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

To: HairBall who wrote (30444)	10/6/1998 1:14:00 PM
From: Kip518	Respond to of 94695

Watch the yen/dollar (currently down about 3 yen to 130). While the Japanese market may have been falling apart, the Japanese have been cleaning up bigtime on U.S. treasuries. This morning's rally looked like people were moving from treasuries to stocks (interest rates coming down). But the rising yen suggests Japanese may be taking their money home. If true, interest rates will continue to rise & the stock market fall. Today's rally has the feel of a last gasp before another free fall. The bulls have been badly mauled and, rightly so, are not inclined to use their limited buying power to feed this market fresh money. This afternoon is likely to be a bull rout. I am expecting a monster (short-covering) rally, but from much lower levels. This one sure ain't it.