TATRADER GIZZARD STUDY--Stocks 12.00 or Less..... Message Board

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Strategies & Market Trends : TATRADER GIZZARD STUDY--Stocks 12.00 or Less.....

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To: TATRADER who wrote (3508)	10/3/1998 8:45:00 PM
From: dealmakr	Read Replies (2) of 59879

Mark, Heavy fund selling in the oil services sector last week made me an investor in GLM as compared to a trader. Funds are selling losers to offset winners. At 1550 on Friday it was interesting to watch as heavy selling showed up across the board and the buyers dried up in the face of size to sell. A lot of the issues dropped a quick 1/4-3/8 before stabilising. I had bot ESV @ 10 1/2 in the AM and sold @ 10 3/4 for a scalp when the stock couldn't break back to the morning highs. Rebot @ 10 3/8 in the afternoon selloff and still holding ESV bot @ 11 1/8. GLM bot @ 12 & 11 5/8 and still holding. I am hoping for the selling pressure to lessen in the week ahead, but who knows. As far as fundamentals are concerned, I would look at my position and revaluate if crude went below $15 and those stocks dropped to $10. ESV has buyback program in place and insiders are accumulating also has been mentioned as takeover target. XON closed very strong and the tension factor in the world is high. A rally by the futures traders in crude could put a 10-15% move on the sector. I know that not setting stops here closely has cost me, but the fundamentals are tugging me to stay in a while. Will see what next week brings. Still holding IDX as a position play and couldn't break over 6 with the negative market last week. Looks like gold fever is here. Good Trading Dave PS: Jed Clampett never showed up, but he did send Jethro Bodine and after an hour talking with him about being a brain surgeon and a bowl of Grannies crow gizzard and possum soup, I sent him down to a Wall Street hedge fund and arbitrage firm where his talent could come in useful. Am now calling a dowser to find my oil well, just have to keep him away from the underground tank.

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