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Gold/Mining/Energy : At a bottom now for gold?
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To: Alan Whirlwind who wrote (810)10/16/1997 8:35:00 PM
From: Roebear   of 1911
 
Alan,
I just want to clarify and make sure I understood you correctly on a few points. Forgive me if I am being dense.
Point one:
"There is an underlying sentiment among a number of investors bullish on the stock market that should gold breach $300 an oz it would be a tempting opportunity."

A tempting opportunity to buy gold or gold investments, correct?
Point two:
"Many of the stolid TA types seem to believe a spike down to new
lows, temporarily, would be a bullish development, setting the stage for m a bull market to commence within months."

A bull market in gold, correct? I have heard some argue that a decline in gold is bullish for the stock market.

I agree that it is hard to see new highs in the stock market this week or next when so much of the good news produced no good reaction in stock prices.
Also, a site I subscribe to, and which is mostly TA, the gentleman that authors it (excellent track record but he only does very short term to day trades) expressed to me (4 weeks ago) that he felt the market would feel the effects of the capital gains tax cut from late October on. Enough people would be cashing in to have an effect. I suppose if the market drops some people who still have nice profits would be tempted to sell.
What the heck, I'm easily tempted, I just need the nice profits first:)
Best Regards

Roebear
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