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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: mark silvers who wrote (8562)	1/26/1998 5:01:00 PM
From: GlobalMarine	Read Replies (1) of 20681

<<Do not confuse the share price of a stock with the reality of the situation.>> The price of any stock generally discounts all information that is available on a company, and the market price is never wrong. If you want to buy, you buy at the offer, and if you want to sell, you sell at the bid, and THAT is reality. I could be wrong, but it appears you are defining the "reality of the situation" to be what is commonly known as fundamentals. Technicians tend to call the same funnymentals because prices tend NOT to reflect known (i.e. widely available to the public) fundamentals as the latter represent old news and come out after the fact. For instance, Naxos blasted off from a buck to about $6 before the first Johnson-process press release was issued to the public. If one traded on technicals, one would have bought in near the lows of last year and made a truckload of money. If one traded on known fundamentals, one may not have bought in until after the first press release. It is for this reason that investors in speculative investments tend to pay close attention to the stock price to provide clues as to what is taking place behind the scenes. Rand

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