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Non-Tech : Tulipomania Blowoff Contest: Why and When will it end? -- Ignore unavailable to you. Want to Upgrade?

To: Eric Klein who wrote (751)	1/19/1999 7:55:00 PM
From: Kailash	Read Replies (1) \| Respond to of 3543

Exactly. Have a look at fiendbear.com, a major site for bears. "The big story on Friday of course was the huge gains seen in the Latin American stock markets following Brazil's decision to float its currency (real). The real had been fixed to the U.S. dollar for the past four years and Brazil's decision to break the link is an about-face from earlier promises. Investors apparently loved the news and Brazil's Bovespa rose an incredible 33%. Even with the monster gain, the Bovespa was still slightly down for the week. Furthermore, if you consider that the currency that it is based on (real) is worth about 15% less than it was before its devaluation, the Bovespa in reality was hammered last week." The currency fell another 10% today while the market hardly rose. Brazil is no longer looking like good news by any stretch. Kailash