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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Broken_Clock who wrote (25192)7/6/1998 4:11:00 PM
From: marc chatman  Read Replies (2) of 95453
 
A very strong day for the shorts. They didn't even make a token effort to cover positions prior to the close. I suppose they don't want to miss the possibility of a gap down opening tomorrow.

Since we are in reasonable proximity to the next futures contract delivery date, and since there is a likelihood of dismal forward statements accompanying earnings releases, I suppose the shorts will try to grind the service stocks into dust over the next couple of weeks.

I don't see any news or fundamentals which could support the sector this month. All the likely news is negative (including the probability that OPEC cuts will fail to prop up prices).

I'm guessing the only thing holding stocks at these levels is the perception by some investors that they are oversold and at bargain levels. Another round of bad news could change that perception in a hurry.
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