Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Shorting the Big Banks (e.g. JPM, BT, CMB, CCI) -- Ignore unavailable to you. Want to Upgrade?

To: BDR who wrote (10)	8/31/1998 11:00:00 AM
From: BDR	Respond to of 268

NEW YORK--(BUSINESS WIRE)--Aug. 28, 1998--J.P. Morgan said today that its exposure to the Russian Federation at August 27 was approximately $160 million. This comprises credit and settlement exposure to Russian counterparties of $70 million, including the full notional amount of foreign exchange contracts, and net trading assets of $90 million. In addition, Morgan has provided financing to non-Russian institutional investors and investment funds to invest in Russian assets. These financings are substantially supported by cash and U.S. Treasury collateral. J.P. Morgan also said that, because of unsettled financial markets globally and notably events in Russia, trading revenues (including trading-related net interest income) for the quarter to date are approximately $300 million. This amount includes losses from write-downs of Russian trading assets, partially offset by gains in other emerging markets, and lower revenues from trading activities in developed markets. CONTACT: Press contacts: Michael Golden, 212/648-3784 Christopher Molanphy, 212/648-8213 or Investor Contact: Ann B. Patton, 212/648-9446

To: BDR who wrote (10)	8/31/1998 11:48:00 AM
From: HiSpeed	Read Replies (1) \| Respond to of 268

Some banks holding up this AM - but still gobs of downside for most of them. On my list I have JPM, AXP, COF, EQ, BKB and the brokers, too. Limited upside and tons of downside for many of these so long as we remain in a ST bear market. Looks like the drugs finally collapsed today, too.

To: BDR who wrote (10)	9/4/1998 11:48:00 PM
From: HiSpeed	Read Replies (1) \| Respond to of 268

Searching for more of our favorite shorts that need to tank a little harder. Some banks are setting new 52 week lows- very bearish for the sector. Whether we short the BIX or BKX, the charts look the same. IMO, BEN has been whacked unusually hard and will be a very strong buy -- someday (so will STT). A few still need to set new lows: FTU, COF (just started to break), WFC is only 25% off its high; and if it follows the rest it has another 25% to go. I wouldn't fight the trend in this sector. Many of the banks are exposed to worldwide markets that are blowing up faster than Clinton can say "I didn't do it - well not legally". Anyone notice that gold is starting to tick up again? Drug stocks are holding up relatively well but I wouldn't want to be long anything in this market.