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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (59993)2/9/2000 11:01:00 AM
From: Think4Yourself  Read Replies (2) of 95453
 
It does appear fund favs like APA and HAL are trading heavily this morning. Non-fund favs are falling as well, but on virtually non-existant volume.

In all honesty I don't think the fund favs are anywhere near where they were before the OPEC meeting last year. I remember buying FLC at 6, SDC at 9, DO at 19, GLM at 12, and VTs in the 8's. These guys can still fall a lot.

Important to remember that the balance sheets for many of these fund favs are WORSE now than they were a year ago. They were just starting to end their lucrative contracts then and stack rigs. Much lower rates for existing contracts now, and much more idle equipment. There are of course exceptions caused by outstanding and/or lucky management

For the most part it is ONLY the folks producing oil and gas who are in substantially better shape than a year ago.

I am looking to buy my target stocks now. Only a handful of people panicking is driving them down significantly because, as you said, no buyers. Not willing to say what they are because even a little competition will drive the prices back up.

I will say that I wish some of you dirty rat b@$tards would sell me your XTO! I'd LOVE to be able to say I bought some in the 7 range.

Energy futures up smartly accross the board right now.
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