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: SliderOnTheBlack who wrote (55747)	12/1/1999 12:22:00 PM
From: ItsAllCyclical	Read Replies (1) of 95453

E&P's - Where's the bottom? Fundamentals support much higher prices now, but they have for some time. As for technicals still watching APA and the XNG for signs of a turnaround. There is a nasty gap that needs to be filled around 39-40 for APA. timely.com To be safe one could wait for this gap to be filled and then buy the sector with abandon looking for laggards, but I'd say any close for APA above 36 1/2-37 is a very good sign that the bottom was put in (Doesn't mean we won't retest though). 200 dma for APA around 36.1 right now. For the somewhat risky, I say buy heavy now. This prices are insane from a historical perspective. 3x, 2x cash flows? Nuts... OEI is going to look cheap on PE basis in a few quarters. Maybe that'll attact some tech stock investors (VGB). BTW - APA is rallying now to 36 5/16...

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