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: The Ox who wrote (22722)	5/22/1998 4:36:00 PM
From: Czechsinthemail	Read Replies (1) of 95453

Overall, not a bad day for the Oilpatche tribe. Crude was up a bit and this sector looked pretty good compared with the mayhem many of the tech stocks faced. Though we may have more downside to deal with particularly if crude and the overall market weaken further, I think we are getting close to a bottom (if not already sitting on it). My approach has been to buy them when they look like bargains, buy more when they look like ridiculous bargains, and then buy more when you feel you look ridiculous for buying something that has gone so far down below the bargain basement. To do that you have to keep enough powder dry to be ready for prices to drop into the nether regions of hell. But my counterbalance is to sell some on the way up. I try to do it pretty methodically so that I inevitably miss some of the upside but gradually increase my positions and lower my cost basis over time. That way the swings can be your friend even without knowing how far they will continue up or down. It also helps to have patience to allow things time to work out. Enjoy a long and great weekend, Baird

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