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: SliderOnTheBlack who wrote (60046)	2/9/2000 7:12:00 PM
From: ItsAllCyclical	Read Replies (1) of 95453

Slider, actually the first obvious sign of weakness (this quarter) came when OXY reported blowout earnings back in mid Jan and the street ignored them yet again. If you recall at that time I substantially lightened my margin and talked about buying more service plays on the next dip. I have not used any margin yet on this latest dip. Bought a small long term position in NR today, but that was it. I may use some margin (20-40%) tomorrow for some XOI issues if we get another 2-4% fall. There are few E&P's and service issues at set prices that might entice me. We should get a bounce after setting another low tomorrow...should. Overall GaryB has been the most correct saying that the street needed to feel comfortable with oil prices before investing in bulk. He was expecting a drop back to $18-20. I think we'll see rotation sooner. Any OPEC production increase will do, but they must increase a little imho or we'll probably stay in a trading range until the doubt is removed. Gary you were wrong on the price of oil, but your basic premise was correct. Congrats.

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