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<DIV><FONT color=#000000 size=2>DENVER, CO, USA - GALCTIC DAILY FX UPDATE -
10/21/98</FONT></DIV>
<DIV><FONT color=#000000 size=2>
<HR>
SUMMARY<BR>Foreign exchange trade is basically quiet with the dollar showing
some<BR>support against the yen and being range bound against the Deutsche
Mark.<BR><BR>ASIA<BR>Nomura International, the European investment banking arm
of Japan's<BR>Nomura Securities posted as GBP 289 million loss for the first six
months of<BR>the year. The heavy losses were largely attributed to Russia
and other<BR>emerging markets. Moody's has downgraded Nomura and put 5
regional banks on<BR>review with negative implications.<BR><BR>EUROPE<BR>The
Bundesbank and Bank of France both left official interest
rates<BR>unchanged. The maintaining of policy by both central banks was
expected.<BR>Probable easing in UK interest rates continues to be priced in
to<BR>financial markets. Britain's Engineering Employers Federation
predicted<BR>1999 GDP to slip to just 0.7%. The government's forecast now
stands at 1.0%<BR>growth. The Monetary Policy Committee is expected to cut
the 7.25% repo<BR>rate on November 5 following the next scheduled
meeting.<BR><BR>AMERICAS<BR>NY Fed President McDonough downplayed risks to the
US banking<BR>system. McDonough said that losses in the current quarter
were unlikely to<BR>repeated in following quarters. He also said that he
was unaware of any<BR>hedge fund that is as highly leveraged as Long Term
Capital Management was<BR>prior to the bailout. McDonough also stressed
that he is concerned about<BR>credit availability in the US. The Fed
President said that while "...we do<BR>not have a credit crunch in the
United States we're at a point where we<BR>could develop one."<BR>Quebec's
Premier Bouchard said he is still interested in a<BR>referendum for
separation. The renewed call for an independent Quebec is<BR>weighing on
the Canadian Dollar.<BR>US stocks and bonds open softer today. Bond yields
are approaching<BR>5.10% and stocks are currently off 0.5%.<BR></FONT></DIV>
<DIV> </DIV>
<DIV><FONT color=#000000 size=2>Respectfully,</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Richard Chehovin</FONT></DIV>
<DIV><FONT color=#000000 size=2>President</FONT></DIV>
<DIV><FONT color=#000000 size=2>Chief Currency Trader</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>*** The views expressed in this correspondence
are those of Galactic FX International, Inc. Our information is based upon
diverse sources that we believe to be reliable, though the information is not
guaranteed. Our views and forecasts are<BR>subject to change without
notice. Galactic FX International, Inc. may maintain long or short
positions in, and buy and sell, the securities and currencies mentioned in this
correspondence. This is not an offer to sell or a solicitation to buy any
security or foreign currency.<BR></FONT></DIV></BODY></HTML>
</x-html>From ???@??? Thu Oct 22 14:27:24 1998
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From: "Michael Ferguson" <wl7bdn@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: Dow: Bearish confirmations comming in.
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I am totally inept with EW, my count may not be in the ball park, but if
this is the end of a W5, the projections look like this.
Michael
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