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Technology Stocks : John, Mike & Tom's Wild World of Stocks -- Ignore unavailable to you. Want to Upgrade?

To: wlheatmoon who wrote (1821)	8/23/2000 6:12:21 PM
From: John Pitera	Read Replies (1) \| Respond to of 2850

DVN just added to the S&P 500.... you remember when we were together in person on July 28th, and I showed you that DVN chart and then I got you in the headlock and started wailing on you......"you're gonna buy some of this ...right" -vbg- it's interesting to see the folks at the S&P adding energy and especially a Natural Gas rich company into the index instead of tech, etc. One would think they could read the writing on the wall and realize the very strong earnings growth going on in these companies. I consider it a good endorsement. i wonder if gold is like oil was 18-24 months ago. Mike I'm just about positive that's the case. I'd give it about a 96% confidence interval. the issue is does gold and silver in the cash and nearby futures have one more plunge? the silver producers (commercials) are always net short the futures markets. open interest in silver has climbed from 72,072 on july 18th up to 96,291 on aug 15th and yet the net commercial position has moved down to only 21,057 on aug 8th. since 1986 the lowest net commercial short position has been 4770 in 1997, just before the buffett explosion. and the high commercial short has been 85730 , net declines to under 25,000 contracts normally correlate with price lows. also the bullish consensus number from market vane was 13% on august 8th, that's the second lowest reading since 1974 the absolute lowest was 12% on sept 28th 1988. interestingly open interest in gold futures really plunged in July as if an overall liquidation was occurring. we could see one more serious sell-off but the longer term picture seems to be getting much more bullish. I'm of the opinion that a buyer of XAU stocks will make as much money as one has made in oil driller, oil service and Natural Gas stocks the past 18 months. John