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: Lucretius who wrote (20128)	4/23/1998 9:58:00 AM
From: RGinPG	Read Replies (1) of 95453

I just finished a thorough review of the charts, and the pattern of higher highs and higher lows is pervasive in the sector now, all subsectors included (sea drillers, land drillers, general service, boats, fabs, and even big companies) with very few exceptions. Even the exceptions are forming nice bases (making further significant declines unlikely). Now is the time definitely where the buy and hold strategy contains the least risk. We are at the end of the short term up cycle, but I predict the down cycle we will see over the next week will be unworthy of a decent trading opportunity. If we fall 5% or less is it worth trying to time the next cycle? Not for me. A lot of these stocks won't fall at all in this cycle and may continue to appreciate(like the last cycle, look at CXIPY or FGII or NE or others).I've now converted to a buy & hold strategy except for some margin money. The land drillers seem like the best opportunity to me right now. PTEN, SDC, and PDS look exceptionally strong, like they may never look back rgdoczzz.home.texas.net I may use some margin money to buy some at the end of this down cycle.

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