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: marc chatman who wrote (27510)	8/11/1998 11:22:00 AM
From: SliderOnTheBlack	Read Replies (1) of 95453

Classic double bottom off loww volume - is good news ! 4-5 major fund/institutional managers who were strongly bearish on crude & oil stocks; all said the same thing on last weeks run up. They said oil was on the top of their undervalued list, but - and this was the ONLY caveat; they wanted a technical indicator to accompany the fundamental value. That technical indicator is what is happening today. A double bottom(returning to prior lows) off of LOW VOLUME ! ...look @ UFAB today for example, off a click away from 20% down on less than 5000 shares ! People, make that individual skittish investors are bailing out at ANY price. We will bottom over 48 hours and we once again will see a huge rush of short covering and fund money flowing in here... Play it any way you want. It will happen ! In the long run - this is what we needed - mark this day on your Oil Patch calendar !!!!!! This IS the turning point. It is the numbers - stupid + the Big money boys are getting their technical indicator that they won't leave home without... PS: I am severly disappointed on the lack of comments on the CDG/FLC play.... this was not a positive endorsement on this boards accumen... ...FGII at $14 +/- & RIG under $30 !!! -- what more could a bottom feeder want ! ....ohhhhh baby. $$$$$$lider over & out.

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