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: BigBull who wrote (64160)	4/10/2000 1:35:00 PM
From: SliderOnTheBlack	Read Replies (3) of 95453

just returned - hope no one is taking the Chicken Little Patrol too seriously... Just back from a 4 day weekend; you'd think someone put a "Blue Light Special" on the OSX ? wind" ... Postal is saying the sky is falling, merely for the effect - he doesn't even believe his own song & dance imho. OSX 100ish is support and will be strong support. CNBC just spoke about the orderly transition in pension funds, mutual funds etc that will rotate approx $2 Trillion (yes, "Trillion") from Tech stocks to Consumer Staples & Cyclicals and ENERGY - yes; "E-N-E-R-G-Y" ~ in the nearterm. Remember, no one will have the EPS comparables of the Energy Sector and Energy's forward looking eps estimates will be equally bullish. - just a matter of time. This is a just a shakeout as the weak hands who believe the Kudlowesque - sky is falling return of$15 Oil, that will be delivered by the modern day 3 stooges - OPEC... are exiting, the energy speciality funds are not chasing and the shorts are laying it on... we'll find support shortly. OSX 85ish "Aint gonna happen" - bank on it. This is a great buying opp - the last chance to by the "names" at historically cheap prices. Imo, the next leg off of earnings reporting season will take the OSX to 135-145 in a 6-9 week non-stop run up imho. Gotta grab RIG FLC HAL BHI PGO, as great buys in the OSX - BSNX - the best NG pureplay among other buys out there today... OPEC did screw up by acquiescing to political pressure - the future's traders whipsawed them off their good intentions to bring the market back to balance. OPEC should literally - buy the hell out of long crude futures and shut the taps; literally crushing these futures traders to teach them a lesson. The entire story here is that the market needs to focus on the reality of supply and demand that has and will established a very bullish floor under crude prices and just ignore the initial shakeout & gamesmanship in the futures pits for a few weeks. Nothing has changed in the Crude Oil Story to change Cap Ex spending, rig utilization etc. - but; overweighting back to the OSX (especially drillers) is the play here vs. the E&P side - with only the integrated's & mini-majors looking particularly cheap here imo - other than a few anomalies like BSNX. I love EOG & NBL - but, they dont look particularly cheap today as compared to say PGO RIG FLC... Tomorrow's API's will be the key to jump starting a rally here imo. OSX 100 is too attractive longterm NOT to attract heavy rotation and buying support. ... we shall see

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