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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Tim Luke who wrote (12714)	2/9/1999 3:52:00 PM
From: Jon Cave	Read Replies (3) \| Respond to of 90042

What just happend to the market. In the last few minutes it just went to hell. Is there any news that set the market off just now?

To: Tim Luke who wrote (12714)	2/9/1999 9:42:00 PM
From: pressboxjr	Respond to of 90042

<<this correction is far from over >> Agreed, Tim. I'm thinking Dow 8700 for a bottom now. Nasdaq? Who knows? I think people are just waiting to see a bottom. I thought this bad day would happen tomorrow, but I was a day late. IMO, look for some minor rallies sprinkled into this correction. Should be a good buying opportunity for longs. Just my two cents, (well, maybe one after today). LOL JR

To: Tim Luke who wrote (12714)	2/9/1999 11:34:00 PM
From: BG Smith	Read Replies (2) \| Respond to of 90042

Tim, Is this a downgrade from your previous position? Not trying to split hairs, I have continued to buy it as it trades under 10. Short techs, and buying pair. Bill

To: Tim Luke who wrote (12714)	2/10/1999 1:03:00 AM
From: Tim Luke	Read Replies (1) \| Respond to of 90042

PAIR: when i state pair is a hold that doesn't mean it's not a buy....when i said pair is a hold, that was meant that i would not be selling it. in fact i may uy more tomorrow if it dips on the open..... targets... osi...i will hold for 30... aig...i will sell at 101+ pair..is a hold for a takeover even though the market is on the back burner for right now i'm still trying to stay on top of things....life is so short and can change your world in a flash....all of what i'm going through is changing my feelings on what i thought was so important and that was the mighty dollar....be careful what you wish for ...right?

To: Tim Luke who wrote (12714)	2/10/1999 1:07:00 AM
From: Tim Luke	Read Replies (4) \| Respond to of 90042

Wednesday February 10, 12:45 am Eastern Time HK stocks end morning well down on China, Dow woes HONG KONG, Feb 10 (Reuters) - Hong Kong stocks slid to a new 1999 low on Wednesday morning to end the session sharply down, depressed by failure of recent fund-raising efforts, the outlook for corporate results and Wall Street weakness, brokers said. ''The Hong Kong market has seen a raft of failures on corporates trying to either issue paper or debt especially if there is a China bias on them,'' Alan Davies, head of regional sales at Paribas Asia Equity said. The Hang Seng Index finished down 237.73 points or 2.57 percent at 9,006.76, just off a new intra-day low for the year of 9,000.24. ''And I think people are concerned about the implications of the Chinese mainland credit crunch filtering through to Hong Kong,'' Davies said, adding liquidity already had dropped to an average of just over HK$2 billion a day. But turnover during the morning session was HK$1.77 billion, up from Tuesday morning's HK$1.43 billion and Monday's HK$1.19 billion. New issues by Chinese enterprises Shandong International Power Development Co Ltd, Heilongjiang Agriculture Co Ltd and Zhujiang Steel Pipe Holdings Ltd in the first five weeks of the year have all been withdrawn. This was due to a lack of investor interest, the merchant bankers leading the issues have said. While the debt position of China-related companies remained unclear, investors would shy away from both Hong Kong banks and red chip companies, brokers said. Wall Street's recent downward trend, due to concerns over the outlook for corporate earnings, added to local concerns, brokers said. ''The other side is that in the U.S. we are seeing pressure on the Nasdaq market,'' Davies said. Overnight, the technology-laden Nasdaq Composite Index plunged 94.13 points or 3.91 percent to 2,310.79 in its third worst point drop. The Dow Industrials tumbled 158.08 points or 1.70 percent to 9,133.03. Adding to the local index's downward momentum was a slide in the futures market. The February Hang Seng Index futures contract careered to a low of 8,955 before clawing back a bit to close 350 points lower at 8,970. But futures brokers said they knew of no reason for the pick-up in negative sentiment late in the morning. ''Open interest and volumes are high. We think that the hedge funds are back and short and waiting for an event to push the index down,'' Kenneth Tang, director at Sassoon Securities said. The outlook for the market would depend to a great extent on the trend in the U.S. market, analysts said. ''We should hold in the short term at 9,000 if the U.S. doesn't collapse tonight,'' Ted Chen, regional technical analyst at Indosuez W.I. Carr. But the low turnover is usually not a good sign, he added. Banking giant HSBC Holdings (quote from Yahoo! UK & Ireland: HSBA.L) shed HK$4.50 or 2.39 percent to HK$184.00 and subsidiary Hang Seng Bank lost HK$1.25 or 2.11 percent to HK$58.00. The companies will report 1998 earnings on February 22. Smartone Telecommunications which on Tuesday reported a 4.0 percent decline in earnings tumbled in morning trade. The share closed HK$1.70 or 8.13 percent lower at HK$19.20. Analysts' views on the outlook for the company were mixed. But Tai Fook Securities Stanley Tang saw the fall as ''a golden opportunity'' to buy on weakness.