Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: upanddown who wrote (20068)	4/22/1998 8:18:00 PM
From: JBH	of 95453

My opinion FWIW.... From looking at these two charts...I believe we have further to go before we see any substantial correction. But it may not be that far off...as you say. We put in one hell of a base the last quarter of 97 and if I'm not mistaken you notice we haven't moved as far as the run just before that. Now this is the Nasdaq monthly chart and this is what I'm basing my opinion on. On the first chart follow the curve on the tops and it looks like it wants to break 2000 or better before we correct. I'm looking for a good burst through the 2000 on the Nasdaq before we settle. RSI on this chart looks like it could come into play for one more go and Stochastics are pretty much holding steady at 90. Sentiment is still high. iqc.com Nasdaq weekly chart: notice how the technicals look.....looks like one more burst through 2000 to me. iqc.com I know the question was how is this going to effect the drillers....I'll leave that up to you guys to figure out :) Cause I truly don't know. Maybe some comparisons of the general market indexes when they were in correction to the same time periods as our drillers would be in order. John

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