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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Perfect Hedge who wrote (14769)3/13/1998 4:52:00 PM
From: Czechsinthemail  Read Replies (3) of 95453
 
GD,
Well, you may get a chance to go for these companies lower, but it doesn't look to me like they're dropping much. HLX and FGII are special cases today. Otherwise, I think there is more worry that they are going to drop than signs that they are doing it. I haven't been able to find much weakness in RIG at all, so I've been nibbling at ESV and FLC. I think the balance between significant downside from here and upside should OPEC announce a power lunch favors hanging in. You may be right that we're about to fall off a cliff, but I suspect it will be a pretty small cliff -- more like a step.
Of course there are those negative rumors surrounding more "Willie" testimony that might have some negative impact on that other famous driller.
Have a great weekend,
Baird
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