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Finally…
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Finally…

by MoleSeptember 15, 2008

It appears that the day we have been waiting patiently for so long is finally here.  Not that this event is going to be a single day drop by any means.  Rather, my implication is that the long awaited wave 3 of 3 is finally underway.

Though it is great to be watching the futures ticking down somewhere between 1% and 1.5% while I type, when the $VIX closed up 23%.  Speaking of the $VIX, it appears people are beginning to get scared.  After two failed confirmed sell signals as we expect in a bear market, we push outside yet again.  Coincidentally, we also crossed the 50% line on by channel, signifying that the market has indeed entered an extreme selling phase.  Target resistance is around 37 unless we have a triangle break out in which we would be looking for about 41 for a target.

What is funny, (in a sick, sadistic way) is that all of the major institutions that are or have gone under, and well-established, long lived companies.  I mean BSC was over 100, LEH is 158 years old, MER is 90+, FNM was created in the 1930’s making it at least 70.  Now I have never witnessed an economic depression first hand (except the events of the past 2 years), but MY opinion is that when these elders of our financial markets are dropping off like flies, we have gotten ourselves into quite a mess.  What really sucks is that I can no longer trade these companies.  Back 6-9 months ago, ALL I was trading was MER, LEH, BSC, FNM, and FRE.  Now, all of these companies are going under, which leaves me with what, C and XL to have fun with in the financial sector.

Okay.  On to the markets.  They remain in an interesting situation, given tomorrow’s fed meeting.  I expect some decent resistance around our July and/or March lows, which are spitting distance from where we stand.   Here is the $COMPQ.  Not much new to report aside from the 3.6% drop.

The $SPX needs to be talked about tonight, as it has already breached all prior lows our our decline.  With an almost 5% drop today, we could say that it is our leader at the moment.  And we know that when investors move to riskier stocks (i.e. TECH) a market bottom is not near.  We are lower than we have been in 3 years on the $SPX, and I see a small resistance cluster around 1180, but have more evidence of a bounce towards 1170-1165.  Those target ranges hardly suggest the bottom to wave (iii) (as labeled on our chart), merely the next logical bump in the road.  Remember that a wave 3 is unfolding at FIVE degrees of trend right now.  That is huge!!  Which brings me to my next point.

Will cutting another .50 basis points really make YOU feel better?  Does that bandage fix your severed leg?  So the question is how the market will react.  The fed will cause market activity to lull into 2:15 EDT, and I wouldn’t be surprised to see us hit these lows early and churn around them until then.  I am fond of saying that the fed calls tops not bottoms, and I believe that will be the case.

There is really not much else to post despite our 500 point drop.  All of our indicators are supporting the bearish case, and we have little reason to believe that Fed action will do any more than forestall the inevitable…if that.

We really hope that you have been playing and getting good entries on our recommended stocks.  There may not be a whole lot of opportunities to reload on positions after the Fed and expiry this week, so make sure you do reload diligently.  I am happy the day went as it did, and I can sleep peacefully knowing that we are truly in wave 3 now.

Skål!


About The Author
Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at various social media waterholes below.

  • JK

    Something seems to be amiss with the $SPX chart ;0)

  • AK

    kinda new on this blog.. so whats your recomendations Dr Evil 🙂
    I made a buck or two in SDS, but that's about it.

  • gammatrader

    Yep. We went right through 1200 like buttah this afternoon.

  • https://www.evilspeculator.com berkshire

    Try again now…Thanks.

    Skål!

  • molecool

    “What is funny, (in a sick, sadistic way)….”

    Well, this is Evil Speculator after all – we have a reputation to maintain 😉

  • molecool

    Look at today's intra-day update. I did post a whole list of things we are trading plus a long list of stuff we'll dip into tomorrow. Get on it – on the double!

  • Bartholomy

    Life is great for bears … I'm very very very happy of today move… but the action just started.

    We are now at a big support, and after hour trading may just break it under 1200.

    The fed decision will try to lead the dance !
    They cannot let it crash …. I bet on a rate cut.
    Gold is already anticipating it.

    But I agree with Berk the effects will be mitigate.

    I'm partially cashing again my friday position and replace my stop at 1185. ( It seems that I get in and out every day or two )

    I will hope a bounce to get in again. I still believe that they will try to catch some bears with rallies.

    My friends it's a pleasure to trade in your compagny.
    Thanks for the awesome discussion and charts, specillay : Berk, molecool and Serg
    You guys are great and fun.

    Still some bucks to do … good trading

  • molecool

    “We are now at a big support, and after hour trading may just break it under 1200.”

    1176 as of 11:44pm EDT.

  • Bartholomy

    I meant we went under 1200…

  • http://www.FinancingIdea.com Fork_Master_Serg

    Do you guys think we sub-divide in 1-2s again on SPX?

    I labeled it 1-2-3-4 so far but that ending diagonal with apex at 2pm tomorrow may confirm we're in 1-2s again and 3 still to come?
    http://forkoholic.com/images/spxforking091508b.jpg
    http://forkoholic.com/images/spxforking091508c.jpg

  • http://www.FinancingIdea.com Fork_Master_Serg

    ok I see futures at 1179. looks good

  • molecool

    I haven't done an exhaustive review of today's wave pattern yet, but from a cursory view it seems we are in micro wave {3} and did a sub-micro 1,2 today. So yes – we are in 3 I think and should do a 3,4,5 tomorrow.

    You need to also wrap your mind around the degrees we are talking about here. A micro degree under normal circumstances is BELOW the minute/sec scale. So considering that we didn't even complete micro 3 today you can get an idea of how rapid we might drop at this stage. The pace has picked up considerably and moves that usually take weeks or months to complete will now happen in a matter of days.

    Or in other words – 'wealth' that took months or years to accrue will get wiped out in a very short amount of time.

  • jcoors

    mole: I get the feeling they're going to throw the kitchen sink at us tomorrow. AIG *must* get their loan, 80 billion worth. I imagine the Fed will lower rates by 75bp. I don't know what else they can do, but I'm sure they will think of something…

  • http://z-stock.blogspot.com/ zstock

    I'm waiting for SPX 1100__longer out, so any thing that moves higher, I'm shorting that.

  • gammatrader

    A reminder not to tip-toe, grizzlies. That was my mistake. I've got 2/3 position on, but wish I had 3/3.

  • calibear

    Hey guys,

    Great day for the bears!

    Once again, thanks for the updated charts.

  • http://www.beanieville.blogspot.com beanieville

    timmy bear, won't you let my comment thru your moderation queue? http://slopeofhope.com/2008/09/deflation.htm#di

    Prettie please…? There's no glory in attacking someone but not let them respond, is there? I still like ya, man. No need to be sissy about it.

  • http://www.FinancingIdea.com Fork_Master_Serg

    75bp? come on! We need points for later.
    We're in 1 of 3, wait til we get to 3 of 3 in October
    I say .25 in November and .25 in December

  • http://www.FinancingIdea.com Fork_Master_Serg

    show me, I'm a visual kinda guy ;-))

  • http://www.FinancingIdea.com Fork_Master_Serg

    Berk, I'd question FIVE degrees statement
    I think it's only 4 first of all
    Here's an interesting count from 1303, not 1313
    http://3.bp.blogspot.com/_ebgK-vbW27o/SMA_S4g52

    Let's say at least 3 degrees

  • http://www.beanieville.blogspot.com beanieville

    Remember this chart:

    http://stockcharts.com/def/servlet/SC.pnf?c=spy,P

    In 2003, the bears thought that we were finished and they piled in for the kill with all those put options. It turned out to be a massive bear trap. I'm not saying it's gonna happen again that way, but either way I don't have to worry about it as much as some of you that trade options.

    Big puts could spell big trouble. This trade seems almost too easy.

    We'll see.

  • http://www.beanieville.blogspot.com beanieville

    Has there ever been world economies and stock markets all going down the drain at the same time? The money on the sideline eventually has to go somewhere, right?

  • https://www.evilspeculator.com berkshire

    No. Why can't the money on the sideline stay on the sideline?

    Skål!

  • https://www.evilspeculator.com berkshire

    It is at LEAST 4 degrees, and I really think 5. My $SPX chart shows 4 degrees of 3s unfolding right now, but does not show the (3) degree. There is a possibility that I added an extra 1-2, but I really have faith in my count. It has not led me astray thus far.

    Skål!

  • https://www.evilspeculator.com berkshire

    Damn right!!

    Skål!

  • Fuzz

    today's intra-day update ????
    No see um

  • http://www.beanieville.blogspot.com beanieville

    money managers gotta make their yearly dough

  • https://www.evilspeculator.com berkshire

    It is the previous post…titled “Get Ready”

    Skål!

  • https://www.evilspeculator.com berkshire

    Why can't they all dump their monies into currencies or treasuries?

    You do have a valid point though. They either must keep trading and losing to make their commissions, or sit on the side and not LOSE money and get fired and make no commissions.

    Tough cookie there.

    Though the key is eventually…It does not have to flow in right now. Will there be an influx at some point, hell yes. But I would be looking more towards 10K than 11K for the first of that money to hit the system. And the fund managers that are left are going to be more skeptical with their investments because they would like to have a job.

    Honestly, I have been pondering the same thing for a while. I will be sure to let you know when I feel I have a suitable answer.

    Skål!

  • http://www.beanieville.blogspot.com beanieville

    it is very conceivable that money managers around the world could eventually dump their money into the US Market because, even though all world markets are down, the USA is still the strongest economy/market.

  • https://www.evilspeculator.com berkshire

    Perfect solution. Injection of liquidity. Let's think about this. More dollars mean existing dollars are worth less. Meaning we can do less with our existing dollars each time we inject. Furthermore, this INCREASES inflation across the board.

    The weaker $$ also leads to a rising YEN, as the Yen can buy more of our sissy dollars. Again, this supports the bearish case, and does little to help slow anything. In fact, the government is only skimming of the top of your savings account, forcing those diligent enough to have money saved in a bank account to lose value of their hard earned and saved cash so the government can fail to bail itself out….AGAIN!!!

    Skål!

  • https://www.evilspeculator.com berkshire

    Absolutely. Scary when the US markets are the relative strength right? Like I said, the question is when that eventually becomes actuality. And how long the fund managers are willing to keep sinking capital into non-returning ventures.

    Skål!

  • gagelle

    Good morning to my fellow evil friends. Does anyone have an opinion about shorting GS? According to Dr. Roubini, all these investment institutions are going down.

  • molecool

    AFAIK you're not banned over there. Did Tim change his mind?

  • molecool

    I have a friend who's sitting on hundreds of millions of Dollars. I actually warned the guy on Sunday night to have his money manager hedge him with index puts. Yesterday evening I spoke to him and it turns out that his money manager didn't even call him…… after a 500 point drop in the Dow. My friend didn't even know how much money he lost (most be some might chunk).

    Just to give you guys an idea of the 'quality' of people working in this industry.

  • C.C. Rider

    Agreed.Reflation is the only way out.Problem is, it must be done quickly, which I don't think the powers that be are totally cognizant of.If they can pull it off, real estate, metals, oil, commodities in general will be the place to be.

  • molecool

    “Meaning we can do less with our existing dollars each time we inject. “

    Exactly – I keep trying to explain this to folks around me but have given up lately. The standard counter question is: 'but if there's more money, how come there is a lack of liquidity?'.

    Average Joe/Jane just don't understand how money works.

  • C.C. Rider

    Mole, I'm sure he's banned as I am.Timmeh has some overly zealous moderator's repressing First Amendment rights!Where's the ACLU when you need them!

  • molecool

    Well, beanie – the beauty of your counters is that you only have to be right once in order to look like a genius. As the old saying goes: Even a stopped clock is right twice a day.

    2003 was a very different time – and the Feds were borrowing time by enabling ore debt creation back then. What are they going to do now? Adding fuel to the fire?

  • Bartholomy

    Lowering rate, will make the dollar fall again, but lower yield in T which will be in favor of equities.
    It will also change the sharpe ratio of risk-return in favor of equities.

    The petrole is down 4.5$… at 9. Energy sector is so down again ….

    I truly think the rate need to be lowered, otherzie it will go down wave 3-3-3 today.

    If the market deflate where is the money flowing …. look bonds they are going up…

    Be carefull, market will try to catch bears… nothing is granted.

  • Bartholomy

    It's election time… they will do it …

    Ben in his thesis said that little inflation is the only real escape.
    It lower the value of the dollar, and thereof the value of the debts.

  • angelo10

    Let's keep an eye on 10735 in DOW futures. From what I hear really big level. If we break it and stay below it, then meltdown is likely. SP: 1161.00 seen as strong support. 1200.00 has become good resistance.

  • Bartholomy

    Yes I agree 1200 seems to be a resitance now….

  • toad37

    Molecool, are you adding puts anywhere in here or waiting? TIA

  • Fuzz

    a whole list of things we are trading plus a long list of stuff we'll dip into tomorrow ???

  • https://www.evilspeculator.com berkshire

    I could see Beanie getting banned, but how did you slide down that slope?? No pun intended.

    Skål!

  • https://www.evilspeculator.com berkshire

    That is his way of saying this….

    DRIV, LDSH, CMI, TGI, USG, PFCB, SCHN, CVH, BDC, PEG, KO, WTI, DRYS, EXM, MON, MOS, POT, NUE, FAST, DF, CF, TRA, CMP, MA, DF, FWLT, IOC, FPL, VOD, PC, STR

    Skål!

  • Bartholomy

    10H30 … we will soon see if it bounce on it …

  • molecool

    Yeah, they might do it – but the end result will be the same: MARKET MELTDOWN

    I really hope they lower interest rates today. Would give me a chance to load up on more short positions.

    BTW, lowering the rate would only help the banks to widen their spreads. They have kept their own rates stagnant in the last few month, therefore defeating the goal of the Feds are trying to accomplish.

  • molecool

    I watched him last night – the only guy with a brain on that show. Anyway – I'd stay away from GS. Grab some WB while it's up.

  • angelo10

    Well, looks like the govt. saying that a rescue plan for AIG is being considered.

  • http://www.beanieville.blogspot.com beanieville

    The guy never did remove the ban since a week ago. He is no turtle.
    You know i'd be posting like a highly sexed fiend just released from prison! lol

  • http://www.beanieville.blogspot.com beanieville

    not some overly zealous moderator. It's just timma bear putting us on moderation/banning mode.

  • http://www.beanieville.blogspot.com beanieville

    the guy basically wants everybody to think i'm some type of sore loser for not posting over there. the truth is, i haven't been able to do that for nearly a week now.

    modus operandi

  • jcoors

    I wonder how long AIG bailout + 50 rate bp will rally the market.

  • molecool

    Okay, if anyone wonders about what the evil speculators are up to:

    We have suspended all our stops and plan to sell the rip. As a matter of fact we hope to get a bounce today so we can once more grab massive puts at wholesale prices.

  • molecool

    A day maybe, two at most. Are you worried? 😉

  • molecool

    See below – we both are waiting right now. We plan to dip into even more puts once the market rallies (after the Fed announcement).

  • toad37

    thanks amigo!

  • jcoors

    Greed + Fear, the everpresent combination. I got out of SKF when it hit 121.5 and now I'm kicking myself. Hope the market rallies so I can reenter…

  • http://www.FinancingIdea.com Fork_Master_Serg

    Someone has to looze so Mole can win some ;-)) it's a hard life

  • C.C. Rider

    VIX to 37.50 today would not surprise me.Somebody let the genie out of the bottle.Can you say Moral Hazard?

  • C.C. Rider

    AIG is getting a run on the bank.

  • molecool

    I'm so surprised…. NOT!

    Those boys just can't help themselves. Short term thinking always prevails.

    Meh… more profits for me once we roll over.

  • molecool

    I'm so surprised…. NOT!

    Those boys just can't help themselves. Short term thinking always prevails.

    Meh… more profits for me once we roll over.

  • toad37

    bought some September $3 calls for WaMu based on this…
    http://www.dailymail.co.uk/money/article-105649

  • molecool

    I'm so surprised…. NOT!

    Those boys just can't help themselves. Short term thinking always prevails.

    Meh… more profits for me once we roll over.

  • DMS425

    I also heard him say that, but did not fully understand. What is going to cause GS and MS to fail as well. They do not have the same crap LEH and BSC invested in.

    If it is a funding problem, which I think it is, someone please explain it to us.

  • http://moontrader.wordpress.com/ Moontrader

    Hey guys, what are you up to? I've closed my position, only 160% (was 250% in the opening), but I'm entering again. Mostly SPY October puts, with a tiny position – OTM – September.

  • Archangel

    Guys,

    great fun reading here – but technology gets in the way… I takes ages for the comment section to open – I'm on a high-speed line and this is unusal. Also using the feed reader does not work as I don't get any updates from the response section 😮 New stories are delivered by the reader though…

    Despaired greetings

  • C.C. Rider

    Time to catch-up to the FTSE.Down 3.5 percent=Dow 10550ish

  • tradertom

    Evil Speculators, are y'all still short?

  • DMS425

    FEDS=WHY

  • C.C. Rider

    Watching Dow 10742, if it breaks, 10,000 is next Fibo.

  • http://www.FinancingIdea.com Fork_Master_Serg

    Remember that blue line yesterday
    http://forkoholic.com/images/spxforking091508c.jpg

    We were stopped exactly at that line this morning
    http://forkoholic.com/images/spxforking091608.jpg

    Wondering if it stops us again tomorrow morning ;-))

  • molecool

    UPDATE 2:50 EDT: Rates unchanged – get ready to sell the rip that's in the works right now.

  • angelo10

    They're calling 1216.50 pretty good resistance in SP. But obviously if anything major comes out on AIG, all bets are probably off, but I thought I'd still post Mole. Later.

  • Bartholomy

    No rate change .. the fed wants to keep it this flexibility for later …
    I was wrong, I expected a rate cut, I should have stay more short exposed as you guys proposed.

    SP seem to confirm is resistance at 1200… I will try to get in ….

    Ted spread (difference between Tbill 3Month and interbank rates) is over 200 basic points (that is bad since money is more tight)
    London pound : 2,496% versus 2,491% on friday
    Euro : 4,57% versus 4,51% on friday

    BONDS !!! BONDS !!!!
    Bonds 30 year went up 5% yesterday and 3.5% today…. the last time it went up like this in 1987 with 7%.
    My friend this is BEAR !!!!

    Lehman Brothers, 613 billion debt versus 639 billion in asset.
    Top 20 creditors (in french : milliard == billion , obligation == corporate bond, prêt == loans) :
    1- Citibank (É-U) et The Bank of New York Mellon Corporation (É-U): 138 milliards de dollars en obligations;
    2- The Bank of New York Mellon Corporation (É-U): 12 milliards de dollars en obligations;
    3- The Bank of New York Mellon Corporation (É-U): 5 milliards de dollars en obligations;
    4- Aozora (Japon): prêt bancaire de 463 millions de dollars;
    5- Mizuho Corporate Bank (Japon): prêt bancaire de 289 millions de dollars;
    6- Citibank (Hong Kong): prêt bancaire de 275 millions de dollars;
    7- BNP Paribas (É-U): prêt bancaire de 275 millions de dollars;
    8- Shinsei Bank (Japon): prêt bancaire de 231 millions de dollars;
    9- UFJ Bank (Japon): prêt bancaire de 185 millions de dollars;
    10- Sumitomo Mitsubishi Banking Corp. (Japon): prêt bancaire de 177 millions de dollars;
    11- Svenska Handelsbanken (É-U): lettre de crédit de 140,6 millions de dollars;
    12- KBC Bank (É-U): lettre de crédit de 100 millions de dollars;
    13- Mizuho Corporate Bank (Japon): prêt bancaire de 93 millions de dollars;
    14- Shinkin Central Bank (Japon): prêt bancaire de 93 millions de dollars;
    15- Banque Scotia (Singapour): prêt bancaire de 93 millions de dollars;
    16- Chuo Mitsui Trust & Banking (Japon): prêt bancaire de 93 millions de dollars;
    17- Lloyds Bank (É-U): Lettre de crédit de 75,4 millions de dollars;
    18- Hua Nan Commercial Bank (Taïwan): prêt bancaire de 59 millions de dollars;
    19- Bank of China, bureau de New York (É-U): prêt bancaire de 50 millions de dollars;
    20- Nippon Life Insurance (Japon): prêt bancaire de 46 millions de dollars.

  • http://www.FinancingIdea.com Serge aka "The Fork Master"

    Someone has to looze so Mole can win some ;-)) it's a hard life

  • C.C. Rider

    VIX to 37.50 today would not surprise me.Somebody let the genie out of the bottle.Can you say Moral Hazard?

  • C.C. Rider

    AIG is getting a run on the bank.

  • https://evilspeculator.com molecool

    I'm so surprised…. NOT!

    Those boys just can't help themselves. Short term thinking always prevails.

    Meh… more profits for me once we roll over.

  • https://evilspeculator.com molecool

    I'm so surprised…. NOT!

    Those boys just can't help themselves. Short term thinking always prevails.

    Meh… more profits for me once we roll over.

  • toad 3,7

    bought some September $3 calls for WaMu based on this…
    http://www.dailymail.co.uk/money/article-105649

  • https://evilspeculator.com molecool

    I'm so surprised…. NOT!

    Those boys just can't help themselves. Short term thinking always prevails.

    Meh… more profits for me once we roll over.

  • DMS425

    I also heard him say that, but did not fully understand. What is going to cause GS and MS to fail as well. They do not have the same crap LEH and BSC invested in.

    If it is a funding problem, which I think it is, someone please explain it to us.

  • http://moontrader.wordpress.com/ Moontrader

    Hey guys, what are you up to? I've closed my position, only 160% (was 250% in the opening), but I'm entering again. Mostly SPY October puts, with a tiny position – OTM – September.

  • Archangel

    Guys,

    great fun reading here – but technology gets in the way… I takes ages for the comment section to open – I'm on a high-speed line and this is unusal. Also using the feed reader does not work as I don't get any updates from the response section 😮 New stories are delivered by the reader though…

    Despaired greetings

  • C.C. Rider

    Time to catch-up to the FTSE.Down 3.5 percent=Dow 10550ish

  • TraderTamas

    Evil Speculators, are y'all still short?

  • DMS425

    FEDS=WHY

  • C.C. Rider

    Watching Dow 10742, if it breaks, 10,000 is next Fibo.

  • http://www.FinancingIdea.com Serge aka "The Fork Master"

    Remember that blue line yesterday
    http://forkoholic.com/images/spxforking091508c.jpg

    We were stopped exactly at that line this morning
    http://forkoholic.com/images/spxforking091608.jpg

    Wondering if it stops us again tomorrow morning ;-))

  • https://evilspeculator.com molecool

    UPDATE 2:50 EDT: Rates unchanged – get ready to sell the rip that's in the works right now.

  • angelo10

    They're calling 1216.50 pretty good resistance in SP. But obviously if anything major comes out on AIG, all bets are probably off, but I thought I'd still post Mole. Later.

  • Bartholomy

    No rate change .. the fed wants to keep it this flexibility for later …
    I was wrong, I expected a rate cut, I should have stay more short exposed as you guys proposed.

    SP seem to confirm is resistance at 1200… I will try to get in ….

    Ted spread (difference between Tbill 3Month and interbank rates) is over 200 basic points (that is bad since money is more tight)
    London pound : 2,496% versus 2,491% on friday
    Euro : 4,57% versus 4,51% on friday

    BONDS !!! BONDS !!!!
    Bonds 30 year went up 5% yesterday and 3.5% today…. the last time it went up like this in 1987 with 7%.
    My friend this is BEAR !!!!

    Lehman Brothers, 613 billion debt versus 639 billion in asset.
    Top 20 creditors (in french : milliard == billion , obligation == corporate bond, prêt == loans) :
    1- Citibank (É-U) et The Bank of New York Mellon Corporation (É-U): 138 milliards de dollars en obligations;
    2- The Bank of New York Mellon Corporation (É-U): 12 milliards de dollars en obligations;
    3- The Bank of New York Mellon Corporation (É-U): 5 milliards de dollars en obligations;
    4- Aozora (Japon): prêt bancaire de 463 millions de dollars;
    5- Mizuho Corporate Bank (Japon): prêt bancaire de 289 millions de dollars;
    6- Citibank (Hong Kong): prêt bancaire de 275 millions de dollars;
    7- BNP Paribas (É-U): prêt bancaire de 275 millions de dollars;
    8- Shinsei Bank (Japon): prêt bancaire de 231 millions de dollars;
    9- UFJ Bank (Japon): prêt bancaire de 185 millions de dollars;
    10- Sumitomo Mitsubishi Banking Corp. (Japon): prêt bancaire de 177 millions de dollars;
    11- Svenska Handelsbanken (É-U): lettre de crédit de 140,6 millions de dollars;
    12- KBC Bank (É-U): lettre de crédit de 100 millions de dollars;
    13- Mizuho Corporate Bank (Japon): prêt bancaire de 93 millions de dollars;
    14- Shinkin Central Bank (Japon): prêt bancaire de 93 millions de dollars;
    15- Banque Scotia (Singapour): prêt bancaire de 93 millions de dollars;
    16- Chuo Mitsui Trust & Banking (Japon): prêt bancaire de 93 millions de dollars;
    17- Lloyds Bank (É-U): Lettre de crédit de 75,4 millions de dollars;
    18- Hua Nan Commercial Bank (Taïwan): prêt bancaire de 59 millions de dollars;
    19- Bank of China, bureau de New York (É-U): prêt bancaire de 50 millions de dollars;
    20- Nippon Life Insurance (Japon): prêt bancaire de 46 millions de dollars.