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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Broken_Clock who wrote (19036)4/14/1998 4:38:00 PM
From: Thean  Read Replies (5) of 95453
 
Papaya, NYMEX oil closed at $15.12, down $0.21. Brent North Sea closed down $0.55. I got my oil quotes from Bloomberg Energy.

I saw people are betting heavily that ESV will pop tomorrow. Look at the last spike at the close. ESV indeed broke through its base below $27 today. RDC and GLM are not doing much despite their pretty reasonable earnings. Some other drillers tank today though, look at MDCO. It's a mixed bag today and it probably will be a mixed bag tomorrow. Although some are trying hard to move above their inflection points, I don't see them moving up like a rocket like we had during the last cycle when crude was surging to $17.

I don't know if anyone noticed, but I think I see more and more analysts who appeared on CNBC either not talking about the drillers or advice avoiding them lately. To be true I don't think they sway investors hard one way or another but the mass-media sentiment is not exactly positive on the drillers right now. If all these good earnings are not moving the drillers up hard, it is time to lighten up by selling into strenght in light of the seemingly weakening crude and natural gas positions short term. Just a reminder - being conservative by taking small profits don't hurt but actually make you richer.
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