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: Post_Patrol who wrote (62048)	3/13/2000 12:03:00 PM
From: SliderOnTheBlack	Read Replies (1) of 95453

I just bought FGH today on the open weakness !?!? - God, help me... SargeK - grab the digitalis, nitro and put that Pall Mall down, catch your breath - yes; I "bought a nice position in FGH this am" ! A "Strong Buy"... why you may ask ? First, don't get too cocky - purely for technical & trading reasons... this is a "date" for me - no longterm relationship planned (VBG). 1. I "Still" do NOT have faith in the companies guidance - thats my personal opinion. I still think the HLX acquisition was un-needed, poorly timed, poorly executed and yet to be determined if it was THE debacle of 1999 in the Oilpatch. 2. I remain confident that there will NOT be a newbuild boom and full recovery untill 2001-2 as many analysts including Merrill has stated. So what has changed ? 1. The technicals 2. My indications from my that some Institutions are buying FGH and that they are net buyers to $10 and acquiring in size for the multi year Long Term Oilpatch expansion. They reportedly view "fair value" for FGH in a $12 - $14 trading range and that the stock will only return to the high teens - $20's in in 2001 upon the return of construction projects and the projected full cycle recovery occuring in late 2001 - 2002. I merely am "trading" what I shortly belive will be a breakout to $9-$10; I may trim in the $8's - $9's, or $10 = but, I will be looking for selling opps from day one and do not plan to hold it longterm thru the sector recovery of late 2001... I want the fast & easy $3-$4 here - you can have the rest Sarge...and you can wait - I wont... hit & run -period. Yes; BUY FGH - BUY IT LARGE - BUY IT NOW!~ - because we be in a momenteum environment & the short sellers are "reportedly" leaving for tech-land and easier fish to fry and FGH is now viewed as cheap thru $10 - of which I disagree given their present accounting issues & eps estimates; FWIW - I view $3-$5 as cheap and where I would be a buyer for a LT hold...here in this range, just trading. Just a mercenary... nothing more, nothing less - in today strong on the weakness at the open - which made no sense, took out stops ? - In my personal opinion the specialist knows what's going on ? I have my full position this am for trading here, but may add on a break below $6 if seen - but, I don't think it will break - so breath easy Sluggo - and I'd be a seller at anything near $10 fwiw (VBG). Sadly Sarge - $10 still leaves you about $8 short of breakeven doesn't it (VBG)? PS fwiw - I hear the hedge funds that have tortured some oilpatch issues like FGH are going after bio-tech; I'd take the bio-$ and run folks... BTK is gonna get hit in a concerted power play shortly imo.

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