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Non-Tech : Dorsey Wright & Associates. Point and Figure
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To: Ms. X who wrote ()10/5/1999 8:41:00 AM
From: Tommy Dorsey  Read Replies (2) of 9427
 
To Thread: Today is Greenspan day and Wall Street is a-buzz about whether he will or won't or if he doesn't will he say he might take a bias to increase. This is all media hype and is absolutely unimportant in the scheme of things. Rates have already been rising and anyone who is willing to watch the Dow Jones 20 Bond average will have been ahead of this curve from Feb. 4, 1999. T-Bill rates have recently risen and all this without Alan Greenspan. The market is taking the rate environment into its own hands.
What is more important here is the change in financial assets to hard assets which over the last 20 years favored financial assets. The recent rise in gold and oil has surprised Wall Street. We have discussed the rise in oil many times over the last few months when Wall Street virtually guaranteed oil could not ever rise again as the West Texas Crude chart was making major breakouts. Gold was dead and never to shine again and Barrons even suggests it's the last breath of a dead commodity. I think they are wrong. Gold bottomed on a 20 year low and stocks topped on a twenty year high around the same time in the last couple of weeks. Start looking at real assets. Also see the soy bean chart for a bottom this last couple of months. Don't be fooled by Wall Street and the market pundits. There is change in the wind. T
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