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 (23253)	6/2/1998 8:21:00 AM
From: marc chatman	Read Replies (1) of 95453

The general market looks to be up a bit at the open (futures up). I guess that's bad news for the oil service sector as the short sellers will need some place to play today. Oh, and July Brent is down .04. A couple of people here have suggested that the OSX may be on its way to retest the low of around 88. I'm wondering whether that is conservative enough. When the market hit its low, it had come down from a high of 141, so the decline was about 38%. If we get the same decline from our high of 122, then the target would be about 76. In all seriousness, though, I don't think I've ever seen a group so fundamentally strong as the service companies and equipment manufacturers get hit so hard without some equivalent drop in the overall market. The sector ran up nearly 39% from the lows (that actually beat the DJIA and S&P, right?), and we've now retraced about 2/3 of that. OK, now I'm prepared for another lousy day. Maybe the weather will hold, and I can get in some golf -- sure beats watching the OSX.

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