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To: Nathan who wrote (5038)	7/21/2000 1:05:39 PM
From: John Graybill	Respond to of 436258

Maybe they will start selling gardening tools. -g-

To: Nathan who wrote (5038)	7/21/2000 1:43:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

well, it sounded positive...we were having a conversation re. possibilities to add value to gold and that precipitated this latest missive. i'm not playing rallies at the moment...i'm going with the cycle work i mentioned here recently, and that says the next buy point or rather short covering point of significance is coming after August expiration. since the cycle top (note, i pre-announced the cycle top here, and it did arrive right on schedule) coincided with a set of extreme sentiment readings, in fact in some cases absurd sentiment readings, i am very confident that the cycle will play out as advertised. of course there will be rallies interrupting the trend, sometimes probably even big ones, like yesterday. but i have heard that the funds , especially the big ones and the tech funds are back to extremely low cash positions. e.g. Magellan holds only 1,6% of its assets in cash. in short, there's not much fuel for an enduring upswing right now. otoh, lock-up provisions on a barn full of tech stocks are expiring over the next few months. so any inflows into stock funds will once again encounter a tidal wave of insider selling. the market also fails as of yet to reflect the fact that US corporations are net-net not retiring stock anymore for the first time in i believe 10 years or more. as long as the junk bond market remains shut down that will likely not change. i have to stop this rant now...i don't want to provoke a rally..