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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: waverider who wrote (23184)6/1/1998 5:03:00 PM
From: SliderOnTheBlack  Read Replies (1) of 95453
 
Black Monday ... (Diamond -point well taken on wash sale rule)...

I guess my point was that with my luck, I'd sell and then we would have a huge bounce off OPEC news and I'd be faced with buying above where I sold and also be faced with losing the tax loss benefit (as I would be looking at substantial losses) if I wanted to buy back in on the move up... kind of a double whammy.

However if I would have heeded the advice of those that had been through the end of '97 and March sell-offs I would not be facing this issue - at least reduced/eliminated margin exposure (which I thought I was safe in with ( EVI, FGII, DO, TDW,etc ) very painfull lesson - as there was no safe place today. As one who is hesitant to ''market time'' and trade in & out; I certainly more strongly value the concept as of today.

I will only use margin when I have market momentum strongly at my back, I will only use margin when I have market momentum strongly at my back, I will only use... expensive lesson.

So what would trigger a day like today - no major news that I can see? I assume major, major shorting - the last big short run prior to what I would anticipate will be prudent covering prior to potential positive market reaction and a price bounce on the OPEC meeting ?

I'm still long - what an opportunity to be rotating into this sector today; can not imagine major fund buying not happening on FGII, CDG and the deep drillers, how about MDCO,ESV, VTS, GLBL at these levels ?

If this ain't real damn close to the bottom; its part-time job time selling big gulps at the 7-11 <vbg>

..only my sacred micro-cap OMNI gave me any solace today - go figure ?
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