GLOBAL STOCK INVESTOR HOTLINE UPDATE 78

Even as global markets swing wildly between pessimism and euphoria, the U.S. dollar continues its relentless pace upward, hitting an 11-month high against the euro. As a result, your holding in the Market Vectors Double Short Euro ETN (DRR) hit yet another record high this week and now is up a whopping 10.47% during the last four weeks. With analysts now targeting a $1.30 level for the euro, add to your positions here.

The WisdomTree Dreyfus Chinese Yuan Fund (CYB) was flat this week even as the pressure increases on the Chinese government to revalue the yuan — the most undervalued currency in the world. Despite its flat performance of late, the yuan is the #1 Chinese investment of 2008, even as the Chinese market now is down 65% from its previous highs.

Indian banking giant, ICICI Bank Ltd. (IBN), remained steady this week. Millicom International Cellular (MICC) dropped back slightly even as CEO Marc Beuls declared that Millicom is "the best business you can be in in the whole world” at a recent investor presentation.

You were stopped out of Brazilian oil giant Petrobras (PBR) for a loss as oil prices approached the $100 level. After being the top-performing market of the year through May, Brazilian stocks have fallen to their worst level in a year and a half, as commodity prices have slumped.

All of our other recommendations remain BUYs.

PORTFOLIO UPDATE

WisdomTree Dreyfus Chinese Yuan Fund (CYB) was steady this week even as China announced its trade surplus hit a monthly record of $28.7 billion in August despite slowing global economies. This likely will add fresh pressure on China to revalue its currency, as its trade partners have claimed that an artificially low yuan is giving its exporters an unfair advantage. That’s all good news for your position in the Chinese yuan even as the Chinese stock market continues to plummet. CYB is a BUY.

Market Vectors Double Short Euro ETN (DRR) closed at yet another record high of $47.68 yesterday as Europe’s currency continues to weaken. Some analysts are forecasting another 8% downside from current levels. That should mean a 16% gain for this 2x leveraged play. Tighten your stop to $43.50. DRR is a strong BUY.

ICICI Bank Ltd. (IBN) was broadly flat this week as the stock continues to be locked in a trading range. ICICI Bank was selected for the 2008 Symantec visionary awards for the way the bank secures and manages systems and information. This stock could easily double on any sustained rally in the markets. “India’s Citibank” is a BUY.

Millicom International Cellular (MICC) is increasing its subscriber base at a 58% annual rate, while earning excellent returns on capital. With Millicom’s penetration in Africa — the fastest-growing market in the world — at less than 20%, no wonder its CEO is so enthusiastic about its business. Millicom is a BUY.

NII Holdings (NIHD) traded broadly flat this past week, even as Piper Jaffray initiated coverage of the company with a “Buy” rating and a $70 price target. Piper Jaffray expects NIHD to grow subscribers by nearly 30% during each of the next two years and also expects the company to exceed consensus estimates in the second half of 2008. NIHD is a BUY.

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