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: Crimson Ghost who wrote (28558)	8/29/1998 9:52:00 AM
From: stsimon	Read Replies (2) of 95453

I covered all of my shorts in this sector on Thursday and will be looking to go long between Monday and Dec 15. This sector is nearly washed out. If the carnage continues it will be the big Internet stocks that get killed. I still remember the nifty fifty from 1973 -74, some of which went from 0ver 100 to the low teens. Cisco broke down on Friday, and several stocks I watch are sitting on support levels. I agree that Friday's action sets up for a potential 1000 point decline on Monday. One would assume the fed will be pumping in reserves to stem the decline. I expect a big upside in this group in 1999. It is not unusual for the worst group one year to be the strongest the next. Given the magnitude of the declines, that is not out of the question.

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