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 (52177)	9/30/1999 11:29:00 AM
From: SliderOnTheBlack	Read Replies (1) of 95453

OSX behavior... and the "imaginary" Hedge Fund attacks on ones individual portfolio (VBG) ? I do not think we can find an uninterrupted rally here untill all the Q3 reporting is out. What we did see - is where there is STRONG BUYING support. Shorts would be good traders to lay back on anytime they see weakness, or profit taking here; as the buying came at the bottom - and it isn't following through here, nor will it. We waffle a bit imho. We know where support is. Let's see how the market digests this United Nations proposal to let Iraq pump more oil... Let the last sellers get out post Q3 if they want out; then if crude is holding steady (baring any overall market blowoff) we ramp to OSX 100 by year end imho. A 20% OSX correction into a 10% DOW correction - was a gift horse buying opp in some individual issues.This was not a time to hesitate... those that did; their "DD" is not up to speed imho... quite simply; we reached fundamental valuations and near 2 year lows in some stocks - into the face of $25 crude oil !?!?! - you've got to be able to find the guts to buy headlong into that; 'cause if you didn't - you never will... ========================================================== JQP: re: the "Hedge Fund" conspiracy (VBG)and some of your comments of late about "someone's" comments of late (VBG).... ??? Nothing "sybilesque" at all actually... there is a time to buy - re: directly into 7-10% one/two day blow offs off of a retrace like we just had. Notice how many posters became stone cold silent during that blow off... a little Monday Morning Quarterbacking being set up... but, it didn't come to fruition as buying the blow off was the thing to do. Most individual investors do the total exact opposite of what should be done. They chase the run ups and sell on the blow offs... it is hard to do the opposite. But; the big money is made by trusting the numbers and knowing where the risk vs. reward disapates - because of sheer value and the overall sector fundamentals. Trimming RRC when it turned before collapsing was smart. Selling the one day pop, was also smart. So is waiting for sub $4 1/2 to buy here... Nothing "Sybil" about that; just good trading. The sector sentiment does not support RRC running 30% against the tide here. That offers rising support; as we wont see $4 again; and it makes $4 3/8 - $4 1/2 a good buy here; just as it made buying at $4 and selling a two day pop to $5 a good trade; because it was not carrying through. Also; on MEXP. The volume drying up and the total lack of buying support at what has historically been a gift of late: $2 - has to be viewed realistically. Not doing anything to push a blow off on MEXP; but it could be deadmoney without a refi, it could also; because of no volume and no buyers here at $2; not offer much of an exit to all the sellers we know are coming off of the refi news... just being realistic. Now, on those imaginary HEdge Funds attacking your personal portfolio.... that look did "sybilesque" imho (VBG)... good luck - and relax...

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