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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Frodo Baxter who wrote (6078)	9/1/1998 3:37:00 PM
From: Paul Berliner	Respond to of 9980

O.K., I'm kow tow-ing, but I'm a little suspicious of the HKMA's honesty in the release. The $HK suffered a massive attack through the last third of July and into August before the HKMA started buying shares on about 8/12. How can the figure be the same when they had to use money from somewhere to protect the $HK during that period? I accept the data you posted, but something in the back of my mind tells me it's impossible. Maybe they're not releasing the true figures because: A: They don't want the specs to see what their burn rate is/was. B: (Totally my off-the-wall opinion) Because we all know August's data on the fund's depletion will be significantly high, they carried over July's usage into Aug's in order to subdue panic and to play head games with the specs. I'll stick with A, though. Note: Govs. fudge data all the time. The Peoples bank of China admitted last week that non-performing loans are 24% of loans o/s compared to 10% - 11% as was previously acknowledge by the Chinese gov. Fitch immediately downgraded chinese banks after the release. Also, Fitch today downgraded 8 HK banks. Exclusive of my conspiracy theory though, I admit L.K. deserves the cigar for our cyberspace conquest.

To: Frodo Baxter who wrote (6078)	9/1/1998 3:58:00 PM
From: Sam	Read Replies (2) \| Respond to of 9980

What is Dear Abby saying? <<Abby Joseph Cohen, one of Wall Street's most respected strategists, sounded a bullish note. ''We expect little impact (from the developments) on U.S. economic growth, corporate profitability and cash flow, suggesting that values have notably improved in recent weeks,'' she said. ''Importantly, we do not expect global recession this year or next,'' she said in a report issued on Tuesday. Cohen has hung on to her stock market targets despite the volatility this year. She expects the Dow to sail easily through 9300 by the end of 1998, and the Standard & Poor's 500 Index likewise to meet 1150. Going a step further, she said investors should put more money into stocks. She urged that 72 percent of assets in a balanced portfolio be invested in stocks, up from 65 percent. The five percent that she had previously recommended in cash should now be switched into stocks, and investors should cut back investments in commodities to three from five percent. It was the first time Cohen has changed her numbers since October 28, 1997 -- a session when the Dow bounced up 337 points a day after plunging 554 points. Many credited Cohen, as well as a massive stock buyback by International Business Machines Corp. (IBM - news) for the turnaround.>> [end excerpt] Goldman Sachs' impending IPO wouldn't have anything to do with her comments, would they? No "global recession"? What does she think is happening to most of the people of this world?