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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Perfect Hedge who wrote (2243)10/16/1997 7:57:00 PM
From: Thean   of 95453
 
GD, I don't think we can rely on XOI to speak for the oil services sector. What % of XOI is made up of the drillers, marine transport, tool services, part makers and rig fabs? I think XOI is overweighted with the EXXON, Texaco, Chevron, Mobil kind of companies. I think Schlumberger, Baker Hughes, Halliburton are also in but how about the pure drillers? I look at the TA charts of the drillers individually and the only one even comes close to bottoming is CDG because it corrected a lot from its high. If you look at FGII, the downtrend just becomes clear today. I can see that XOI may not move down further from here but it doesn't mean the drillers have bottomed.
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