Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Nancy who wrote (2829)	11/10/1997 4:59:00 PM
From: Thean	Read Replies (3) of 95453

The drillers failed to rally behind the tremendous weekend press and TV recommendations today. We saw a broad base retreat after mid-day and this signals the momentum money is not biting this wave this time. Technically the drillers are overbought and the decline confirmed after today. The stochastics of most drillers are trending down from the top. There are lots of concerns for the market right now and the drillers are perceived to be fully valued for now. Otherwise, the momentum money will chase them especially since the techs are not a place to invest in right now. I recall the momentum money brought the drillers past the initial overbought into hyperbought territory last month. They did not do it today - today has all the necessary ingredients for a broad base rally but it just didn't happen. I'm keeping cash until better condition prevails. Hard to say which direction will the drillers move if a war is waged against Sadam. I don't think it is a gimme that all oil stocks will go up. I'm not even sure if the overall market is going to react like during the Gulf War.

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