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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: steve kammerer who wrote (12234)	1/22/1999 10:55:00 AM
From: wl9839	Respond to of 22640

It will be interesting to see what the market for Brazilian ADRs will do in New York after the Sao Paulo close today due to the holiday described below: Politics Fri, 22 Jan 1999, 1:44pm EDT Holiday Advisory: Brazil's Sao Paulo Markets Closed Monday Sao Paulo, Jan. 22 (Bloomberg) -- Brazilian financial markets, banks and government offices will be closed Monday in Sao Paulo for a holiday marking the city's founding in 1554. The Bolsa de Valores de Sao Paulo, the country's main stock market, will shut along with Brazil's main mercantile and futures exchange, the Bolsa de Mercadorias e Futuros and most businesses. The currency market in Rio de Janeiro will also shut, though the city's stock exchange will trade. Government offices in Brasilia will operate too. The city of Sao Paulo is Brazil's industrial and commercial hub with a population of about 11 million inhabitants. ------------------------------------------------------------------------ © Copyright 1999, Bloomberg L.P. All Rights Reserved.

To: steve kammerer who wrote (12234)	1/22/1999 10:56:00 AM
From: Steve Fancy	Read Replies (3) \| Respond to of 22640

Steve, about the only thing I can add is the fear of darkness factor is as present as it always was. We have reason to believe the stock was considerably undervalued at US$ 130. Why does it bother you that declines seem to match currency devaluation? This suggests to me that the big guys don't know what else to do for the moment, and at the point the situation becomes clearer we've got some upside to make up. As a story yesterday pointed out, the markets have a tendancy to overshoot before leveling off. Real devaluation seems waay overdone to me based on continued successful voting on the Congressional package. The mounting press of real slipping to 2 or 3 seems typical of the herd mentality...just as all these experts start predicting 50% off the DOW when sentiment turns for a couple days, and DOW 10K and 12K after a few days of upside. Just rambling I guess...I suppose the issue for the moment is at what level the real stabilizes ahead of continued voting...if it stabilizes at all? sf