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: RGinPG who wrote (22286)	5/18/1998 4:31:00 PM
From: Czechsinthemail	Read Replies (4) of 95453

Considering the double whammy of weak oil prices and a down market, the drillers held in reasonably well. But we still don't seem to be getting high enough on the squeal index for me to feel we've bottomed. Possibly, but I think there may be more downside pain. MDCO has the problem of Indonesia to deal with. Maybe it's mostly a perceptual problem, but it is a weight you don't want to be carrying when things are going down. Reporting sequentially lower earnings also doesn't help. Also, their forecasted earnings comparisons don't look as strong to me as other drillers. I'm also looking for buying opportunities, but today wasn't pull the trigger day. BTW, over at Briefing.com, they have an extensive discussion on supply boats and whether they are undervalued/overvalued based on possible oversupply later this year. Baird

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