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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SliderOnTheBlack who wrote (67275)	5/29/2000 2:02:00 PM
From: Douglas V. Fant	Read Replies (2) of 95453

Slider, heh-heh- I take it that you do not agree with Joe B. But Joe B. said in year 2000- not in the next month particular levels would be reached... Here's Market Edge's market analysis..I posted it mainly to note the total NASDAQ short interest- which is getting very high. Both Morgan Stanley and (?) Goldman Sachs issued macro calls on Friday saying that sings of the economy slowing down are already evident too..... Weekly Market Comment (Week ending 5/26/00) The markets were under pressure last week as high volatility and low volume were the name of the game. For the week the DJIA lost 327.61 points (-3.08%) and closed at 10299.24. The NASDAQ fared worst losing 185.29 points (-5.47%) and closed at 3205.11. On Tuesday, the NASDAQ closed at 3164.55, which marked a decline of 1884.07 points (-37.32%), from its record high (5048.62) recorded on 3/10/00. This is the sharpest pullback in NASDAQ shares since 01/29/76 (37.3%) The CTI, which reversed to bullish on 3/3/00 (DJIA-10367.20), is a bullish +10 and is projected to remain positive until late September 2000. The Momentum Index remained neutral at -2. The "Market Posture" continues to be regarded as bullish. The percentage of bullish investment advisors declined to 46.0% from 49.1% which is a neutral reading. Breadth remains soft as the NYSE advance/decline line lost -1075 units while the number of NYSE stocks making new 52-week lows exceeded those making new highs on all five trading days. The number of stocks in the Market Edge universe (4564 NYSE & NASDAQ stocks) above their 200-day moving average declined to 38.2% from 44.6%. Inflows into U.S. equity funds continues to be strong as $15.6 billion was added during the week ending 5/17/00. Another bullish condition is the level of short sales on the NASDAQ, which rose 4.8% to 2.8 billion shares as of May 15th. The stocks with the largest short positions include Dell, Cisco, Oracle and Microsoft. The upside projection for the DJIA for this cycle is 12272 (+or- 120 points). Primary support for the DJIA remains at 10200. Secondary support is 9,730 with resistance at 10970. Support for the NASDAQ is 2920 while resistance is 3730.

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