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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: hdrjr who wrote (47593)7/8/1999 5:21:00 PM
From: double-plus-good  Read Replies (1) of 95453
 
hdr,

that pattern is very familiar. on wednesday last week we gapped up on the api report then settled a bit into the gap and had a furious bout of buying into the close. then we drifted lower into the next api yesterday. i would look for a repeat of that pattern. the downside risk, and buying opportunity IMO, is likely to come from an unexpectedly bearish api report or reports of opec cheating. something like that could take the osx from the mid 70's down into the 60's IMO.

fwiw, i also left money on the table with some badly timed trades last week. selling sept calls at this point may also prove to have been poor timing. i remain very long, however. am just trying to squeeze a little mileage out of these swings.

good luck,

++g
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