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 (16181)	3/23/1998 10:44:00 PM
From: Lazlo Pierce	of 95453

from thestreet.com << Wrong! Dispatches from the Front: Cramer on the Luxury of Being Skeptical By James J. Cramer 3/23/98 1:23 PM ET ************** Random musings: Oil, what can I say? I knew enough not to short the complex anymore and yet there I was arguing, convincingly, I think, to stay away from these stocks. Scrambled eggs all over my face? Yes, and not thrown by my youngest daughter either!! How do I feel about this? Miserable of course, even more miserable because I let down my partners who are paying for me to get this stuff right. I had covered my shorts but I was without catalyst to go long. Now there is a catalyst. I am still doing nothing because I believe that the OPEC nations are cheaters and because I don't believe you can rig markets. Witness Chevron, which picked everybody off at the opening above 90 and keeps going lower. I think the open-higher-then-falter approach of the drillers, coupled with the strength in bonds and the utes, is telling me I am right to do nothing, and that the group is still in the grips of the bear. That said, a little pepper please, and maybe some salsa, to make it taste better.>> Dave

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