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To: drsvelte who wrote (4329)	10/15/1998 9:51:00 PM
From: Thean	Read Replies (1) \| Respond to of 14427

Doc - your thinking is exactly right. I share that as well. Except that we know the market likes to play games and when too many people think the same way the opposite happens. One can say the same for the last few days and the fact it kept climbing with all these persistent bearishness is a cause for concern. So far the earnings have not been bad at all and not too many companies, especially big names, warns of worse things to come in the next few quarters. HP and EK are the only two that sounded negative so far. After EK innocent "truth-telling", I don't think many companies are going to be as direct and plain-talk anymore. They will just guide estimates lower like MSFT and INTC have been doing so well. A sliding dollars is actually good for the global companies so that is not a negative for them at all. Most global companies cited weakness from a strong US$. We will need a recession at home to really hit those earnings hard. As to gold, let's see if it holds 300 first. We have been through this. If all these hedge fund blowout and talk of global financial problem only move gold up $3, I'm not convinced they can sustain their move above $300 for too long. We know physical demand is not there, and if we don't have too many convinced long gold speculators, gold is not going anywhere.