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At 12:28 PM 5/26/98 -0400, Gitanshu Buch wrote:
> RTs, This chart illustrates, for a completely different market, how
> a. using volatility as a stand-alone trigger is myopic, to quote Dr OEX;
>"" market. "" of the type recently seen in US internet stocks; collapsed
>when trading scandals broke out during the summer of 1992, rose and fell
>during a period when foreign institutions, for the first time, picked up
>about 6% of market cap (1994-98), securities legislation and
>computerization got implemented. "", and the external value of the Rupee
>depreciated from 27 to 41 v/s the USD through controlled devaluation over
>this period. "" point because - unlike USA, in Bombay there is no
>program trading, no portfolio insurance, no derivatives market, no
>intermarket impact (bonds/precious metals/currency) to speak of ---
>>3%. Regards Gitanshu Attachment Converted:
>"C:\PIPEPLUS\DOWNLOAD\snap1.gif"
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