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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Ken Robbins who wrote (20494)4/27/1998 4:30:00 PM
From: dougjn  Read Replies (2) of 95453
 
S&P500, the pro's index, is off 4-1/4%. We're probably about half way down in the indices. With some stocks mostly done, others just beginning. Backing and filling next couple of weeks. We've had enough of a break to break momentum based confidence. So now there will be all sorts of competing theories and worries.

If the market becomes convinced a series of rate hikes are ahead I think we go down a total of 15% on the indices. But I doubt that happens. Instead, interest rate worry has now re-entered, and its not gonna go away any time soon.

Unless that worry gets replaced by a new crisis in Asia, such a major bank failure or two. Now that Could be a tsunami. But it seems unlikely to me.

Doug
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