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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Grommit who wrote (7134)1/8/1998 5:20:00 PM
From: taLuis  Read Replies (4) of 95453
 
When people are buying PUTs in bunches, when they capitulate and sell in disgust to get into cash, when FEAR is at its extreme, isn't this when the bottom has been reached.

Tell me, who else is left to sell. The institutions sold long ago, and now the little guy has sold. There's no one left to sell. I have no proof, but I suspect that now only a fraction of the shares of each stock are being DAY traded up and down. This will continue until an event or series of events puts confidence back into this sector.

So, what are we to do in the meantime? Stay put. This is the bottom. Yes, it can get worse, but only with a fraction of the shares out there. When the recovery comes, these will be snapped up quickly and we'll return to more reasonable stock price levels.

Now would be the worst time to sell your holdings.

Luis
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