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To: tom pope who wrote (16026)	8/27/1998 4:31:00 PM
From: Larry S.	Read Replies (3) \| Respond to of 53068

THIS MARKET SUCKS !!!!! there, i feel better. eom

To: tom pope who wrote (16026)	8/27/1998 11:23:00 PM
From: DanZ	Read Replies (1) \| Respond to of 53068

PIR. Tom, The following question and answer came directly from Pier 1's web site. Q. How does the currency situation in Asia affect Pier 1 Imports? A. With the expectations of devaluation over time causing a weaker Asian currency and a stronger U.S. currency, Pier 1 should see modest margin gains. So you are right, the devaluation of the yen should benefit the company. In addition, they have over 750 stores, only 16 of which are in Japan. They don't have a lot of exposure on the retail side over there. The stock is simply getting hit with the rest of the market but acted well after the opening today. Who knows what tomorrow will bring. The S&P futures closed at a discount to cash of 6.09 points today and I think fair value is between +2.50 and +3.00 right now. Somebody please correct me if this isn't correct. The futures are trading up 2.60 points right now but they would have to be up another 6.50 just to get back to fair value. If the market were to open right now, the Dow would get hit with a sell program that would take it down about 50 points. The S&P 500 broke support at 1054 today and I don't see further chart support until 985 to 1000. That's about another 40 points below where it closed today and translates to about 280 Dow points. If a miracle happens and the S&P manages to close back above 1054, then I would turn positive on the market. For now, you have to be bearish given the chart. Despite that, some stocks will go up even if the market averages goes down. Will PIR be one of them? Dunno.