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: Olaf Koch who started this subject	7/18/2001 7:28:25 AM
From: Frank Pembleton	Read Replies (3) of 95453

Momentum fuels rout in oilpatch Negative psychology: Only brave few ready to start buying energy stocks again Claudia Cattaneo, Calgary Bureau Chief Financial Post Oil services companies and natural gas producers took the biggest beating in the selloff that shaved 16% off the Toronto Stock Exchange's oil and gas group since June 5, with only one company, Niko Resources Ltd., avoiding the meltdown. While analysts expect the correction to continue because of negative market psychology, some are warming up to selective stock picking. "It's clear the market believes the momentum is going to continue lower, but fundamentally the companies are still making excellent earnings and are financially very strong. Ultimately, we think there will be better support for the sector once the momentum turns," said Andrew Hogg, oil and gas analyst at Yorkton Securities. nationalpost.com

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