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: Sharp_End_Of_Drill who wrote (74118)	9/21/2000 7:02:36 PM
From: ItsAllCyclical	Read Replies (2) of 95453

>> Oh my! Bargains abound. << Hardly... From the Street.com For all these reasons, when the sun comes up Friday, the trading day will be ugly as hell: Stocks could also be down 20% from where they closed Thursday. thestreet.com I assume they're talking individual stocks and not the Nasdaq as a whole. This is just the tip of it. Given the lag time between high oil prices I don't see Q4 getting any better for the techs as the global economy slows down. In many ways the global stock markets selling off will probably do more to slow the economy than oil itself. Quite a few large cap bellweathers are down 3-4 in afterhours. The SOX was the ONLY thing keeping up the Nasdaq imho. Intel's news almost guarantees trouble in the short run. Techs will retest spring lows. There are cheap stocks out there, but I don't think they're going anywhere. Any rallies will be sold into. Even if there's rotation tomorrow, oil is still at $34+ and the OSX just starting to correct I don't feel safe buying energy... at least not yet. I'm tempted to sell my remaining positions and go 100% cash and just wait till the end of Oct, but I doubt I'll do that. I'm about 40% cash now. Actually GLBL at 10 1/2, KEG at 9 1/2, ATW at 41 1/2 all look very tempting. Can't see any of them losing more than 10% from current levels.

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