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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: stevedhu who wrote (5559)12/17/1997 11:02:00 PM
From: Thean  Read Replies (2) of 95453
 
Steve, thanks for calling RB and reported your findings here. Sounds good to me overall except they did not talk about the Ensearch deal. I sent them an e-mail and they have not replied.

LT, from long stochastics standpoint we may not be out of the hole yet until we see strong gains tomorrow and Friday Today was definitely disappointing - it shows there are still plenty of sellers this late in the season. The off-shore drillers continue to move away from the lower BB so that is positive. I'd buy the strongest deepwater drillers like RIG, DO, ATW, NE, FLC/RB. However, the land drillers are stuck in low gear second day in a row. Depending on the street sentiment, which is quite unexpected these days, the land drillers may take longer to get out of their hole. However, the downside risk is 10% versus upside of >20% if one is willing to hold for the next 30 days. I still see rising tide up all boats scenario comes January. Not selling till January.

The star of the day is obviously MDCO. Really impressive with the volume and support late in the day when everyone faded. Could be upgrade(s) coming tomorrow and the news leaked. Better yet, Mike's dream of MDCO being acquired comes true. I'm big into MDCO so I hope he is right. The immediate support for MDCO tomorrow is $20.5 based on today's intraday action.

I'll be off to Seattle/Vancouver this Friday for 10 days. Hope I can log on there and check on this thread over the Christmas.
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