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 (27008)	8/4/1998 3:46:00 PM
From: upanddown	Read Replies (1) of 95453

Big: Your latest ODB newsletter is very interesting. It seems to me that the decline of many stock prices below the NAV can be interpreted both positively and negatively. I can see that you put a negative spin on it but I'am wondering if you were wearing your rig broker hat at the time<ggg>. I get the feeling that the huge sell-off in this sector is due more to panic, capitulation and margin calls rather than some sharp-pencil, hard-nosed analysis of declining value of physical assets. Surely the shorts are after this sector because they smell blood and attack. The carnage is sector-wide rather than just the rig owners. I don't want to just put a positive spin on your numbers but it seems that the numbers could be read as confirming an oversold condition. As you said previously, the rig market is very quiet. Who but a cash-desperate driller would sell into such an extreme buyers' market ? Mike, your newsletter is great. Thanks from everyone. John

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