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: pz who wrote (3089)	11/18/1997 5:02:00 PM
From: Michael Berkel	Read Replies (3) of 95453

My broker says that there are absolutely no fundamental reasons for the sell off. There were no profit warnings or any real dramatic news other than some nervous analysts and an unsignificant article in Barrons. The real reasons for the sale are: 1. Investors are sitting on huge profits and have decided to take them 2. Buyers don't see any reason to step in as yet. 3. The market is tired. No new positions are opened. January effect likely to kick in..favourable for the drillers??? 4. Bottomfishing will begin but only if real bottoms have formed. These reasons do not apply only for the drillers & oilservice stocks. You can watch that same pattern in other sectors of the market right now. So again that means that this sector sale is not unique and exclusively related to this sector. It is of utmost importance to identify the real bottoms before the fishermen rush in. Thean and other technicians might help us all here on the thread to guide us through the night and ring the bell when bottoms are being formed. Any estimations for a time frame? Days? Weeks? Months even?

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