John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (5085)	11/16/2001 10:59:00 AM
From: Logain Ablar	Read Replies (2) of 33421

Hi John: DVN is giving a pretty strong sell signal. I'd guess mid to low 20's if oil is going to $12 - $15 range. Maybe lower since they have a higher debt burden than the last downturn. stockcharts.com I've never purchased converts before but one would think they are a safer way to invest in a company during a downturn. Many of the semi cap equipment stocks recently issued converts. Problem is most when issued are private placements. This market has been strong. The Afgan situation has helped recently but still some underlying strength. Notice how corporations (T & F recent examples) have been ponying up to the bond window. This does bode well for the companies by reducing the debt burden (other fundamentals come into play of course), assuming they are replacing more expensive debt vs. just increasing it.

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