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

To: BDR who wrote (104)	9/14/1998 8:16:00 PM
From: BDR	Read Replies (1) \| Respond to of 268

Clinton To Deal With World Economy By MARTIN CRUTSINGER AP Economics Writer newsday.com WASHINGTON (AP) -- President Clinton, struggling to regain his footing from the Monica Lewinsky affair, pledged Monday to work with America's allies to deal with the ''biggest financial challenge facing the world in a half-century.'' The president said that with one-fourth of the globe currently in recession, ''the balance of risks has now shifted'' from inflation, the economic bugaboo of the past three decades, to the need to contain a spreading economic crisis coming out of Asia. ''The industrial world's chief priority today plainly is to spur growth,'' Clinton said in an economic address to the Council on Foreign Relations in New York. In an unusual move to coordinate a policy message, finance ministers and central bank presidents of the world's seven richest countries released a joint statement within an hour of the conclusion of Clinton's speech endorsing his major themes. The Group of Seven statement specifically said that ''the balance of risks in the world economy had shifted'' and the major countries would need to work together to deal with a financial crisis that began a year ago in Thailand and has now spread to Russia and is threatening to engulf South America. A whole list of links regarding the turmoil in Indonesia: headlines.yahoo.com Brazil Seen Pressed To Churn Out More Fiscal Steps dailynews.yahoo.com While news of the IMF shield sent local stock prices soaring 13.4 percent Friday, more than $1 billion was still estimated to have fled Brazil, after currency markets lost an average $1.5 billion per day so far in September. G-7 May Meet on Russia's Crisis newsday.com Iran Warns of Regional Crisis newsday.com

To: BDR who wrote (104)	9/14/1998 9:01:00 PM
From: drsvelte	Respond to of 268

"Anyone got any explanation, TA or FA, for this phenomenon?" Only that the DOW closed about 40% off its intraday high. The same thing happened to oil stocks.

To: BDR who wrote (104)	9/14/1998 10:40:00 PM
From: HiSpeed	Read Replies (1) \| Respond to of 268

The reversal we had late in the day may have been a ST top in the market. This is JMO and could very easily be wrong. However, if it was the start of a downtrend the market should go lower tomorrow. I've seen a fair number of posts in SI that suggest se may be in a 7400-8100 trading range for a while. Personally, I'm still bearish but am not one to fight a trend either. After the 512 point drop, I'd expect the market to tick up to the low 8s, then back down to test some lows and provided we bounce off those, back up again. When and where we break out is anyone's guess. But if we don't bounce off the lows and keep going lower then it confirms that we're in a bear market. JMO