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: The Ox who wrote (27304)	8/7/1998 12:55:00 PM
From: Mark Withers	Read Replies (1) of 95453

"Anyone think that the bombings in Africa have a lot to do with today's strength in the OSX and other oil stocks? " You know, it couldn't be more fortuitous timing. The technical indicators suggest that this sector is bottoming. A surge of buying, for whatever reason, only reinforces it. I think this whole sector is going to follow the Applebees model: tscn.com An irrational sell-off just ends, then the basing pattern occurs well above the lows. Just my impression, but truly, whatever oil prices do, this sector is overdone on the downside. Way overdone. Even under the worst case scenario. Companies like MDCO, NBR, CDG are simply NOT low-single-digit p/e companies, no matter how much analyst estimates come down. I would be very surprised if we re-test these lows.

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