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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: jim p. holcomb who wrote (370)5/22/1997 9:55:00 PM
From: Thean   of 95453
 
Jim, want to follow up on the unease of possible profit taking hitting us. All drillers have made great runs for the past 2-3 weeks. We are talking about 15-40% gains for everybody within the past 2-3 weeks. What history has taught us is there will be profit taking coming. For long term holders there is really nothing much to do except to sit tight. For shorter term traders such as like myself in the drilling stocks, putting some stops in place is what I called insurance. I remember what happened this past January very vividly. Really, has the driller's fundamentals changed since the second half of last year? I do rely on technical analysis a bit for making buy/sell decision and what I see is a lot of topping pattern for a number of drillers. DO and FLC are at their 52 week highs right now. ESV is 2-3 points off. I think MM will take the opportunities to drive things down in the next few sessions so they can accumulate more at lower prices. The wind that can break this is if Oil and Gas prices continue to move higher everyday. If history is any indication, all it takes is a few negative rumors or some downgrades or major market indexes crashing to trigger 1-3 week long correction. I still hold ESV, DO and CDG but are putting stop insurance on ESV and DO.
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