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: Olaf Koch who started this subject	4/10/2001 2:16:37 PM
From: SliderOnTheBlack	Read Replies (1) of 95453

OSX Short Covering ? / BULLSKY Nikkei ? ...The 104 to 120 OSX bounce imho - is too easy; we're seeing lots of short covering here; haven't seen massive volume inflow's & many stocks are back within a few bucks of resistance; allthough some are still very cheap. Anyway - given our usual API selloff and that tonight's news is expected to be positive; in conjunction with what I see as a short-covering catalyst that popped the OSX just a wee bit too far - too fast; I flipped 1/2 my position & took profits as the contrarian play is for the API's to negatively surprise & if so; for the shorts to lay back on the OSX stocks - maybe giving us another re-entry/trade at sub 110ish; if the API's are a little less positive than expected. Also; I want to be pretty liquid untill after we clear the Cisco & Tech reporting hurdles... we are still very "ripe" for an additional massive "Reality Check" blow off in the NAZ taking us to 1500ish and I still see 1250-1365ish as "fair value" for the NAZ. We shall see... but; I'll take these 15 point DCB OSX scalps levered via calls; over & over & over again... Also; got a feeling we get to re-buy some golds at XAU 45ish... I want GLG in the $1.65ish range, HGMCY $4ish, GOLD low $3's, AEM sub $6-6ish, NEM in the $14/15's HM at $4.50ish, one more time and I think we'll get it - but; that will be the turning point as Fed Liquidity infusions gain momenteum & gold heads toward that Forbes/Kudlow et al - proper Fed liquidity barometer reading of $340ish - which will bring XAU 100+ imo... Bullsky; I couldn't get an overlay comparison chart of the Nikkei & the OSX to link here; but anyway - concerning the Nikkei vs OSX... The OSX followed the downward trend in the Nikkei in it's collapse of 1998 (Asian Contagion Pt I) & it followed the uptrend from 1999 to 2000; but now - it has disconnected from the Nikkei's downtrend collapse of late (Asian Contagian part deux ?)- wonder how long that will continue (VBG) ? PS: If anyone can link an overlay comparison chart of the nikkei & the OSX from 1998 on - I'd appreciate it; I can't on my charts fwiw... it's an interesting divergence here and it doesn't bode well for the OSX imho.

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