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: upanddown who wrote (22864)	5/27/1998 12:47:00 AM
From: Chas	Read Replies (1) of 95453

The mood on the thread reminds me of March when crude bottomed. I panicked and sold half my oil field holdings, and the sector started rallying the next day on the OPEC production cut. At least I have some losses for tax purposes to offset some gains. Still have big profits in RIG and some others which I am holding. As of now, I agree with Diamond's assessment of the situation and it could get really ugly again. It certainly is not as bad as it has been in the very recent past. However, it could also turn on a dime with a little good news from oil prices because of the strong fundamentals for most of the companies involved. In a general market tank, who knows? I keep reminding myself that my investments were made for the "long term" but it is hard to hold under the present scenario. Long term bullish, near term uncertain, but plan to hold and may buy more if I become convinced we have bottomed. My Aug 45 FGII calls now have a long way to go. Regards, Chas

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