still leaning toward up, but I am not sure. Quite frankly, I have analyzed myself onto the fence. <g> I do believe, S/MMs took major positions at the close. We should see a major move in the market today. BWDIK Regards, LG

To: James F. Hopkins who wrote (24473)	8/17/1998 9:16:00 AM
From: yard_man	Read Replies (1) \| Respond to of 94695

Heard it this morning -- It's official. Germany is trading lower because of it.

To: James F. Hopkins who wrote (24473)	8/17/1998 9:22:00 AM
From: Philipp	Read Replies (2) \| Respond to of 94695

Jim: Russia did not technically devalue, but allowed the ruble to float down by up to 30 % or so. However, from the latest exchange rates I saw (a few hours old now), it only fell by something like 5 %. The RTS (Russian Trading System) seems to be up in $ terms (as often happens after a widely expected devaluation occurs). Hong Kong is closed today, and European markets are remarkably calm. If they devalue it's no small thing and will effect billions in loans, it's far worse than if their stock market went zilch. Noone, should really expect to see much of the loan money back (and never should have; Russia is a financial black hole), but companies like Lukoil should survive and are sort of a safe haven (unless of course they are being renationalized; that is a possibility, but I doubt that the mafia will allow that). A friend of mine made a 40 % profit in two days this way. The bigger crashes come when no one is prepared for them, or the market moves below it's last major support, like I think back in Jan we did a 7600 DOW & about 980 S&P if we were to take them out we could have a melt down just as bad as Asia, I fully agree. Cheers and good trading, Phil