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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (26035)7/20/1998 5:29:00 PM
From: marc chatman  Read Replies (2) of 95453
 
What triggered the sell-off? Oil prices. Absence of institutional buying.

I thought last week was a bottom. Obviously I was wrong. Maybe there is no bottom. The oil price issue is playing out predictably, with the August contract tanking prior to expiration. As for institutions, nobody was brave enough to buy prior to the API numbers.

Maybe S.A. will take it upon themselves to halt shipments for a couple of weeks to clear the storage glut. It's a pipe dream, but it sure would turn the tide for them.
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