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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: HH who wrote (7403)1/9/1998 4:02:00 PM
From: Flan  Read Replies (1) of 95453
 
Man Oil cannot hold - this morning hits 17.09 and now has slumped to 16.60 and is down close to 0.40 - Not goooood - people are continuing to short contracts - Wow there is a legit chance that it might break $16 IF SO Look out - What we need is Saudi to come out and make some kind of posture that they will cut reduction if necessary to maintain proper pricing - with so much short we would have a rally in oil prices - I would not have the courage to short some of the service companies at this point but others obviously are - Things could not look gloomier for our sector - Unbelievable I have to learn to leave my 20% stop loss orders in - pulled them all and now have alot of stocks down 40 - 50 %.
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