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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (28285)8/25/1998 7:48:00 PM
From: Elmer  Read Replies (1) of 95453
 
Slider, yes I did some buying today. I jumped into PTEN today in a big way (relatively speaking, of course) today. I think this is one of the most pure oil plays in the industry and has some tremendous leverage to utilization increases. Thus, if oil prices snap back which I feel they have a chance to this fall, I think this beaten up stock will move up pretty strong. Maybe it gets cheaper in the short-term but who knows maybe it moves up strongly. I still think it will be in double digits by Christmas, so I bought my whole position today. I also bought more FLC as the best offshore driller value, imho. Perhaps they sacrificed some short-term stock price performance with the CDG acq., but I feel in the LT, the market will see this was a very good purchase and I decided to take advantage of the market's ST focus. Lastly, I took a small position in CDIS as more of a technology play in the sector that others are failing to differentiate from the rest. I am also looking very hard at GLBL which appears to have some better earnings visibility that others in the sector. I am also going to take a look at NOI as it seems to be getting hammered and it sure looks like a good fit given its huge market positions in some key drilling products.
The only problem I am having is choosing what stocks in this sector to buy, they all are looking good to me.

Any thoughts would be much appreciated.

Good luck and keep up the positive attitude (maybe it will start to rub off on your Lil' buddy Diamond H. I think the H stands for - oh, I better not go there.

Elmer
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