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Gold/Mining/Energy : Gold Price Monitor

GDXJ 99.85

+6.2%

Nov 24 4:00 PM EST

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To: Bobby Yellin who wrote (8101)	3/6/1998 6:43:00 PM
From: PaulM	Read Replies (1) of 116764

Bobby, this market is devoid of smart money. Compaq warned after the bell. These warnings--Intel, Motorola, Compaq--aren't minor misses. They're way off the expected mark and they strongly suggest earnings will be off across the board. This market seems to have changed dramatically, in my short life time and even in just the past few years. In 96-97 I traded a number of tech stocks and recall how merciless the market was on negative earnings news. I also remember the traditional slump on Friday afternoons as day traders didn't want to be stuck over the weekend. Today we had two consecutive important warnings in a row. Well before reporting season. And we had every reason to believe there was a risk holdign over the weekend. And now we do have a warning in Compaq. The prologue was a market that frolicked its way 100 points upward, led by technology shares including Compaq. That tells me that this mania actually is enough to even outweigh moves by insiders. I'm taking my last dime out of the general (non mining share) market (and it is about a dime or so).

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