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: Thean who wrote (2887)	11/12/1997 9:38:00 PM
From: Lucretius	Read Replies (1) of 95453

Thean: yesterday Merrill's top TECHNICAL analyst recomended buying NE anywhere from 31 to 34 w/ a medium term target of the mid-forties. I don't think the picture is as grim as you paint it. These stocks are starting to get into oversold territory. Where stocks like CPQ and DELL (which have exposure to Asia) hit new post-Asia-flu lows today, the drillers are still WAY off their lows. All this bearishness on the drillers that has NOTHING to do w/ the fundamentals tells me we're in for a reversal. Everyone seems to be waiting to see how low they will go so they can buy (or worried that their shares will drop if they own it). Nobody is concerned that the drillers are overvalued, earnings are slowing, Asian crisis will somehow affect rig demand (good grief, 2 days ago several producers announced increases in their spending budgets!), or anything fundamental. Everyone is gazing at their charts wondering if they can perform the immaculate buy at the bottom.(good luck!) Many drillers are approaching support tomorrow, and the S&P futures are up 4 as we speak. We'll see.... -Lucretius

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