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To: Rarebird who wrote (52420)	5/7/2000 5:07:00 PM
From: William Harvey	Respond to of 116815

Over the last year, the disparity between the two exchanges has been explained as rate hikes are bullish for NASDAQ stocks simply because they are bearish for NYSE stocks, or, what's bad for the bricks and mortar is good for the point and clicks. Commentators seem at a loss to explain every time the Dow bounces back while the NASDAQ slips but the over/under valued argument seems to work there. Volatility is increasing so valuation isn't the whole story. Now that the market is looking at 70% chance of a 50BP rise, they may well want to get off the seesaw, namely an index's 100 point rise one day followed by its 100 point drop the next. Imo, the big push in the XAU last week indicates a willingness on the part of the investor to think gold, even in the absence of gold news. In light of the Midwest rains, not 'panning out' over the weekends as forecasted and a continuing of the drought, investors should be expected to do a little more prospecting on their own.

To: Rarebird who wrote (52420)	5/7/2000 7:00:00 PM
From: Crimson Ghost	Read Replies (2) \| Respond to of 116815

Friday's SM rally in perspective for those itching to buy the dip. Excerpts from INVESTECH hotline: Saturday, May 6th 2000 "If there's any surprise to Friday's rally-response to the unfavorable employment report, it should be that the rally wasn't stronger. The Nasdaq closed up only 96pts. As we said on Wednesday's special update, 3 of the last 4 Unemployment reports have seen the Nasdaq rally over 150pts. We can only guess the reason for this coincidence - but just imagine if Wall Street firms dumped "buy" programs on the market AFTER the Unemployment news hit. Of course, it would trigger a short-term rally ... opposite of what everyone expects, but boosting confidence ... and then public psychology would take over. Of course, that's just speculation ... Still, it's interesting that the Nasdaq rallied 178pts on LAST month's unemployment numbers ... then, in the next week, fell 1,125pts. Key developments this past week: 1) ... Friday's unemployment report ... stronger ... than expected. IF the stock market isn't plummeting by the 16th, we expect a full 1/2%pt hike from the Federal Reserve. 2) 30-yr T-bond yield jumped almost a full 1/4% pt ... Another 1/4%pt, and we think the DJIA will be slicing through 10,000 in short order. 3) Bellwethers ... already rolling over ... Both Advance-Decline Lines are within one big down-day of hitting new lows. ... liked ... Franco Nevada's quarterly earnings report this week ... consider the stock a bargain.