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: marc chatman who wrote (53402)	10/22/1999 5:42:00 PM
From: Gary Burton	Read Replies (4) of 95453

Marc--Many on this thread will disagree with me but that's what makes a market---In my view, the odds favour the price of oil coming off shortly and breaking 20 and the OSX failing anywhere between here and the low 80's (in what I think is simply the C Wave up from 65)and head down again to dip under the recent 65 low in order to complete the correction from 91. I do not trust the current rally for that reason. I will modify my view only if oil keeps rising and takes out the recent 25ish high before turning down or if the OSX keeps pushing ahead past 91ish. If it does that, then I'm wrong. Until then, I am neutral-bearish on everything oily at the moment, from a trading standpoint. If I'm proven wrong, so be it. I can read the same sunny comments out there like everyone else can. As to what is going to cause the near term reversal, I haven't the faintest idea. when I look at the charts, that's what I think is the most likely scenario. --But I'm probably in a distinct minority here, which is ok by me

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