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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SJS who wrote (17296)3/31/1998 10:13:00 AM
From: Broken_Clock  Read Replies (2) of 95453
 
Steve
the gap formed at 108 which you may recall is an old support resistance level as is the 112/113 area. Looks like gap filling today. For the record again, I am long. But i am long MIND cause it's already on the bottom (LOL!). I will switch over to RIG or DO or NE, etc. when the current bloodletting turns back to buying. My point....the big traders love this action. Think of all the people that bought the open last week when we spiked up. The big traders are cleaning house. You've got to be long term like Luc, sell calls like you, Steve or try and go with the flow short term like RG. If I was long term, I would go to work and forget about the next few weeks or months. Maybe read a good book on covered calls.

So, look for OSX 108 later today. I am expecting to slowly sell off down to OSX 99 which is a little higher than OSX 96 which was the last low. 99 is a support area from December. I think Luc is right that we are headed up and the bottom is is in. Up is a relative word-G-. I am hopeful that 99 will hold as it will give excellent buying opportunities and establish a clearer support line for the uptrend. It wouls be a double support area, both uptrend and horizontal. If we just fill the gaps then we are really gonna be looking strong...kinds doubt that tho.

PK
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