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: RGinPG who wrote (15241)	3/18/1998 7:26:00 AM
From: Thean	Read Replies (3) of 95453

Brent up $0.17 at 7am. They are stable and trade in a narrow range. If this holds, we should open with some positive momentum. However, NY oil future is leading the show these days. Ron, I'd set a sell stop to lock in on any gain from yesterday. The water is too uncertain two hours out after open today. If the bounce indeed materializes, the stop will never trigger because yesterday was panic selling and it was a one day disaster. The result of the GOM lease-sale will be reported the whole day so by mid-afternoon we may have some good indication of how things go. If the market does not like it, we can give back all the bounce in a heartbeat. Oil needs to hold at current level and not turn south like yesterday towards the close. In the very positive scenario that our bets yesterday is handsomely rewarded and we are up 15% or more, definitely want to place a stop at that point. I don't know the duration of the up cycle from here, if any. But it is going to be more as a function of the magnitude of the rise versus the number of rising days. Your stochastics will come in handy at that point.

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