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: Arizona Pete who wrote (5724)	12/19/1997 3:29:00 PM
From: Iceberg	Read Replies (3) of 95453

> Clearly, the fundamentals look great for the next couple of years for most drillers. However we currently are not in the next couple of years, but in the here and now and the drillers are in a downtrend.. and it seems to be continuing! Pete, I think it's important to focus on market realities too. As Elder points out in his book, "Trading for a Living", "each price is a momentary consensus of value of all market participants" [p. 46]. >I sometimes get ticked off with those who think they have infused wisdom and know where the market or a stock is going...and with those who in the face of market realities, wave pom poms and lead the cheers. I noticed on the AMAT thread not long ago, when AMAT was at 100, there was lots of cheerleading going on. It split to about 50, and is now at 29. It was interesting to observe all the way down, that many people couldn't seem to face the reality of the decline, even as it was happening. > it is then intuition that makes the final decision Intuition is a critical component. Nice to see someone admit it. Thanks for clarifying your market strategies. Ice

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