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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Think4Yourself who wrote (52634)10/8/1999 10:39:00 AM
From: marc chatman  Read Replies (2) of 95453
 
I agree regarding the fundamentals, but I'm thinking about investor psychology. Think of all the investors who bought OS stocks over the past 4 months or so. Amazingly, many of these, if not most, are now underwater, and probably don't feel so good right now if they are watching their screens.

Many of these holders are probably thinking that if they see a bounce to anywhere near where they bought, they will sell and never return to the oil patch again. It will take time for the index to work through this.

Also, regarding the time for the rise, I think it was pretty impressive. In my view the OSX doubled in about 6 months, and a few stocks tripled in that time. So, if it takes another 6 months or even a year (after the decline ends) for the OSX to hit 90 or whatever, I wouldn't consider that a long time in and of itself.

But it is long in comparison to this incredibly fast sell-off. This sell-off is absolutely punishing.
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