Optimism Runs the Table at Vegas Investment Convention

The nation may be worried about the economy, but the prevailing mood at this year's Money Show at Mandalay Bay Resort in Las Vegas was more optimistic than pessimistic.

Each year, several thousand investors flock to the show to receive education and advice. In one session at this year's show, held Tuesday through Thursday, a poll revealed the audience was bullish on the market for the rest of the year by a 4-to-1 margin.

Cautious bullishness appeared to be the prevalent sentiment -- even as speakers acknowledged the current dismal climate for consumers, housing, automobile sales and the impact of higher energy prices.

Well-known stock guru Mark Leibovit of VRTrader.com, who has been named Market Timer of the Year for 2006 and 2007 by Timers Digest, suggests that the market will dip until midsummer and then rally to at least the highs of last year.

Jim Stack of Investech Research said his technical indicators, such as the advance/decline ratio, show that market breadth is positive, and he's close to getting a buy signal from his proprietary Coppock Guide, which gives a buy signal only once every three to five years.

Speakers disagreed about how high oil prices could climb. More than one expert predicted a sharp decline in oil prices, well below $100 a barrel, citing a slowing world economy, more alternative energy and the collapse of a speculative bubble.

One truly memorable contrarian prediction came from Leibovit, who boldly said that gold would reach $5,000 an ounce in the decade ahead -- after the U.S. goes back on the gold standard at about $3,000 an ounce to solve its dollar and debt problems.