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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine)
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To: SuiteStock who wrote (652)3/15/1998 9:57:00 PM
From: zalesky  Read Replies (2) of 2282
 
TO ALL: Sure gas is dirt cheap at the moment and yes
the World seems awash in oil. My answer to this problem
for the drillers is: THIS TOO SHALL PASS!! It's pretty
evident that most if not all of the drillers are in the
basing mode right now (most definitely GLM). Shlumberger
bounced off major resistance last week at 70. Support at
this level was crucial for this company, as well as
the entire sector. I've noticed that even with
a slight rise in oil futures(10 to 15 cents during the
past week or so) money begins to flow into this sector.
I'm still guessing we've reached our lows for the year
and we will continue to base into late March/early April.
After this time period money will begin to rotate either
out of the Retailers or High tech sector and really begin
to flow into the drillers. Gas prices WILL rise into the
summer as the World wide overflow of oil begins to ease-
somewhat. Americans will continue to buy the gas guzzling
sports utility vehicles in ever greater numbers (lulled
into same by lower gas prices) which will further increase
demand for oil down the road. Anway look for GLM to make
a move to 30 by early summer and on to new highs by mid-
summer. LETS MAKE SOME $$$$!!!!!!!
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