Ultra Petroleum (UPL) Message Board

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Gold/Mining/Energy : Ultra Petroleum (UPL)

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To: Traveling Man who wrote (4438)	10/3/1999 5:20:00 PM
From: Little Joe	Read Replies (3) of 4851

TM: I am not nearly as pessimistic as the thread seems to be. As you may remember I began to raise questions about UP while the price was much higher based on charts. To my great regret I did not act on those concerns. Now however, I hear a lot of pessism that is not being confirmed by the charts. UP has experienced a recent breakout to the upside on high volume and now is going through a pullback, which is normal. The pullback is on low volume which is very positive. Also, whatever was going on is in the stock. But consider that the price of NG is over 3.00 I think, the cost of driling wells has been significantly reduced and UP's share of revenues has been increased. If you believe as I do that we are on the verge of serious commodity inflation and that oil and gas are in the infancy of a bull market, the scenario for UP looks ok. I intend to watch the chart and as long as it remains positive, I will stick with UP. However, if the chart breaks down, I'm out. Live long and prosper, Little joe

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