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: SJS who wrote (4321)	12/3/1997 11:33:00 AM
From: Brad Hill	Read Replies (1) of 95453

Steve--I'm emerging from lurk mode to agree with your skepticism. I had my finger on the option trigger this morning, but the developing candlestick is making me pause. Today's big gap up is creating filled and unfilled stars for many of these companies, practically begging for a retracement to fill in the gap later this week. I might be wrong--looking back on the charts, I see times when similar stars and hammers have been disregarded in the mad rush upward. One strategy is to step into bullish positions gradually. Today I shifted more money into Fidelity Select Energy Service, and will continue with further blocks of cash as the anticipated upgrade announcements tart coming in (as in Bly's scenario). I may take a small call option position toward the end of today's session, then step more seriously into Jan and Apr calls in the coming days and weeks. One good way to see the forest despite the trees today--look at the weekly charts. There's a lot of upside ground to cover. Best to avoid impatience and impulsiveness in this situation. -- Brad

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