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Gold/Mining/Energy : Gold Price Monitor

GDXJ 90.01

+2.8%

Nov 5 4:00 PM EST

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To: Bucky Katt who wrote (4489)	12/19/1997 4:14:00 PM
From: PaulM	Read Replies (2) of 116752

The Dow was down 260 points very quickly this morning, then GE announced it would step up its buy back program, which turned the market around. Recall IBM's buy back announcement that turned the market around the day after the 550 point drop. It's still curious that two market bellwethers (sic.?) would both happen to announce buy backs while the market is in the process of tanking and even though there is every indication there respective stocks are soon to be lower still. Neither IBM nor GE are particularly cheap given current macro fundamentals.

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