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<DIV><FONT color=#000000 size=2>DENVER, CO, USA - GALACTIC DAILY FX UPDATE -
10-28-98</FONT></DIV>
<DIV><FONT color=#000000 size=2>
<HR>
SUMMARY<BR>The dollar bounced briefly off of overnight lows after the release of
a<BR>higher-than-forecast September durable goods report. However, rumors
of a<BR>devaluation of the Brazilian real and overnight weakness in global
equity<BR>markets kept a lid on any further dollar gains. Brazil announced
its<BR>long-awaited fiscal austerity measures this morning, which included
tax<BR>hikes and budget cuts totaling USD23.5B. The Brazilian austerity
plan<BR>remains to be approved by the Brazilian
congress.<BR><BR>EUROPE<BR>Concern over the Brazilian fiscal plan and the
apparent frailty of Russian<BR>President Boris Yeltsin contributed to sharp
gains in the Swiss franc<BR>against the other major currencies. In
Germany, the VDMA German industry<BR>association corrected its earlier report on
September plant and machinery<BR>orders to show a real 24% y-o-y decline.
Echoing a similar message from the<BR>influential German IFO, an October survey
of French business chiefs revealed<BR>plans to slow production coming
months. Should the general European<BR>economic slowdown persist, calls
for looser monetary policy will likely<BR>intensify.<BR><BR>ASIA<BR>The
Organization for Economic Cooperation and Development slashed its<BR>forecast
for Japan's economic prospects this year. The OECD forecast a
2.6%<BR>decline in Japanese real GDP for 1998, and only a 0.2% increase
1999. The<BR>report also forecast an increase in Japanese
unemployment. The Japanese yen<BR>strengthened on the Bank of Japan's
decision to leave interest rates<BR>unchanged.<BR><BR>NORTH AMERICA<BR>Today's
durable goods report marks the fourth consecutive monthly gain.<BR>While today's
report would not reflect the recent drop in consumer<BR>confidence, the strong
reading in the capital goods component of the report<BR>reassured analysts that
the US economy was not weakening rapidly. To our<BR>north, the Canadian
dollar slipped lower ahead of an expected election-date<BR>call from Quebec
separatist Premier Lucien Bouchard.<BR></FONT></DIV>
<DIV> </DIV>
<DIV><FONT color=#000000 size=2><FONT
color=#000000>Respectfully</FONT>,</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 Chief Currency
Trader</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Wed Oct 28 12:56:55 1998
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<DIV><FONT color=#000000 size=2>DENVER, CO, USA - GALACTIC DAILY FX UPDATE -
10-28-98</FONT></DIV>
<DIV><FONT color=#000000 size=2>
<HR>
SUMMARY<BR>The dollar bounced briefly off of overnight lows after the release of
a<BR>higher-than-forecast September durable goods report. However, rumors
of a<BR>devaluation of the Brazilian real and overnight weakness in global
equity<BR>markets kept a lid on any further dollar gains. Brazil announced
its<BR>long-awaited fiscal austerity measures this morning, which included
tax<BR>hikes and budget cuts totaling USD23.5B. The Brazilian austerity
plan<BR>remains to be approved by the Brazilian
congress.<BR><BR>EUROPE<BR>Concern over the Brazilian fiscal plan and the
apparent frailty of Russian<BR>President Boris Yeltsin contributed to sharp
gains in the Swiss franc<BR>against the other major currencies. In
Germany, the VDMA German industry<BR>association corrected its earlier report on
September plant and machinery<BR>orders to show a real 24% y-o-y decline.
Echoing a similar message from the<BR>influential German IFO, an October survey
of French business chiefs revealed<BR>plans to slow production coming
months. Should the general European<BR>economic slowdown persist, calls
for looser monetary policy will likely<BR>intensify.<BR><BR>ASIA<BR>The
Organization for Economic Cooperation and Development slashed its<BR>forecast
for Japan's economic prospects this year. The OECD forecast a
2.6%<BR>decline in Japanese real GDP for 1998, and only a 0.2% increase
1999. The<BR>report also forecast an increase in Japanese
unemployment. The Japanese yen<BR>strengthened on the Bank of Japan's
decision to leave interest rates<BR>unchanged.<BR><BR>NORTH AMERICA<BR>Today's
durable goods report marks the fourth consecutive monthly gain.<BR>While today's
report would not reflect the recent drop in consumer<BR>confidence, the strong
reading in the capital goods component of the report<BR>reassured analysts that
the US economy was not weakening rapidly. To our<BR>north, the Canadian
dollar slipped lower ahead of an expected election-date<BR>call from Quebec
separatist Premier Lucien Bouchard.<BR></FONT></DIV>
<DIV> </DIV>
<DIV><FONT color=#000000 size=2><FONT
color=#000000>Respectfully</FONT>,</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 Chief Currency
Trader</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Wed Oct 28 13:01:55 1998
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From: "Bill Saxon" <bsaxon@xxxxxxxxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Subject: Re: Raff channels
Date: Wed, 28 Oct 1998 14:33:43 -0500
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-----Original Message-----
From: J.W.E. Roberts <jan.roberts@xxxxxxxxxxxxxxxxx>
To: Lionel and Gail Issen <lissen@xxxxxxxxxxxxxxxx>; metastock@xxxxxxxxxxxxx
<metastock@xxxxxxxxxxxxx>
Date: Wednesday, October 28, 1998 1:31 PM
Subject: Re: Raff channels
>
>No, Ive never heard of them, and I'd rather stick to the least squares
method
>because it's mathematically correct, and as you imply, easy to do on a
computer.
>
Jan, I'm not much of a mathematician. Is the least squares method the same
as the standard deviation channels?
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