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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (50449)9/6/1999 8:14:00 AM
From: Roebear  Read Replies (1) of 95453
 
Slider,
Glad you didn't have a change of heart on RRC (baaaaa, baaaaa VBG).

As I noted:
Message 11147092

"With NG making a Perot like sucking sound to the south I sold some RRC shares bought for 4 3/4 at 5 1/4. I will be joining you getting in again around 5 or lower, its just that I thought it would stall today and retrace."

I sold some RRC and got back in. There was considerable buying pressure in the 5 1/16-1/8 range so I could not reestablish a better
rebuy price than that. The other play I bought to do something with the money while I waited for RRC to retrace was also good for 1/8. Hoped for better but I'll take it

Also, I would like to note that this trade took advantage of the negative hype about NG prices:***

The price pressure put on by the drop in oil and NG prices today was a match for much
negative sentiment played in the papers/news. I believe someone is trying to put up a
firewall to keep energy prices contained a bit. RRC held up rather well as did a number
of other OSX stocks. We will see shortly which way this divergence between OSX and
oil/NG prices goes.
***

The NG price firewall was being built, Barrons article shows it won't hold up, but it gave a sentiment/news kind of insurance that combined with the expected retrace on the RRC chart made for a pretty easy trade.
Also a gratifying call for a sheepish poster like me...
hahahahaha.

PS, I would also note that as RRC did not get down to its full decline measurement of 4 1/2, it also did not achieve its full retrace to
4 7/8- 5 I was expecting. With the pressure on NG prices last week adding fuel to the retrace fire, I would construe this RRC price action as pretty bullish. IMHSO of course.

Roebear
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