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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Lucretius who wrote (20187)4/23/1998 7:54:00 PM
From: bw   of 95453
 
LT..You know me. I'm in those safe CA Muni's. This after having a great week trading many of our favorites. After earning veteran status of a sort, by investing/trading the service stocks throughout the last few years..and especially during the last year's rise & tumble, I see a definite warning to the market in general. I agree with you that even though oil sector is still way undervalued in comparison, a residual impact will be felt by all during any steep correction. I will continue to tread/trade with caution..but had the foresight to sell all holdings yesterday at the highs, and wasn't even tempted today. These stocks never really move up with earnings, and those that are waiting for any earnings panacea might be in for quite a wait. Thean also commented awhile back that it will take $18 oil to propel this sector on to new highs. While the current $15 is enough to maintain the drilling budgets and current stock prices for now, it doesn't seem to be able to provide the upward momentum that the stocks find necessary to reach much higher shorter term. The major oil co.'s reportings of mostly disappointing earnings in the last few days has been a real eye-opener for many thinking of investing in oils at this time. All I can say is...Caution in the Patch!! [but what else is new?] <g>
LT...Don't you ever think about taking your NE profits? If I had bought @ $12 like you..I'd be living the good life by now. [You probably already are...]
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