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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: excardog who wrote (6613)	2/11/2002 5:50:25 PM
From: jim_p	Read Replies (1) of 206196

Scott, I've been calling around Houston all day today, and the pulse is very bearish. People in the business are starting to talk about $1.20 and 1.50 NG prices this spring. The people in the land business tell me they are still seeing projects cancelled and no sign of any increased activity on the horizon. Land is always the first to pick up, followed by seismic. This may sound bad, but as a rule, the market never turns until perception changes and people give up. It's the $1.50-2.00 NG that causes the next up cycle. As long as people think it will be 3.50 this fall, they will keep drilling and the price will never go up. The bottom is near, but it may be 2003 before it really takes off. Keep your eye on the back months of the NG futures. When the forward month exceeds the back months, the market just turned. JMHO, Jim

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