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: MARK BARGER who wrote (25382)	7/9/1998 12:01:00 PM
From: marc chatman	Read Replies (2) of 95453

<<When will this freefall stop? >> No later than 4pm -- for today, at least.<g> I'm actually starting to see some technical divergence signals in the average and some individual companies. That normally signals that a turn is coming. But it is too early to confirm, and we could see more downward pressure first, in any event. And, of course, negative news would create more selling pressure, overriding the technical signals. I've already mentioned (probably too many times) the possible bad news which could hit the sector. These stocks still are a highly speculative buy until a turn is confirmed. And even then, without better fundamentals, I would not expect the sector to turn on a dime and shoot straight to the moon. I have a couple of questions for the thread: 1. Does anyone know whether and to what extent there is an inverse correlation between the strength of the dollar and the price of oil? Do we need to see a weaker dollar to stimulate foreign demand for oil? 2. How long has it been since dayrates and rig utilization rates were as low as they are now? I'm curious where the drillers were trading back then.

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