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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Dennis who wrote (3231)11/19/1997 6:52:00 PM
From: Teddy   of 95453
 
Dennis, i think you're being just a little too bearish:
"I'm afraid that this is only the beginning. This sector will be down for the rest of the year."

There are about 30 trading days left in the year.
Lets use NE for our example:
About $30 1/2 today.
If it goes down $1 per day it would be about $.50 per share at the end of the year. That would seem to be too low for a company that is estimated to earn about $2.30 per share.

OK, that is extreem, it might only go down $.50 per day. That would make it about $15 per share at the end of the year, giving us a forward PE of around 6.
Sounds about right for a company who's earnings are only expected to increase 90% next year.

Dennis, i don't remember any one complaining while these stocks ran up day after day. A little profit taking does not concern me and i am more than a little happy to be able to add to my position at discount prices.

My advice to those that do not like volitility: Don't look at the stock prices..... go to the ocean and gaze out at the horizion..... out where the waters is Deep..... sometimes you can hear the waves crashing against the platform..... and see that tiny red speck? That's the top of the crane lifting another tube.....
boy, those semies sure are pretty: @ $100,000+ per day<G>

Best wishes
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