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: Gary Burton who wrote (46793)	6/23/1999 11:01:00 PM
From: BigBull	Read Replies (1) of 95453

Hey Gary, Your call is looking better and better here. If we get close to 19 wti tomorrow and the OSX can't do anything with that, then it will signal pretty clearly that we are under some pretty serious distribution. I suspect the reason is that this quarters earnings are still going to be pretty lousy and a lot of the larger players don't want to hold stock, at least not at these prices. Additionally the laggards are starting to break down pretty badly here. Just nobody stepping up to the plate to buy. Any company with exposure to deep water is acting dismally. Just pathetic. So, if tomorrow we go down or only get a mediocre rally I will be establishing short positions via the options market. Still think the OS bull is not finished, it is just as you have said, we've simply run out of steam (ie buying power). There will be excellent prices for those with cash, when the selling is done. The story now imo will probably be earnings. We'll see if Slider theory of relative out performance by E&P's proves out.

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