MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: macavity who wrote (9502)	11/27/2001 4:55:05 AM
From: macavity	of 19219

J.T. A point to note ! Is the JBurg gold index in ZAR or is it another currency - e.g. USD? A 4 year breakout in the index (if it is ZAR) is deceptive as the currency is at multiyear lows. These companies have revenue effectively in USD which to a ZAR investor looks hot! It therefore should not be seen as a breakout in USD! This may explain why one index (JBurg) goes up while the others (XAU and HUI) underperform. The ZAR has been a dog at the moment, so if you are in ZAR equities you have to have stocks that benefit, or at least do not suffer on the currency. These stocks (and any other exporters) have got to be sucking in cash in their home market. Same thing here in Japan! JPY breaksdown, everyone jumps all over the exporters - Car makers and the like - as if they are going out of fashion. JMHO -macavity

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