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: SliderOnTheBlack who wrote (28352)	8/26/1998 8:10:00 AM
From: marc chatman	Read Replies (2) of 95453

Slider, yesterday you posted regarding some oil service specialty funds and hedge funds having to dump stocks in order to meet redemptions. Of course, we've seen instances of this for many weeks. We should remember that these are some of the key potential buyers of stocks in this sector. If they have to dump in order to meet redemptions, this tells me they have little or, more likely, no cash to invest. This is not a good sign, near term. These (particularly the specialty funds) are the strong hands, which buy and hold and provide long term support. Probably this is not news to anyone, but I think there are still many people here counting on some unknown event or piece of news to pull the sector out of this mess. For those people, try to figure out first who (if anyone) will be a big buyer in today's environment. For now, I don't see much support coming from the broad-based funds; maybe some, but not a lot. I've already posted at length on this point, so I'll leave it at that.

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