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: Lazlo Pierce who wrote (12423)	2/22/1998 11:13:00 PM
From: Dwight E. Karlsen	Read Replies (1) of 95453

David, we'll know on Monday what happens, but I'm not at all sure that there will be a bloody sell-off back to the Jan. lows. The reasons: 1) Is a "no-war" deal necessarily a big negative for oil sector? I don't think so. War would have undoubtedly caused a short-term spike, but I don't see the catalyst for a big "bad news senario" sell-off. 2) If investors were really fearful of a diplomatic solution, I think the sector would have sold off much more on Friday. As it was, there was weakness in the morning, but for the most part the drillers etc. had a pretty solid day. 3) This latest Gulf-standoff with Saddam may just turn out to be a non-event for these stocks. These stocks have absorbed an awful lot of pounding due to the falling price of oil, but oil seems to have stabilized a bit. Moreover, most of these stocks are showing real solid strength from a TA and P&F point of view. Of course, who knows. I've learned long ago that stocks can always go lower. But I'm going to hang in here long, and maybe I will also add to my positions as opportunity presents.

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