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: The Perfect Hedge who wrote (7558)	1/11/1998 6:27:00 AM
From: DNaber	Read Replies (1) of 95453

To All, this last week has been hell. As far as sentiment, I've watched a huge number of former driller bulls on this and O&G thread go from uncontained bulls to hesitant to outright bears. Now we have astrologists predicting a market crash. We have downside predictions of drillers in the 4-5 forward PE ratios....oil at 12$...DOW of 6000.....global depression.....this to me is great news...the sentiment can't get much worse....If Astrologists can give equity predictions, then I'll take a gander at it. This week we'll see a early failed rally, ...followed by a resumption of downward movement to last Friday's intraday lows ( I think this move downward will be fueled by large overall mkt weakness). At that point the bottom will be in place and the correction will be over. Then , a couple of weeks trading range between the lows of Friday and the failed rally highs. Then onward and upward as the market realizes that the sky is not falling and digests the drillers earnings. IMHO and Good Luck to All. Dave

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