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: Roebear who wrote (91471)	6/11/2001 2:16:30 PM
From: SliderOnTheBlack	Read Replies (4) of 95453

In a world of sound money; savings preceeds investment... ...and presently in the USA we have a negative savings rate, a tapped out, over extended consumer with a terrible consumer & corporate credit quality environment. We do NOT have a fundamentally sound Dollar; we have a high Dollar - but, that is not the same as a "sound" dollar. The present Account Deficit is NOT compatible with a sound Dollar. The present money supply ramp/reflation is NOT compatible with a sound dollar. We've got a simultaneous slowing GLOBAL economy for one of the first times in recent Fiat History... this experiement called "Fiat" is NOT time tested & battle hardened & given the present underlying fundamentals... "when, not if - for Gold is a chip shot. The Financials are NOT leading this market; the DOW is still at irrantional valuation multiples historically & given a slowing global economy ? - it's insane imho. Tech is still continually lowering guidance; but the new paradigm money manager is more motivated by not being outperformed by a competitor; than he is by preserving "your" - OPM capital.... caveat emptor ~ they have to follow the madness of crowds - they have no other choice... I think the market is still a mess - still irrantionally exhuberant and it's not even debateable that it's still at historically rich valuation multiples. I've got the feeling that there's an "event/crisis" out there somewhere & that this like virtually all prior "bubbles" is NOT going to end the way the Bulls are hoping that it will... not at all. PS: anyone else notice that the brokerage houses & the Media have had to "rotate" the Media-Bulls ? No more Al Goldman from AG Edwards... he got shot down all the way from NAZ 5000 to 1600; now they're trotting out another face... Joe Battapaglia disappeared for a while; now he's starting to resurface & this am - they trotted out Tom Galvin for a pep rally... imho folks; they're nervous... very nervous... the market has been righted, it's been propped up, it's treading water here... but everyone know's there is no underlying fundamental support... They don't believe in this market, there's no real passion & you can both see it & smell it. ...they're buying because the chapter that says Fed Rate cuts will allways win; says to buy; so they're buying... well; I've got a feeling that this time; it finally WILL be different...and a lot of people are going to be in for an extended period of pain imho. Tic Toc~

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