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: Big Dog who wrote (25462)	7/10/1998 11:45:00 AM
From: marc chatman	Read Replies (1) of 95453

Fundamentally, you could be right on EVI, FGII and VRC (I hope so since I own all three). But technically they have been breaking down. At least VRC and FGII are nearing support levels. But VRC looks terrible today. And EVI has broken through support. It has some "ancient" support at around 31, but I'm not sure that means much. I thought the shorts might cover into the weekend, but it is the longs who are heading for the hills. My guess is some of the buyers the past few weeks who thought they could guess the bottom are bailing while they still have a chance. I'm sure we are seeing the result of margin calls as well. Big Dog, how likely is it that we will start to see cancellations on equipment orders? I know substantial deposits could be forfeited, but if drillers can be forced to renegotiate their contract rates, perhaps equipment manufacturers can be forced to return deposits, or at least push back delivery.

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