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: marc chatman who wrote (23199)	6/1/1998 5:38:00 PM
From: waverider	Read Replies (3) of 95453

Being short NE, perhaps I can shed some light on this. The company is outstanding but... -there are CONFIRMED lower dayrates in the GOM -NE is thought of being deep water, but IS NOT -NE has run up and held better than most = a harder fall -back in January we had earnings to back us up...this may NOT be the case this time -we've had below $16 oil for some time...too long...it WILL impact drilling -the chart on NE looks horrible, as does the entire market -go with the trend...down I almost covered my short last week, but saw the downward market action and added. I will continue to hold to my target price (close to previous low)...and may add again to it in the mean time. This is a painful example when technicals against the trend can cause you to have your head handed to you. <H>

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