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Gold/Mining/Energy : Schlumberger - The biggest/baddest oil service company
SLB 36.12-2.5%Nov 4 3:59 PM EST
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To: Gary Korn who wrote (60)8/16/1998 1:40:00 PM
From: Wren  Read Replies (2) of 216
 
Gary, if I had a crystal ball, it sure would be nice. There are several factors that might have a bearing:

Mutual fund and other fund managers will likely be selling some stocks over the next 2-3 months to dress up their quarterly listings and to take tax losses on their losers.

Russia seems to be following the path of Asia. Europe markets are also dropping (and I have about 15% of my portfolio in Europe) and seem to be afraid that the problems are moving west from Asia toward them. The US market is not likely to stand alone if all around us markets are falling.

Frank Curzio, who writes the F.X.C. Newsletter, which is conservative and has a good long-term record, in May suggested selling 50% of large cap holdings. In the August issue he says that in two to four months we will see some of the best buys of the decade.

The price of oil is still down and demand in Asia doesn't look like it will pickup immediately. There may also be a fall-off of demand in Europe.

Your specific question is a tough one. I don't have SLB but would like to get some near the bottom. I am going to wait a while because I don't believe we have seen the bottom on oil service stocks.
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