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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.29

-7.0%

4:00 PM EST

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To: Bald Eagle who wrote (7605)	2/16/1998 8:59:00 PM
From: Mark Bartlett	Read Replies (1) of 116972

Wiseowl, <<Don't you think that the new DOW highs of last week confirm that the bull market is still alive and well?>> Alive - yes ..... Well - I am not so sure. I do not believe we have seen the end of the Asian crisis; not by a long shot. What concerns me is, it is unlikely IMHO that _future earnings are going to justify these lofty levels. One of the driving forces behind this market (as has been pointed out by many) is the amount of $$ that are flowing into it - money looking for a place to live. I do not ever recall a period when so many average people were throwing money at the stock market (often borrowed against assets that are over-valued) ... many of these people have never invested before. When things are good, it encourages the process to continue - I suspect many of these people have not got the foggiest idea that they are throwing their hard earned $$ into a very high market by historical standards. Nobody can predict the future ... maybe the DOW is good for 30,000 <g> - but when one looks at the Japanese market - what goes up will come down - and sometimes with a big thud. All the best, MB

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