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Gold/Mining/Energy : Santa Fe International (SDC)

SDC 0.01000

+5.3%

Jan 5 4:00 PM EST

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To: tyc who wrote (39)	12/22/1997 3:20:00 PM
From: Czechsinthemail	of 54

tyc, I agree that most of the bear case on drillers is "fear and maybe" based, while there are very positive fundamentals to support the bullish case for these companies. You are right to point to the history of volatility and price swings these companies have gone through--and to the profits to be gained from buying and riding them up out of their declines. Right now, we may have a combination of tax-related selling and fears of further declines combining to drive the prices down. I'm pretty convinced that if we aren't at, we're near the bottom and the recovery will be fast and dramatic. Others have pointed to a pattern of particularly strong market action in the drilling companies in the two or three weeks prior to earnings announcements. Good luck and happy holidays to you, Baird

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