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: SJS who wrote (22092)	5/15/1998 12:17:00 PM
From: Broken_Clock	Read Replies (1) of 95453

I'll take a look but here's my quick take.... Asian flu is back. Indonesia by all acounts may well cause implosion in Asia triggering another chain of devaluations(read my prior post and the reference to Great Britain solution by AG). Interesting that Korea and Thailand were using gold to shore up the economy. Wonder how much they have left? ....as far as MDCO....heavy volume so that means at least one fund was getting out. We've had a lot of new money come in at higher prices recently. My question is....will they hang or at some point cut there losses if things get bleak? Oil dropped below $14.90 which, according to CRB, is (was) strong support and a triple bottom. $14.70 is next support so I wouldn't be surprised to see that if oil stays under $14.90 today. If troubles in Asia widen(again!) then oil may indeed retest the lows. This time our tanks are full so there isn't even anywhere to store it at bargain prices, further squeezing the suppliers. IF that happens then the warnings by ESV, HP(today), SDC, etc. will come to pass. Personally, I'm going to hang back a bit and see how next week plays out.

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