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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: William H Huebl who wrote (26703)	9/6/1998 11:56:00 PM
From: Brad Bolen	Read Replies (1) \| Respond to of 94695

Bill, Would you agree that a hard up day that doesn't hold all or most of it gains on Tues would be a huge negative? B.

To: William H Huebl who wrote (26703)	9/7/1998 3:59:00 AM
From: flickerful	Read Replies (1) \| Respond to of 94695

More Democrats distance themselves from Clinton September 7, 1998 By Mark Suzman in Washington Leading Democrats yesterday continued to distance themselves from an embattled President Bill Clinton amid growing indications that his public apology over the Monica Lewinsky scandal was not sufficient to ward off the threat of impeachment hearings. Daniel Patrick Moynihan, a respected Democratic senator from New York, warned there could be no final resolution of the matter until Congress had decided whether the report being prepared by Kenneth Starr, the independent counsel investigating Mr Clinton, merited the president's removal from office. "We have a crisis of the regime," Mr Moynihan said. "What we have before us - and we ought to get on with it - is an impeachment procedure." His comments came shortly after Parris Glendening, the governor of Maryland and a strong supporter of Mr Clinton in the past, became the first senior Democrat to cancel a scheduled fundraiser with the president for fear it would damage his own re-election chances in November. Both moves are a blow to the White House, which had hoped Mr Clinton's public expression of remorse at a press briefing in Ireland last Friday would help shore up dwindling support. After Joseph Lieberman, the Connecticut senator, last week condemned the president's behaviour as "immoral", Mr Clinton for the first time said he was "very sorry" about his relationship with Ms Lewinsky, a former White House worker. However, Mr Lieberman said yesterday: "There's no way for us and the president to get back to face the problems of the country - the uncertainty economically, the problems in the world - unless we open up the discussion of the president's misconduct." He also said he did not believe perjury about a sexual affair was sufficient grounds for impeachment. But in separate interviews, Mr Moynihan and Trent Lott, senate majority leader, disagreed. "It is an impeachable offence," Mr Moynihan said. "It does not follow that the Senate will vote for impeachment, however." In his report, expected by the end of the month, Mr Starr is almost certain to charge Mr Clinton with perjury for having denied under oath having a sexual relationship with Ms Lewinsky. Mr Starr is also expected to make other charges, including obstruction of justice and subornation of perjury for having allegedly sought to persuade Ms Lewinsky to cover up their affair. However, Mr Lott said there was little point in speculating about what might constitute grounds for impeachment until Congress had received Mr Starr's report. "Let's see what the report has," he said. "Does it go beyond a single incident . . . into a pattern of misconduct or obstruction or abuse of power?" ft.com

To: William H Huebl who wrote (26703)	9/7/1998 4:34:00 AM
From: Philipp	Read Replies (1) \| Respond to of 94695

Globex rally is not very surprising. Classical knee-jerk reaction to a positive headline ("interest rate cut possible"; just don't read the small print), stable Russia (so far), positive Far East. These don't have any staying power, since there has been no real positive change at all. The underlying negative factors should reassert themselves by Wednesday at the latest. Let's count today as the first day of the rally. It will be interesting to see whether this rally can make two days for a change, or whether this will be a rally confined completely to Globex trading. Regards, Phil

To: William H Huebl who wrote (26703)	9/7/1998 5:28:00 AM
From: BubbaFred	Read Replies (1) \| Respond to of 94695

DAX up 2.5 - 3.0% quote.yahoo.com^GDAX&d=1d Monday September 7, 4:46 am Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) German DAX makes hefty gains but market still wary FRANKFURT, Sept 7 (Reuters) - Germany's electronic Xetra DAX index vaulted the key 5,000 points level shortly after opening on Monday but dealers warned it was too early to talk of market recovery after weeks of weakness. By 0828 GMT the Xetra DAX was 1.91 percent stronger at 4,957.85 points after earlier rising as high as 5,015.68 points. The floor DAX was 3.02 percent firmer at 4,965.83. Substantially stronger Asian bourses gave the DAX its cue and the market was buoyed by Federal Reserve Chairman Alan Greenspan's suggestions last Friday that he was as inclined to cut U.S. interest rates as he was to raise them. Tokyo's benchmark Nikkei average closed 5.32 percent higher and Hong Kong's Hang Seng ended 7.86 percent stronger. ''There are big gains in the Far East. Look at Tokyo and the Hang Seng. But this is all more of a technical reaction. Although suggestions the U.S. could cut rates helps too of course,'' one dealer said. The DAX appeared to shrug off a weaker dollar and lower close on Wall Street last week. Firmer September S&P 500 futures were supporting the German shares but with U.S. markets closed for a public holiday a key source of direction was absent and dealers advised caution. (Note: this article is ''in progress''; there will likely be an update soon.)

To: William H Huebl who wrote (26703)	9/7/1998 5:36:00 AM
From: BubbaFred	Read Replies (1) \| Respond to of 94695

Nikkei up 5.3% quote.yahoo.com^N225&d=1d Monday September 7, 4:28 am Eastern Time Stocks and yen soar on remarks by US and Japan By Andrew Morse TOKYO, Sept 7 (Reuters) - Tokyo shares and the Japanese yen surged on Monday on weekend remarks by top U.S. and Japanese officials and technical short-covering, traders said. The benchmark Nikkei average posted its second-largest point rise of the year, jumping 747.15 points or 5.32 percent to 14,790.06. The dollar was down as much as two Japanese yen after ''jawboning'' by Japanese officials and the possibility of lower U.S. interest rates. The rallies followed rumblings from Japanese government sources who said Finance Minister Kiichi Miyazawa told U.S. Treasury Secretary Robert Rubin and Federal Reserve Chairman Alan Greenspan on Friday that the Nikkei was nearing a turning point where it would shoot higher. But traders said the market's movement was dictated more by chart points and the SQ -- the expiry of index options and futures -- than by economic fundamentals. ''The market's focus has shifted from fundamental concerns to technical issues,'' said Paul Migliorato, senior salesman at Jardine Fleming Securities. With option and index futures expiring on Friday, other investors also jumped in to cover their short positions and close them out. Analysts said massive deployment of public pension fund money helped encourage investors back to the market. ''What we saw was a re-emergence of the 'buy Japan' scenario,'' said Martin Foster, a senior analyst at Standard & Poor's MMS. ''When you got the public fund buying in the morning it just put the seal of approval on it.'' Banks helped lead the rise amid hopes politicians would reach a compromise on bills to help the sector. The stock market was also helped by a sharp rise in the yen which came after the weekend Miyazawa-Rubin meeting and comments by Greenspan. Greenspan said in a speech late on Friday that the Fed now saw a balance of risks facing the U.S. economy between deflationary pressures from international crises, and domestic inflation. ''It is just not credible that the United States can remain an oasis of prosperity unaffected by a world that is experiencing greatly increased stress,'' Greenspan said. Traders said the comments could mean that the Fed is considering lower interest rates. Previously, Fed watchers had thought that with a strong U.S. economy, the only direction for rates was up. The selling, including active unwinding of yen short positions by U.S. hedge funds, pushed the dollar down as low as 131.60 yen in Tokyo on Monday, compared with 133.55 yen in New York late on Friday. ''We may see more dollar selling against the yen by operators trying to cover losses incurred in emerging markets,'' said Yasuji Yamanaka, chief manager of the foreign exchange division at Nikko Trust and Banking Corp. The dollar's slide could also gain speed if more Japanese investors sell dollars for hedging purposes, dealers said. Eisuke Sakakibara, Japan's vice finance minister for international affairs, told reporters on Monday: ''I am very concerned that among Japanese investors, there are some people who do not fully recognise the risk of a yen rise.'' ''It may now be a good idea to take Mr Sakakibara's advice more seriously,'' said a dealer at a Japanese bank. Related News Categories: currency, US Market News