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: Thean who wrote (6381)	12/31/1997 4:23:00 PM
From: Lucretius	Read Replies (2) of 95453

Thean: IMHO I see retest of lows before earnings. Most drillers closed off their highs today w/ SLB signif. off its highs. In addition, I don't think earnings will drive these stocks to new highs either. Good earnings are already priced in. People are worried about a year from now when earnings slow if oil prices keep declining. For those that look at the quarterly run-up, remember that was during an uptrend. We're in a basing phase now. Earnings did nothing to these stocks during last year's 1st and 2nd qtrs, and they were beating estimates then, too. Still holding my NE, but I don't see any new highs for those s-t traders out there. I took my 5 pt move in NE and sold all of my calls today. What do the charts tell ya, Thean? Time for me to go get roaring drunk!! HAPPY NEW YEAR! -Lucretius

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