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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Susan Saline who wrote (4611)1/7/1998 9:47:00 PM
From: Jenna  Read Replies (2) of 120523
 
Sue..Oil drillers/service sector...yes you will know when it is a real oil rally. What I do is watch the oil sector juxtaposed on the dow (not so much the nasdaq). When the dow is really in rally mode (over 50 points or like today from -120 to -4) the oils usually follow suit.

On the other hand,when the rally is especially strong they go up despite movement of the dow. They go up a point stay there...never go back down but rather gather steam and go further...You might miss a point but a point is not much when they have 2-3 point runups in their rally mode. EVI was a perfect case in point today. If you remember my last chase with EVI this was just the opposite. Once EVI really started moving there were no stopping it and you had ample time to make your 2 points or so. I got into EVI today in plenty of time, only I sold too soon...so I bought some other oils near the close and quickly made up the difference.

Tomorrow should be a continuation of this rally and they should go up in the morning if only from the sheer momentum of today's late day rally. Don't forget that 4 of the oils (HLX,PKD, GLM and PKD) are reporting on 14th and 15th (see the post of their projected earnings) and VTS had a total 5 point run up before, day of and day after earnings came out. I think the news of low prices for a barrel of oil have already taken its toll on the drillers and, if they have not as yet bottomed, at least you will have longer rallies and better chance to make a profit.
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