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: Judy who wrote (3961)	11/29/1997 7:53:00 PM
From: Jimmy Dell	Read Replies (1) of 95453

<<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.>> Judy, The chart pattern looks similar to what started in Jan. 1997. The "bull channels" were violated then too and the dip was about 30%. Looking at the chart of NE, that's about what we've had here already - some drillers more. I think we'll have a few weeks of consolidation now, and then onward and upward, but I don't think that we'll see 4 months of consolidation like in Jan. - April 1997, and I don't think we're going much lower. The earnings coming out in Jan. will bring the momentum players back in. I don't think we'll have to wait until Jan. either - I think the stocks will begin rising in anticipation before that - like they did prior to the last earnings wave.

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