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

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To: jils who wrote (60052)	2/17/2006 4:34:51 PM
From: ChanceIs	Read Replies (3) of 206196

>>>these land based co's are definitely poised to bounce here - PTEN, NBR, GW even BJS...<<< Amazing. I am an eight year veteran in this sector - bought my first PTEN just almost to the day at $15 (old coordinates - $7.50 today). By December '98 it had dropped sub $3 (old coordinates - $1.50 today). That spring they had record earnings. It didn't matter. Looking a the chart on Wednesday, I told myself - if it dips below $29, pile in on the short side Monday. It dipped below $29 today. My guy at Schwab says wait a few more days for confirmation of trading below $29. I see: the 50 day line broken, the 200 day line broken, the trend line from Jan '05 broken badly, support at $29 being tested. I see: old support at $25 the old trend line from Jan '04 intersecting the vertical at $25 - the old support level. I see: nothing but great fundamentals - mid to long term horrible fundamentals short term - but maybe they sold a lot of drilling services forward for this year - I don't know. Anybody?? I remember: the autumn of '98 June '01. It was really, really ugly to be long. Disclosure: Currently short PTEN with Feb $30 puts short against it. I will probably go naked short on Monday, but I might sell the Mar $30 puts against it if Iran looks hot. You know things are bad when the French threaten war. However if you consider that France is basically a Muslim country, you have to discount that - just more internicean Muslim strife.

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