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

To: Roebear who wrote (59021)	1/24/2000 4:56:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

OT Gold. I thought sure we'd see a rebound in the price to about the 294 level. The negative sentiment is extreme, which leads me down the extreme caution path. With the press constantly pointing out that inflation numbers are still around the 2-2.5% level, it's hard to make the bullish case for Gold. I don't subscribe to the total bear case, so I find it real hard to get excited about the yellow metal. Short term, the next few days, we could get a relief rally and we may get to my 294 target quickly from the look of this afternoon's action. We need a nice shake out in the stock market and today could very well be the start of it. Most of the major earnings are out, with a few notable exceptions due this week. I find it hard to be short term bullish on the overall market and have moved my trading portfolio to cash. We've seen the market snap back early this month but I suspect we won't get the same reaction this time, unless we really bottom out hard over the next couple of days. I should end this post with the fact that the last few times I've gone to 100% cash the market has rallied strongly, FWIW. Best of luck with your trades, Michael