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Essan:
If I recall correctly the dollar reversal occured on a Candlestick signal -
a lone, low, "star" on the Yen.
Al long as the EW structure allows for it, the dollar should resume its
move. Bank interventions usually don't work very well. Although it appears
they do have some TA geniuses on the payroll.
Does anyone recall what the dollar/yen was when Ronald Reagan was President.
Was it over 300:1?
If the Yen interest rate ever regains its sanity and matches other
currencies, as it would otherwise do, the insider borrowing at 1% with
subsequent lending at 5%+ will come to an end.
When the easy money is gone out of the dollar bond market, a move to
discount for higher rates could be expected.
In the meanwhile Rubin, Greenspan, and Sumner will advertise for lower Yen
rates and FDR make work projects - and anything else they can think of to
prevent a return to normality, on the assumption it will torpedo the $ and
the rest of their plans to reelect the Democrats.
Mike
-----Original Message-----
From: Essan Soobratty <trader@xxxxxxxxxxxxxx>
To: realtraders@xxxxxxxxxxxxxx <realtraders@xxxxxxxxxxxxxx>;
metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Sunday, June 21, 1998 11:56 AM
Subject: Japan
>Reading some of the news items it would seem that the G7 deputies
>get-together at the weekend resulted in very little being offered by the
>Japanese. Sakakibara's statement on Saturday had a lot of negatives: No
>specific pledge on bad debts, No real progress in talks to close
>insolvent banks and only "intentions" of reviewing tax reforms. All in
>all, not specific plans on rescuing their economy
>
>My initial reading on last weeks intervention was that it was done
>because the Japanese had conceded to stimulate their economy in return
>for Rubin's help. Now it seems more that the intervention was ordered
>by Clinton as a gesture to China ahead of the upcoming visit by
>Clinton/Rubin.
>
>Unless something concrete is announced I expect the dollar to resume its
>rally for now.
>
>Any counter thoughts? Anyone?
>
>
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