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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: RGinPG who wrote (15190)3/17/1998 10:01:00 PM
From: marc chatman  Read Replies (1) of 95453
 
Because of the way the late buying was focused on the Deep water guys and also tracked a bit of a rally in crude, I tend to think it was legit. But I'm also thinking there are other possibilities.

For example, it could have been short covering in anticipation of a good deep-water GOM lease sale. It could have been short covering on low volume to push these stocks up so they can be shorted again from a higher level tomorrow (after sucking in a lot of unsuspecting buyers at the open).

It would make a lot of sense that the shorts jumped all over these stocks for a day trade or a two day trade on the heels of the slide in crude prices and then took their profits. If that is the case, shouldn't we expect them to short again on the next dip in crude?

I was tempted to pick up some more RIG late today and I am tempted to do it tomorrow as well, but I am suspicious and will proceed with caution.
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