Strictly: Drilling and oil-field services Message Board

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

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To: SliderOnTheBlack who wrote (77670)	10/31/2000 10:19:16 PM
From: kormac	Read Replies (1) of 95453

From James Smith of PEI. The bottom line is .... well the bottom line ... ---------------------------------------- The stock markets made an impressive rally today--ie "panic buying" , but we are not convinced this equates to a "sustainable" rally going forward. Our timing models have indicated a Panic Cycle Week for both the DOW & the S&P for this week. Often a market that shows "panic buying" in the first part of a "Panic Cycle Week" will suddenly turn to "Panic Selling" by the end of the week. Is the market discounting a Bush Victory too soon? Has the market completely forgotten about tension in the MidEast? Will an imminent US attack on Bin Laden (payback for the USS Cole) backfire by further radicalizing the Arab World against the US???? By the way, what does Bill Clinton have to lose by striking now against Bin Laden???. He won't have to deal the the mess...he can leave that to his successor. We still believe a move down to 2438 basis the Dec Nasdaq; 9063 basis the Dec DOW; & 1267 basis theDec S&P is quite likely before this correction has run its course. Next week, if not sooner, attention may revert to the MidEast. Why?-- Panic Cycle on both OIL and GOLD!!

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