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Strategies & Market Trends : Strictly: Drilling II
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To: Frank Pembleton who wrote (5951)1/1/2002 9:51:22 PM
From: isopatch  Read Replies (2) of 36161
 
Raymond James bullish on energy sector for 02'

<2002 should be the exact opposite of 2001. We should enter the year with substantial doubt and fear and end the year facing another full-blown energy crisis. The energy crisis that the U.S. was experiencing less than a year ago has not been solved.

The year will start with a declining rig count, downward earnings revisions, relatively low energy prices, and generally negative market psychology. Contrary to current market perception, we believe now is the perfect time to be buying energy stocks.

As the rig count has fallen, oil and particularly gas production has begun to deteriorate at a record pace. As production falls and demand increases, the supply/demand lines will cross QUICKLY. Again, the market is working>

170.12.99.3
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