The gamma-ray emission of the blazar Markarian 421 above 250 GeV has been observed by the CAT Cherenkov imaging telescope since December, 1996. We report here results on the source variability up to April, 1998, with emphasis on the 1998 campaign. For the flaring periods of this year, the energy spectrum was derived from 330 GeV up to 5.2 TeV: it is very well represented by a simple power law, with a differential spectral index of 2.96 +/- 0.13.
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