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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: d. alexander who wrote (23807)	9/26/1999 1:21:00 PM
From: xcr600	Read Replies (1) \| Respond to of 68173

cbs.marketwatch.com

To: d. alexander who wrote (23807)	9/29/1999 1:40:00 AM
From: Johnny Canuck	Read Replies (3) \| Respond to of 68173

Dorothy, Sorry for not replying. I was in transit most of the week. I am in San Jose for the next couple of days for a conference. I am not sure I agree on the double bottom comment posted on the iSpeculator site. We need to test the 1280 area first from below to confirm the double bottom on the 30 minute chart. I am not really a good patterns person though. The current bounce is setting up for a sell signal soon on the SP500 based on my short term system. It looks like there were some interesting fireworks last week. Does anyone have a record of the trading volumes throughout the day on the indices for Thursday, Friday and today. The volume on Friday on the COMPX looks like a set up for a climax sell off ( 2 billion shares), but there is still a lot of strength in many stocks. I am more inclined to think it is fund managers positioning for the end of quarter. There is no sense in putting their profits at risk in advance of the Fed meeting. I think we range trade till the Fed meeting is over. This is a more bearish comment. optionsource.com Keep in mind that if Acampora's comments get a lot of coverage and many analysts turn bearish, we will have to test his target as part of a self fulfilling prediction before we can recover. Also remember that September is historically the worst month to be in the market and the earnings season is about to start in earnest next week. Harry

To: d. alexander who wrote (23807)	9/29/1999 1:49:00 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68173

Excerpt on commentary on gold: Canadian mining companies revelled in the continued rise in gold prices Tuesday -- as gold broke through the $300 US mark -- but they're wary of any big celebrations until they see where the price of bullion stabilizes. The price of gold surpassed the psychological milestone of $300 US Tuesday, rising $21.60 US to $301.50 US an ounce on the London Metal Exchange and htting $308 US, up $26.20, on the New York Mercantile Exchange. "It's over $300 which is also a very important psychological barrier," said Vincent Borg, vice-president of communications with Barrick Gold Corp., Canada's biggest producer. "For technical trading it's just a psychological watershed," Borg said. "If you can get over $300, it could go higher, if it hangs below $300 then people can't see beyond that." "Sentiment has changed fundamentally." Movement beyond that mark attracts money to the gold sector and pushes the share prices of the gold companies higher. "The fact it broke through ($300 US) is significant," Borg said. The gold group on the Toronto Stock Exchange fell prey to profit-taking late Tuesday and lost half a percentage point in value after its meteoric 20 per cent jump Monday. Barrick lost 50 cents to close at $35, while Placer Dome gained 30 cents to $22.90 on trading of 16.8 million shares on the Toronto stock market. Bema Gold rose 16 cents to $1.75 as 2.8 million shares changed hands. Tuesday's bullion price rise followed a more than $16 US jump in bullion prices Monday after an earlier announcement by 15 European central banks that they would cap the amount of their reserves that they would sell each year. But Canadian gold companies are hesitant to look into their crystal balls to estimate what is a sustainable bullion price after this major move by the central banks, which has taken the "wildcard" out of the sector. Prior to the banks' decision, gold companies didn't know how much gold might flood into the market from the major central banks selling their bullion reserves, and as result, prices wavered. Gold companies took some rash action over the last year and a half as the price of gold languished. It hit a 20-year low at about $255 US an ounce earlier this summer with the prospect of a global selloff of gold reserves. Gold peaked at $875 US an ounce in January 1980. In response to the low gold prices, producers have shut high-cost mines, postponed exploration and development, laid off workers and cut costs. They've also watched their bottom line deteriorate. However, this change in plans by the central banks, and the responding rise in the gold price, gives some optimism to gold production and exploration companies. "Now the market can act in a more rational manner," said Hugh Leggatt, manager of corporate communications with Vancouver-based gold producer Placer Dome. Earlier this year, Placer Dome laid off workers in its South Africa and Nevada mines and halted work on its mine in Venezuela this year due to the low price of gold. The company continues its plan to keep its costs low. "That strategy will not change in the near term because future gold prices are uncertain," Leggatt said. But the improved gold price will help the company be more profitable, particularly if the price levels off in the $300 US range, he said. A higher gold price will return some smaller companies, that were losing money with the low price of bullion, to profitability, said Ken Booth, vice-president of corporate development and communications for Vancouver-based mid-sized producer Bema Gold. But companies won't necessarily react to the higher price by announcing the startup of halted exploration programs just yet, he said. "I think there's a bit of a lag effect," Booth said, and companies will wait to make any changes until a higher price of gold is sustained. But for Bema Gold, the changes give a more promising outlook for a few low-cost projects it has yet to develop in Russia and Venezuela, Booth said. canoe.ca