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 (9798)	1/26/1998 9:39:00 PM
From: Ms. X	Read Replies (1) of 95453

Point and Figure on oil service as it stands now. Writen by Tom Dorsey. Some ideas on Oil service. As you know the sector is very low in the 16% bullish area. Many investors are underwater since the sector gave a major sell signal in October '97. At that time it reversed from above the critical 70% area, moving coast to coast, to the 16% area. Many of these stocks are down only because the sector is down. Bringing us back to the University of Chicago study we discussed this weekend where; 80% of the risk in a stock is the sector and the market, 20% is the stock itself.(Discusion located at: siliconinvestor.com Take Halliburton. The stock has been giving multiple sell signals since its high in the low 60's. It has not given one buy signal in this decline. The long term trend line is still intact and one might look to buy on the first buy signal that develops. Right now it would be at $49, but one could develop at a lower level. Those looking to average down could do it on the first buy signal that develops. Global Marine. Within range of giving a triple top buy signal and penetrating the downtrend line. If this happens it would be very positive for GLM. Point of it all is; with these charts you have the ability to develop a game plan where as with a bar chart or candle chart, you must use much subjectivity in the equation. The beauty of the point & figure method is you get clear buy and sell signals that help you establish a clear game plan with respect to entry and exit points. If you divide the OSX by the SPX and get a reading of 11.5, the relative strength chart on the OSX vs the SPX will have reversed up and this will be a good sign for the whole group. This takes us into relative strength calculations and this is another discussion. Suffice it to say, 11.5 from this level is the key. Tom Dorsey

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