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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Broken_Clock who wrote (21929)5/13/1998 1:06:00 PM
From: marc chatman  Read Replies (1) of 95453
 
I think you may be right. I'm also concerned about the market risk, though, and I can see the market carrying this sector lower short term. Asian markets are starting to get trashed. HK has broken a psychological support with no problem, and Indonesia is for real. I anticipate that the Asian problems will continue to weigh on oil prices as forecast demand is scaled back. That means no relief in oil prices until and unless supply is further curtailed. And if money comes out of Asia, I expect it will flow into bonds and bluechips before it comes into oil service.

I think oil is still in its 3 week downward channel. I'm willing to wait it out a bit longer. This is an option expiration week, so there may be other forces moving stock prices. If I'm wrong, I'm wrong and will have to "suffer" with only my core positions.
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