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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: John Carpenter who wrote (22714)5/22/1998 2:58:00 PM
From: waverider  Read Replies (5) of 95453
 
I'm really pissed off today, so apologies to anyone who is about to be offended.

While the wiennie bears are basking in their accurate predictions many of us here continue to engage in wishful thinking.

"Look for news over the weekend"
"OSX has never been this oversold"
"What bargains"
"Asia isn't buying oil so their reserves must be going down."

Good Lord this is a repeat of what we all said back in January and again in March. Have we learned nothing? Many of our companies have warned us of possible weakening day rates. Now they are a reality. Many companies have said they will be earning lower profits with oil below $15 IF it lasts more than 3-4 months, maybe six. We are there now.

I'm NOT a trader and have no interest in selling the good companies I still hold. HOWEVER, it is pretty clear to me that our sector will be in trouble for some time and the market is discounting that. It gave us the warning before. This is the second shot.

I made a mistake by buying more FGII and MDCO BEFORE letting the downdraft work itself out. Be careful NOT to do the same folks. My advice is to stay away from the buy button until we see some kind of stabilization.

It is IMPORTANT to admit one's mistakes.

<H>
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