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: SliderOnTheBlack who wrote (24888)	6/28/1998 9:42:00 PM
From: marc chatman	Read Replies (2) of 95453

<<does anyone think that Asian demand will not increase in near term ? >> I think it's possible, but I guess it depends what you mean by "near term." If you mean 12-15 months, I think you have a good shot at it. If you mean the next few months, though, I have my doubts. If China devalues, for example, that oil (priced in dollars) becomes a lot more expensive over there. But my technical indicators indicate we should get another bounce early this week, at least for the OSX. This may end up being a great time to buy some of these stocks, but everyone should know it is certainly not the safest time. We could get another downleg after the bounce, taking many stocks to new lows. We could even sell off a few points before the bounce. I still believe there will be some selling on margin calls. And what about the recent history of the crude futures contract tanking as delivery approaches? Regarding the possibility of missing 10-25% to the upside, I think there is always more than 1 chance to get into a stock which is bottoming. Nothing goes straight up after it has gone through such a steep decline. People who bought 3, 5 or 10 points higher only to have taken an ugly loss will jump at any opportunity to get out whole or nearly whole. And based on the recent short interest numbers which were posted here, I don't foresee any explosive short squeezes. There will be many opportunities for the patient. For every investor who calls the bottom perfectly, there are many more who get their fingertips cut off. I wish everyone good fun and luck with the contest. But I hope people don't get so enthused that they ignore the possibility of more bloodshed.

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