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  • Last Week's Views
    •   
    Investment Views  (December 28th 1998) 
     
    Instead of writing my clients individually I thought I might as well
    do a weekly summary of my views on the markets, the currencies,
    the economy, the world, and life in general.

    Happy New Year Everyone!

     
    Markets in General 


    We had a wonderful Santa Claus rally behind us.  Since this year has only about three normal trading
    days left, we do not expect the market to change direction.  So enjoy it while it last.  The levels
    we watch in New York is 9400 on the Dow.  The level in Switzerland is 7200 on the SMI and
    then 7450.  In fact we do not even rule out the possibility of 7900 being reached by mid-January. In
    Frankfurt we expect the market to reach the 5000 level on the Dax.  Because of the
    low interest rates and high existing liquidity, we do not expect a big correction as yet, even though
    profits will be hard to come by next year as the economies around the world struggle to recover
    next year.  Brazil is still not out of danger zone.  Asia is not recovering as smoothly as expected.
    So investors have to stay alert for any signs of trouble next year.

    Go to Index
     


    Stocks 

    Our favorite stocks remains SAP, Nokia, Raisio Group, Ericcson, Cable and Wireless, Orange
    and Bachem.
     
     
    High of the Year Low of the Year Stock Last Week's 
    Close    		 Daily high Daily low This Week's Close
    8489 5108.30 SMI 7003.70 7184.30 7096 7160.80
    SFr. 1495 1351 Bachem 1800 1910 1800 1850
    Gbp  8.13 4.67 C&W 7.05 7.55 7.28 7.40
    SFr.  51 25 Ericsson 29.75 32.90 31.40 32.90
    FIM  509 182 Nokia 590 619 605 617.50
    Gbp 8 2.40 Orange 6.87 7.03 6.85 6.96
    FIM  1080 640 Raisio Group 55.50 61.70 59 60
    SFr.  1029 419 SAP 530 575 550 572
    SFr.  2350 1820 Stratec 1900 1930 1850 1930
    SFr110 65 Veba 71.20 77 73.75 76
     
     

    Go to Index
     


     Currencies 

    The dollar recovered slightly on the strength exhibited by the stock markets on
    Wall Street.  We do not see great movements until after the New Year when
    the Euro has been introduced.  Europeans do not really want a very strong
    Euro.  So we shall have the European Central Bank cutting interest rates to help to
    support the dollar.  On the other hand there remain world-wide central bank
    currency reserves adjustments.  Most central banks are heavily weighted in
    dollar.  The Euro should emerge as an equally important reserve currency as
    the dollar.  Therefore we do see further dollar weakness ahead.  At best
    we should see the dollar trading within the current range.

    Go to Index
     
     
     
     
    *The stock prices are provided for informational puruposes only and  not intended  for trading purposes.  The opinions expressed in these pages are what they are: opinions!
     

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