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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: JHR who wrote (54170)	11/7/1999 5:22:00 PM
From: Crimson Ghost	Respond to of 95453

JHR: I learned long ago that news (positive or negative) really is not that important. MARKET REACTION TO NEWS is the critical variable. A good example the the market reaction to poor IBM earnings a week or two ago. The tech stocks essentially ignored this and soon surged to new highs. The fact that the OSX has been drooping despite firm oil prices and talk of output cut extension is very negative technically. The OSX has been ignoring the good news but got creamed on word of reduced OPEC compliance. Until the OSX can rally sharply on good news and essentially ignore the negative news, the risk of further substantial declines is a real one. But hopefully this pattern is about to reverse as Slider keeps saying again and again.