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: pt who wrote (25592)	7/13/1998 2:41:00 PM
From: The Ox	Read Replies (2) of 95453

Week after week we have had Monday morning downgrades to the Oil Services sector by major brokerages. Those who keep buying in this environment are asking for a short term ass whipping. For those bullish on the sector, more patience is required. Those of you who don't seem to get it can simply go back and re-read this thread. One example: MDCO. It was a buy at 20, 18, 16, 14, now 12!!! UTI was a buy at 18,16,14,12 now it's in the 11s. We can state example after example and some here still don't seem to get it. There is light at the end of the tunnel, as evident by the fact that Dec futures are about 80 cents higher then September's. I still think those who are buying on every step down the trend are doing so with their eyes closed and their hopes high, which is an equation for disaster. I respectfully submit that earnings downgrades will continue into the immediate future (about 6 weeks is my guess at the moment). Attempting to put forward PEs on these stocks is simply foolish. Best of luck to all, Michael

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