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: waverider who wrote (26009)	7/20/1998 11:34:00 AM
From: JZGalt	Read Replies (2) of 95453

OT - general market discussion To have a healthy market, it must be broadly based. It isn't anymore. That is what scares the hell out of me. AGREED! But what makes you think it *won't* broaden out??? The current market has been narrow for some time *this isn't news. Right now the indexes funds and the mutual fund managers are bidding up the very largest of the index stocks, but other indicators are pointing toward a stalling of these "darlings" and if that happens, the next step is likely* to be a broadening of the market. You're acting like this market is going to turn around and head south like a cat with it's tail on fire. That isn't going to happen anytime soon barring an external event. I think we are just fine for the next 6-8 weeks anyway and I'm willing to wait. geocities.com For those of you who are puzzled over the A/D line discussion the first graph on this page illustrates what <H> was talking about. You seem to see the glass as half empty (perhaps more so), I tend to think it is half full. This looks and feels more like April 1997 or July 1996 than any sort of a disaster waiting to happen. Take a stroll over to the Gorilla Game thread and try to understand why it is a narrow market and does it have any justification. Concerning the oil sector. It has been so beaten up...in major, long term market corrections, my understanding is that previous laggards often fair worse. Mike did a good job of explaining the dynamics of the sector in the 5th edition of Offshore Drilling Bits. Lagging groups do typically fair worse as you pointed out, but earnings and earnings expectations are the ultimate driving force in any sector. Once/if/when oil prices move higher, this group will move. Not before. jump.to

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