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: Crimson Ghost who wrote (48598)	7/30/1999 8:36:00 AM
From: BigBull	Read Replies (1) of 95453

George, To me it's "crunch time" for this OSX. As you have so astutely pointed out, we are presented with a chart pattern of a series of rising bottoms with well defined resistance in the 80 - 82 range. BY DEFINTION, these patterns do not continue forever. The resolution of such pattern is usually quite explosive - ONE WAY OR THE OTHER. This one will be resolved IMO in no more than a week. Since the POOS has remained incredibly strong in the face of several failed attempts to knock it down I am now leaning to it breaking up. The only catalyst I can see that will truly DRRRRIVE this thing up is MASSIVE ROTATION by panic stricken investors into INFLATION HEDGES. IMO THE singular inflation hedge today is OIL. But I am coming to believe that you are right in saying that the XAU presents a tradable rally opportunity. Those wage stats published yesterday FREAKED a lot of people out. About the only thing I truly disagree with Slider here, is about the rate at which capex spending will increase. In the stories I have posted, there was approximately 4 Billion dollars in new spending alone. These oil companies are getting the dough. From where? WALL STREET. While the street continues to publish bearish assessments about future capex, they seem to be falling all over themselves in bringing deals to the market. IMO if oil stays in the 18 - 21 range over the next month, every banker in Louisiana and Texas will be literally throwing money at any rough neck who knows the business end of a drill bit. JMVVVVVVVHO Don't make yourself so scarce dude. Bull

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