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: Braddock Bull who wrote (28199)	8/23/1998 8:00:00 PM
From: The Ox	Read Replies (2) of 95453

For months Diamond H has been voicing/posting his view about the OSX sector. The outlook he has continually stuck by was this sector was going to continue to be weak. For months the bulls on this thread have completely ignored his point of view. Now, some of you post that DH is only posting to further his short agenda. I personally don't see it that way. I am not short or long this sector. I am on the sidelines at the moment. But I have also been posting my concerns about this sector for the past few months. It also gets dismissed by Slider and the rest of you permabulls. The reality of the matter is that those people who have been buying and ignoring the voices of concern have lost serious money at this point in time. Did anyone pay attention to the oil futures on Friday? They headed south in a very big way. Very little bounce up. The oil services sector (as a group) will not make money while oil is below $15/barrel. The person who recently posted oil will be over $17 a barrel by September needs to buy a new crystal ball. If light crude trades over $15/barrel in September I will be very surprised. If we see a serious reversal in oil futures, then I say load up the boat. Those who buy now and are simply guessing and hoping that oil prices will reverse are unnecessarily sticking their necks out. I want to be an oil bull. I'm waiting to be an oil bull. I WON'T be an oil bull until there is a compelling reason. Simply applying current or future P/Es is not enough. Simply comparing 52 week highs to current prices is not enough. Oil prices under $15/barrel is NOT BULLISH. Those who say that we are at the bottom today are guessing. I don't invest on hope and guesses. I continue to voice my concern about this sector. Good luck to all, Michael

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