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: Gary Burton who wrote (55839)	12/2/1999 12:13:00 AM
From: ItsAllCyclical	Read Replies (1) of 95453

Gary, your scenario suggests taking out 27 on oil as very possible (I agree 100%). However, I don't think we're going to stop at the 27-29 range. Real winter weather depletion, storage numbers sub 300, y2k fears, speculative traders and sector rotation will drive oil prices and the sector much higher shortly. Working against this rise you've got shorts, OPEC potentially, reserve sales by the US, and the evil media powers <G>. In the short term I think bulls will win sending oil in the mid to low 30's before turning back significantly. At that point 25 and 27 become support. As such with the XOI, OSX, and XNG just starting to turn I'm surprised you're not more bullish. We can have a sustained move here and then a 50% correction of the rise late Jan mid Feb as we get closer to the OPEC agreement. Why not trade it? The sustained move in the E&P's may be longer imho given their laggard status imho. Slider is wrong when says the E&P's are trading at levels comparable to OSX 65. I'd say it's more like OSX 60 (VBG).

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