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To: DebtBomb who wrote (2683)	8/31/1998 11:56:00 AM
From: Trumptown	Respond to of 119973

U.S. stock index futures sharply lower early CHICAGO, Aug 31 (Reuters) - U.S. stock index futures erased brief early gains and turned sharply lower after bearish U.S. data rammed an already jittery market, traders said. September Standard & Poor's 500 futures fell to 1,007 in active choppy trade after the weaker than expected August National Association of Purchasing Management and July U.S. new home sales data, analysts said. NAPM Chicago's seasonally adjusted business barometer fell to 49.3 in August from 57.6 in July, the largest decline since May 1985, and versus forecasts for 56.1. Prices paid was 45.9 versus 42.8 and employment slipped to 48.0 from 50.3. ''It was probably the shock of the NAPM survey,'' said Nick Kalivas, Refco Inc. senior interest rate and equity market strategist. ''No one was looking for it under 50 and that basically illustrates a good chance the economy is slipping into a recession.'' September Standard & Poor's 500 futures edged to 1,038.50 just after the open on unenthusiastic buying, traders said. The contract stalled shy of resistance near 1,041, the high overnight, and erased gains and turned lower before the data. The contract plummeted through supports near 1,029, 1,024 and last week's low at 1,019.60 in short order, analysts said. Kalivas pegged support at 999.40, a late January low, and 992.50, an early January low, on a weekly continuous chart. U.S. new single-family home sales slipped to an 886,000 annual rate in July from a revised 900,000 in June and versus forecasts for 918,000, adding pressure, analysts said. However, Chicago NAPM is seen as a likely preview of Tuesday's national data and carried more weight, Kalivas said. ''We are just having a sheer panic that corporate profits will be basically nothing and so we are getting liquidation in the panic and ruining what was an early morning sigh of relief,'' Kalivas said. Noting the very moderate trade near the outset, one S&P trader said that the market's recent illiquid and volatile dealings had made many hesitant to jump in. ''You won't be able to send your kids to college after a couple of hours in here,'' he said. September S&Ps fair value was near 2.00 points over cash with index arbitrage buy programs likely triggered near 2.90 points over or more and sells near 1.20 points over or less. New York Stock Exchange rules curbed index arbitrage at 0906 CDT/1406 GMT after the Dow industrials fell to more than 50 points lower. At 1025 CDT/1525 GMT, September S&Ps were off 18.00 points at 1,013.00, Dow futures off 113 at 7,980, KCBT Value Lines up 0.75 at 785.00, NYSE New Composites off 9.55 at 505.50, Nikkeis up 180 at 13,850, Midcap 400s off 7.30 at 293.70, Nasdaq 100s off 49.75 at 1,225.00 and Russell 2000s off 8.95 at 349.50.

To: DebtBomb who wrote (2683)	8/31/1998 12:13:00 PM
From: Bucky Katt	Read Replies (1) \| Respond to of 119973

DW--There is no bottom, the financial markets are facing the abyss. People are flat out scared, seeing their lousy 401k plans going thru the floor. Ah, wait a minute, the 401k was the cause of all this mania in the first place! Add to that the world now looks at our govt. as something of a joke. Japanese have said they may dump their US govt. debt holdings. N Korea lets loose with a rocket, over Japan! Middle east spining out of control, as is Africa. "Naturo abhorret a vacuo" <Nature abhors a vacuum>, and we have a big vacuum in world leadership right now, to say the least. Take a look at the M2 money supply. They are printing like crazy. And Clinton will save Russia this week. Let's see, when the dow dumped 330, the Wilshire 5000 lost $468 BILLION in real money.. Gone, evaporated into thin air. You don't see the pudits talking about that, do you?? No, just buy the dips, everything is just fine. Just buy some more financial products, will you. Gee honey, I hope social security can save us. That is the next crap you will hear, put the SS money in the market, to save it!!!!!!!!!!!!!!!!!!! At some point, every Ponzi scheme ends, when the last fool has bought.