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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (24738)6/25/1998 1:07:00 PM
From: marc chatman  Read Replies (1) of 95453
 
I would still wait to average down (if I was willing to pump any more money into this group, that is). We are only a couple of days into this down leg. Perhaps it will be the last, but that is far from certain. Is there any reason for big money managers to buy until they know whether the OPEC cuts will have any effect? I don't think so. The risk is too great. And, if the cuts do work, there will be plenty of upside even with a later entry.

I'm keeping my eye out now for divergences in some of the technical indicators. That should show, barring any bad news, that the downward momentum, while still present, is slowing.

Here's another thought. We have earnings coming up in another week or so. Does anyone have an opinion whether good earnings news will have an impact? I'm guessing that negative forward looking statements, due to declining dayrates and utilization, would override even blowout earnings.
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