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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Broken_Clock who wrote (55486)11/26/1999 9:51:00 PM
From: Gary Burton  Read Replies (3) of 95453
 
Papaya--From the 10.50ish low, Crude looks very much as being very near the end of Wave 3, with wave 4 to shortly dip to say 23/24ish and then wave 5 to soon top out near 29/30ish----After that, a 50% retrace of the roughly $20 total gain (10 to 30) would be quite normal and that would target $20ish, the 'magic number'where investors would likely feel comfortable in again buying oily shares. I doubt they will want to buy near 30 since everyone will call it an unsustainable spike. Big picture, my suspicion is that oily shares will start to see significant net new buying once the 50% correction looks near complete in the low 20's....... while crude is dropping, NG will likely come alive as it looks very oversold at present. This may well prevent most shares from dropping much furthur with declining crude as investors will then switch to saying "look at Ng go! forget oil"
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