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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: donald sew who wrote (10283)1/31/1998 1:21:00 PM
From: Teddy  Read Replies (2) of 95453
 
Donald, i'm still long term bullish on this sector (long term = i'll still be a young man when most of the people on this thread have died of old age).
This is a snip from thestreetdotcom (remember, we have been told that oil must stay below $15 per barrel for 6 months before E&P companies cut drilling)

"...This week's rally "was a little more than a blip up," says Tim
Evans, a senior energy analyst at Pegasus Econometric
Group. "It was quite a sharp short covering rally. But it was
a vulnerable rally based on one issue." Evans says the
possibility of military action against Iraq "drove the bears
running for cover." By Friday, all the shorts were basically
squeezed out, precipitating a modest decline in oil prices.
Crude for March delivery declined 61 cents to $17.20.

Mike Smolinski, vice president of First Albany's energy
group in Boston, believes that oil prices sticking above $17 a
barrel Friday is an important positive for the struggling
sector. Above that level, he argues, oil companies will work
more actively to develop reserves, boosting the services and
exploration & production sectors.

But whether oil will stick above $17 depends much on
Saddam Hussein...."

Teddy's thought: i hope drillers stay down untill the March auction so i can unload some tech and buy more of this sector.
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