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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Tulvio Durand who wrote (22835)5/26/1998 1:41:00 PM
From: Czechsinthemail  Read Replies (1) of 95453
 
Tulvio, The negative sentiment is high, but oil prices are low and dropping today. With some reports of falling dayrates, the forward earnings scenarios are less predictable. That unpredictability raises fears and increases the leanings away from rather than toward oil-related companies. Unfortunately, we also have the history of lower prices for most of these companies fairly fresh in the memory, so they could trade lower still so long as people anticipate it going lower.
The best negative sentiment indicators around here are not when people are complaining but when they are talking about bailing out.
The long term looks great, it's just what we go through between now and then that is hard to figure and hard to stomach.
Baird
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