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: SJS who wrote (25329)	7/8/1998 5:15:00 PM
From: marc chatman	Read Replies (1) of 95453

I wish I could be as confident as you that we are at or near the bottom. I have a hard time remembering that these companies are making money, and good money. But that does not matter, at least not now. Fund managers are in a competitive business. They are not willing to come to this sector and risk their overall returns to do battle with the shorts, who have taken control. I don't think the picture will change until the shorts have taken all these companies (perhaps with the exception of SLB, since it probably has to be bought with the indexes) to obscenely low levels. It seems like the big boys have a tacit understanding for now that longs can have the rest of the market while the shorts suck everything out of the oil service companies. Remember that these companies may have been cut by 30%, or in some cases maybe 50%. But look at how much they were cut last winter. Or look at how much the diskdrives were cut, or some of the networkers last year. I am not saying these companies will drop much more, but it is a real possibility. I hope you prove to be right. Hey, EVI did nicely today.

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