THE short selling opportunity of a lifetime exists on the US stock market. The best way is to buy Leap Puts on US indices such as Standard and Poor's 100, S & P 500, and the wide range of over-priced stocks, such as technological, health care, pharmaceuticals, retail, transportation, etc. Leap Puts are not expensive and are less risky than other ways. You can also buy straight Put Options, (as differentiated from Put Leap Options) or sell the stock short. Any international broker can help you make the transaction. I do believe the US markets must fall. In Sunday Money, late 1990, I suggested the Dow would go to 3,550 then fall. I now ''guesstimate'' it could go to as high as 3700, which I expect about June. Many events could change the timing (Russia, interest rate increases, etc). Every bull market has ended when there is excessive optimism and I have never seen more over US stocks. Mutual fund rates were US$10 billion in a recent month. Customers margin debt now exceeds that before the 1987 crash. Why do I think the US markets must fall? Let us look beneath the veneer: Dun and Bradstreet reports 1,700 companies per week have been going under. The US Hotel Industry has the worst downturn in history with a vacancy average of 33 per cent. The airline industry is predicted to lose $2.5 billion worldwide this year. The US government has practically guaranteed the bankruptcy of formerly healthy airlines by letting them fly while in Chapter II using cheap fares and building more debt. The Dow Transports earnings are at minus US$55.50. The bond/stock yield ratio recently hit 2.10, its highest level in 70 years. Dividend yields on the S & P 500 largest stocks is well below three per cent, less than half the interest on a US government guaranteed bond. The yield on Dow Transports is 1.36 per cent. Factories are still laying off workers. Sears has laid off 50,000 more and IBM suffered the largest annual loss in American history, losing US$6 billion. The Consumer Research Bureau Index on March 15, 1993, rose above 210 after being near 200 for about eight months. This is an indication inflation may be coming and could push up interest rates. Bonds immediately nose-dived. Usually bonds lead stocks. IfJune US Treasury bond futures drop to 208 or below, the stock bull market will be near the end. Misplaced confidence THE US dollar has gained on the yen and is steady above 115.80 yen. But it cannot rally higher unless it can break through 119 yen. Even if it can its strength will soon weaken and by May the greenback will be falling to new lows. Against European currencies the US dollar is testing its 1992 highs near 1.55 Swiss francs and 1.675 marks. It must break through these resistance points to confirm scope for any rally. The US dollar is almost universally losing any upward momentum and should steadily weaken long term and at some point have a free fall. Most people have too much unjustified confidence in the US dollar. The Swiss franc is gaining and holding strength. An excellent futures contract is to sell the US dollar short and buy Swiss francs long. Also buy Swiss bonds, Swiss interest bearing deposits. My best recommendation is ''Space'', Single Payment Annuity Certificate, issued by ''LA SUISSE'', the second oldest insurance company in regulated Switzerland. It pays dividends with no withholding tax. I am confident you will get capital appreciation. Export agent is Lattmann AG, Box 170-AM, 8033 Zurich, Switzerland. It will post an explanation package, or contact the Swiss Consulate for information. The Swiss franc will be at a par with the US dollar before the end of this decade. The British pound has steadied even against the powerful yen. But no further upward potential exists against the strong European currencies and even against the sinking US dollar it probably cannot make headway. It is moving sideways against the lira, Swedish krona and Irish punt, and has the potential to advance. The German mark is pressuring the US dollar against its 1992 low at $0.598 but even if this gives way further decline is unlikely. The mark is steady with the French franc and a close at 3.334 French francs would be required to negate potential for a rally back to the high side. The mark has steadied against the yen but the mark must break or the lower rally highs would be required to confirm a steadier phase for the mark. Oil not such a slick bet ON MARCH 15, 1993, commentators in several international newspapers predicted the price of oil would rise in 1993 and beyond because of a shortage of supply. They pointed to the US East Coast hurricane, the low quantity coming out of the former Soviet Union and the agreement by the Organisation of Petroleum Exporting Countries (OPEC) to limit production to 23.6 million barrels per day. They quoted the April Brent contract rose from US$18.55 to US$18.89. Any news on oil prices is of great interest since oil is the world's largest commodity and, if prices increase, so will inflation. I do not agree that oil is going to rise in price dramatically. I think if you speculate in the futures market on crude oil, and derivatives rising in price, it is alright to have fun at the party, but I suggest you dance near the door. My opinion is there will be no major price increase in 1993; prices could even drop under $16. I think crude will be at $20 until the fourth quarter when it should be $21. I pick only $21 to $22 for 1994, then an increase to $23 in 1995 which would rise to about $26 in 1996. There is certainly no shortage of reserves. Businessman Leon Richardson is a well-known financial commentator and investor My reasons are as follows: As for supply being lowered by the former Soviet Union non-supply and by OPEC cutbacks, this will be more than offset by several factors. Japan and Germany are in deep recession and will use less than normal. Nearly everyone overlooks China as a large oil producer. Latin America is also a big producer now. OPEC cheating usually starts one month after an agreement, so they will not stay within the quota for long. OPEC wanted the Saudis to cut to 7.9 million barrels, but the latter drew a line in the sand and demanded eight million. Iran is planning to produce an extra one million barrels and Nigeria 500,000 barrels per day. Kuwait received an OPEC-granted increase of 700,000 per day starting in July. At some point they will let Iraq start producing. Saudi's dollar reserves were $300 billion a few years ago and now they are only about $10 billion so they must keep high production. Saudi does not worry about depleting reserves as they have up to 200 years of reserves. I believe a good play is to bet on natural gas rising in price. The rule is the 10 to 1 rule. One thousand cubic feet of gas should be one tenth the price of one barrel of crude. The April 93, contract is $1.90 per 1000 cube. If crude oil is $21, gas should be $2.10 so it is now under-priced. There is also the fact that gas is much more environmentally clean and that will increase the demand and price.