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: mph who wrote (10338)	2/2/1998 11:26:00 AM
From: Thean	Read Replies (2) of 95453

I'm getting concerned for Glen. Anyone living in LA area wants to give him a call? Hope it's not St John Wort overdosing. Remember, those taking this stuff are screwing with serotonin biobalance (or imbalance) here just like Prozac. As to today's action, this is as predictable as it can get. We knew heading into Friday's close there will be more selling and not buying comes Monday. Glen knew that too. That's why he decided to get away. The sentiment is simply negative right now. The land drillers losing their dayrate is true, not rumor anymore. Companies like PTEN and NBR are stacking them, trying to fight the trend - according to the Oilman an industry insider who lurks here. If you don't believe this, give these companies a call. The spring seasonality factor may have to do with the low utilization rate but it is a definite concern. I'd stay with strictly off-offshore drillers right now.

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