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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Mike from La. who wrote (27836)8/16/1998 3:39:00 PM
From: Crimson Ghost  Read Replies (2) of 95453
 
Mike: The OSX made a new low Friday. Bottom obviously getting close, but we are not there yet. I want to see these stocks hold up better than the market on steep down days before even thinking about a final trough, brief short-covering rallies aside.

Also do not forget that we are now in a bear market. After a modest retracement rally next week, the Dow probably will dip considerably below 8000 in September. This is bound to have some impact even on a depressed OSX. Still looks like OSX will drop to the 50-55 range before a sustainable rally gets underway. But it could be explosive when it finally does begin.

Stephen Leeb has long been a perma energy bull. The right take over the 1995-97 period, but disastrously wrong this year.
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