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 (58508)	1/14/2000 12:07:00 PM
From: ItsAllCyclical	Read Replies (2) of 95453

FGH, short term prediction is a huge gamble imho. >> Tape showing good defense of $5 - some nice 5-7K buy blocks steadily crossing... we shall see - the last hour may get real interesting. << We don't how many, if any, large blocks are out there waiting to sell into strength or conversely buy on weakness. Until we start seeing some really large blocks 20K, 50K and 100K I wouldn't make too much out of the tape action. I think we'll close below 5 today, but I would say your record on short term trading is certainly better than mine. I see nothing that would make the shorts cover en masse short term. There is far too much uncertainty and that is a great playing field for shorts. If they can keep it near 5 toward the close it won't take much shorting to drive it into margin call territory. I personally think much of the buying in FGH of late is not short covering, but existing longs using margin to average down at what they see as a great price. Over the long term they'll probably be right, but short term I don't think we've seen capitulation yet. If it were short covering it would have opened higher today imho.

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