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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: marc chatman who wrote (56210)12/6/1999 6:11:00 PM
From: Gary Burton  Read Replies (4) of 95453
 
Next worry pt is 69.04---print below that and the liklihood is 'strong' that we will take out 65--IF we do that, then my momentum software suggests all the way down to the 50-53 area would be next potential Stop and Reverse area.-----MACD/RSI on many individual stocks have broken to new lows for this move, suggesting furthur weakness. Am holding only OEI and NBL, both of which now look still lower....The peewees like RRC/CRK etc look like they could actually print new yearly lows as I see it...I won't be buying a furthur 'dip', particularly if we take out OSX 69---don't need to be a hero. I still think that XOI may languish for some time as the last move up was near vertical and it 'failed'-- As stated many times before, FA and the news backdrop is irrelevant here at the margin where buyers and sellers meet to trade, since the buyers and sellers have the same info. I buy the "source of funds by Tech lovers" argument only up to a point and do not think this explains away the whole problem. My 2c
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