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: ItsAllCyclical who wrote (48726)	8/3/1999 9:43:00 AM
From: SliderOnTheBlack	Read Replies (4) of 95453

ie: ''red alert'' - just a figure of speech; however - I'm back in cashola .... Don't like the Street Sentiment - spin-doctor war going on. Missing Barrels etc... too much long speculation in crude future from people who are just traders - not buyers/users of the commodity; this aint good; never has been. I expect a technical trading correction in crude and the stock prices will follow imho. I am going on vaction next week; so I sold nearly everything at the open yesterday - milked MEXP & CRK through the day; got out of RRC at the open - luckilly. Many of these have been great traders - lots of 15-30% runs in days... nothing has changed longterm fundamentally; but I see the strong possibility of one last Oilpatch correction before the big run (and it will be a big run !). But; I am in a short term trading mode here. No reason for a Buy & Holder to sell here - none, sit tight. For trading however; I like cash here and then waiting for individual stock opportunities. There are still too many tremendous short term trades here. There is no train leaving the station anytime soon - at speed too fast to miss... Untill the rotation opportunities disappear and the list of undervalued plays grows short, to non-existant; then I am trading... RRC popped 14% in a day - this stock has been great to me; had to take the money & run; but I'll be right back in on weakness... CRK as well... MEXP - a great trader hear playing the low-mid $2's to the $3 resistance level. Got the cash - going to Europe on vacation net week - setting some gtc limit buy orders and seeing what happens with all this Crude Futures speculation, missing barrels spin etc... just my .02 cents... don't want to get blindsided by what is now beginning to be a traditional ''August Swoon'' - In Cash again & sitting like a buzzard in the cattle yard... I smell one last (final ?) shakeout... ?? good luck

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