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Strategies & Market Trends : Position Trading Forum -- Ignore unavailable to you. Want to Upgrade?

To: Glenn who wrote (4695)	10/29/1998 11:19:00 PM
From: Tim Luke	Read Replies (3) \| Respond to of 7247

Thursday October 29, 10:40 pm Eastern Time HK stocks open higher, buoyed by Wall Street HONG KONG, Oct 30 (Reuters) - Hong Kong stocks opened higher on Friday on the overnight strength of Wall Street which sent the Hang Seng Index above 10,000 points for the first time since May 12. The blue chip index was up 94 points, or 0.95 percent, at 10,025 in early trade. ''The Wall Street rally provided foreign funds with an excuse to push up the Hong Kong market,'' said Raymond Sung, institutional sales at Seapower Securities. The Dow industrials closed up 123.06 points, or 1.47 percent, at 8,495.03 on Thursday. Early buying, which focused on index heavyweights, pushed the Hang Seng Index higher to 10,160, up 229 points, or 2.31 percent after the first 20 minutes of trade. Turnover picked up to HK$1.38 billion. November index futures surged 270 points to 10,200 points. ''The early rally is futures-related and fundamental investors are relatively cautious at these high price levels,'' Sung said. Blue chips were mostly firmer with Swire Pacific Ltd rising HK$2.50 to HK$40.30 and Sun Hung Kai Properties Ltd up HK$2.75 at HK$53.50. HSBC Holdings Plc recouped most of its Thursday losses, surging HK$3.50 to HK$179.00. Dennis Leung, research manager at J&A Securities (Hong Kong), said the market had been overbought but derivatives-linked trading could lift the Hang Seng Index up to 10,400 points before a significant correction moves in. Warning: part of the article may be missing at this point. Warning: part of the article may be missing at this point. The blue chip index extended gains to 10,234 points, up 302 points, or 3.05 percent at mid-morning trade after November index futures rose 345 points to an early high of 10,275 points. Percy Au-Young, sales director at DBS Securities, said the futures rally reflected buying strength in the cash market this morning. ''The futures market is more liquid and often moves ahead of the cash market,'' he said. Brokers said foreign funds continued to buy the Hong Kong market, probably the result of a reallocation of investment portfolios. A Reuters poll of mostly London-based managers and strategists released on Thursday showed an across-the-board fall in equity exposure in continental Europe and renewed interest in emerging markets, especially Asia. It said concern about the prospects for earnings was prompting global fund managers to pull back from European equities while buying into emerging Asia and Japan. The Paliburg group recovered from a heavy selloff on Thursday. Paliburg Holdings Ltd surged HK$0.11, or 21.57 percent, to HK$0.62 after plunging 66.88 percent on Thursday following news that it was facing short-term liquidity problems and was discussing arrangements with creditors and potential lenders to avoid defaults. Its parent Century City rose HK$0.085, or 25.76 percent, to HK$0.415 and Regal Hotel , a Paliburg subsidiary, added HK$0.11, or 18.33 percent, to HK$0.710. ''The counters are pretty oversold but investors remain pretty cautious about the group,'' Leung said. China plays pushed ahead but continued to underperform the market due to concerns about the financial health of China-backed companies after Guangdong International Trust and Investment Corp defaulted on a coupon payment. The red chip index added 15 points, or 1.69 percent, to 925 and the H-share index gained two points, or 0.55 percent, to 421 points.

To: Glenn who wrote (4695)	10/30/1998 12:01:00 AM
From: Art C.	Read Replies (2) \| Respond to of 7247

I am in the middle of reading "Trading for a living" by Dr. Elder. I've been trading for several years and have done well till this past year. I got a little over exuberant and lost my rear end on some foolish trades. I decided to back off and examine some of my methods, and Dr. Elder's book describes me to a "T". I am now using it as a guide to trading and am doing very well with it. I would recommend it to anyone who has the guts to put a dime into the market. Art