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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Redman who wrote (3073)11/18/1997 4:31:00 PM
From: Thean  Read Replies (1) of 95453
 
So Redman, what did you do? Did you buy at near the close as you wanted or waited it out? The drillers closed weak today. The candles have not turned either. Well folks, the sentiments have turned very very negative. Want to be a contrarian? Backtesting since early this year, short term bear cycle tends to last 5-6 weeks. We are in the fourth week now. The worst is two more weeks of bearishness and then we are really into ultra-oversold. May want to sell your farm and bet on the rebound at that time. Reward/reward equation has improved since last week BUT we have not made the turn yet. Pay attention to the day when the close is higher than the open. That is the day sun shines through the dark cloud. Remember you hear it here here first.
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