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To: The Perfect Hedge who wrote (3923)	10/8/1998 10:42:00 AM
From: Lucretius	Respond to of 14427

no, I bought puts on PE and PEG

To: The Perfect Hedge who wrote (3923)	10/8/1998 11:12:00 AM
From: SJS	Respond to of 14427

ABS market commentary: _________________________ Did you know the Japanese had been financing a good chunk of the bull market in US financial assets over the last several years? Now with the dollar down over 20% vs the yen, the money is going home either directly as Japanese investors are selling their US holdings or indirectly as US hedge funds close out their short yen positions. Consequently, both US bonds and stocks are getting hammered. This even though the Japanese are still unable to agree to a bank bailout plan. So the Nikkei erased yesterday's big gains. The rest of Asia was up on a strong Yen but Europe is down on a weak dollar. Add Kosovo, impeachment, LTCM and the eye of a newt to the mix and you have a mess. Forgot to add the Iranians and Afghans are said to be fighting too. S&P down 26 and Nasdaq is down 59 at a 1.5 year low while the long bond has fallen 29 ticks. However the short end of the curve is up so the curve is steepening quickly...isn't that good news for banks? The dollar down on liquidation...my long lost uncle Julian Robertson lost $2 Billion yesterday..hope he doesn't blame me. Say good buy to the long bond and own safe stocks only but hedged with futures or options. How do you spell BLOW OFF?