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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Alias Shrugged who wrote (3956)11/29/1997 6:26:00 PM
From: Judy  Read Replies (3) of 95453
 
Hello Mike,

At the end of October I was looking for the drillers to retrace down then consolidate. But about two weeks ago the drillers have violated their bull channels and now they may be in a correction phase. When momentum traders flee, stocks go into a free fall until value players step up to the bat ... more carnage can occur in 2-3 months. The price of oil, the Asian crisis, OPEC increasing production quotas ... international news widely known that breeds uncertainty.

Fidelity Select Energy Services had healthy profits to lock in and have liquidated into strength for some time now. Compare their portfolio holdings two months ago with their most recent holdings and then with their next update. The items to note are not the positions in which they decreased ownership, but rather the stocks in which they have maintained their positions and the reallocation to new stocks. As a sector fund, they more or less stay fully invested ... and you get my drift. Being heavily invested in the sector, this exercise might prove beneficial to your portfolio .. please share your findings if and when, my dear.

Many people at SI try to second guess the market ... generally it's an exercise in futility and not healthy for one's account balance.
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