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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (7359)	9/2/1998 10:43:00 AM
From: MGV	Respond to of 22640

Nothing has changed externally in the past week except US equities have become alot cheaper. The upshot from that is that a significant rally in TBR likely is not imminent the way I see it. The EM fears are temporarily suppressed but, the GOJ still does not get it. Therefore, the Yen will fall again and fears of more currency attacks will be rejuvenated. Russia still does not have a PM. There will remain a high degree of instability there until well after one is in place. Whats more, TBR has more competition now for the investment dollar than it did before Monday. Consequently, I don't think there will be a mad scramble to buy TBR (though I submit, as before, there should be). The above is my view of market realities right now. I feel obliged to reconfirm that I am as bullish as ever on TBR.