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: Challo Jeregy who wrote (25606)	7/13/1998 8:02:00 PM
From: marc chatman	Read Replies (2) of 95453

RIG had a very bullish hammer candlestick, almost exactly like mid-March, except for relatively lower volume. Because of the volume and the fact that I don't really see anything bullish elsewhere, like we did in March, I'm not counting on RIG taking off tomorrow; but I wouldn't bet the other side, either. VRC had, I think, its all-time record volume day, but unfortunately no bounce. I don't see much options activity. With that kind of volume, I think it would have tanked a few points unless there was a serious buyer. On the other hand, there sure must have been some serious selling. Any technical analysts or tape readers out there with a thought on this? Another to look at is CXIPY. Down big on heavy volume. That's not a good sign unless it does the U-turn tomorrow on heavy volume. It could be moving down to close an old gap at around 48. Oil futures up .06 after hours. I'll stand on my thought that today could mark some sort of a bottom; I'm also assuming I'll have to eat my words tomorrow. EDIT: SCSWF had a hammer (with a small upper shadow), but on heavy volume. Could be one to watch tomorrow. I'll look at some others later if I get a chance.

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