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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Michael Berkel who wrote (3229)11/19/1997 4:40:00 PM
From: Thean  Read Replies (3) of 95453
 
Michael, obviously the gap down and close up scenario did not materialize. What transpired after the 11am rally was a lack of momentum. However, I saw panic selling in certain stocks like MDCO where it went below $24 again. I did not sell MDCO today. Could have bagged the profit but decided to go long. I said the turnaround timeframe is between 1 day to 2 weeks. So there is tomorrow to look forward to. But at this level I feel comfortable to start taking up positions. I am only 50% in the drillers so far, and I want to be 100% invested in the drillers when they go up. Be patient and bottom fish. Technically, we are oversold, especially stochastics. However, remember that the mo-money took the driller to skyhigh last month, so expect the mo-money to rush out the flood gate when it hits rock bottom. Hope we have another gap down tomorrow.
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