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Gold/Mining/Energy : Gold Price Monitor
GDXJ 92.99+2.9%Nov 7 4:00 PM EST
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To: Rarebird who wrote (57673)8/29/2000 12:36:04 AM
From: PaulM  Read Replies (1) of 116753
 
Rarebird, thanks for that take. Your perspective is worth a second thought for anyone planning to stay out of the stock market. Must say I never expected the NYSE to make new highs, which it did in the last couple of weeks.

What frustrates me about the current environment is the seeming extreme importance of getting our investment decisions right as financial markets tower over the real economy. And because these markets create no real wealth, we are all playing a high stakes, zero sum game, whether we like it or not. If you decide to stay out of a stock market the fed is underwriting, not only do you not gain, you lose. So i'd actually like it if you placated me on the following:

1. Oil -- doesn't the lack of purchasing power resulting from higher oil prices offset the liquidity crated by Wall Street and the Fed?

2. See how volume peaked on the NYSE

bigcharts.com

And the NASDAQ

bigcharts.com

3. And doesn't that NASDAQ chart look quite ugly?

4. Actually, maybe charts are irrelevant in a market dominated by political intervention rather than emotion? If so, the question seems to be with oil prices rising, and foreign central banks raising rates, will capital inflows continue to sustain the market?
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