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: John Carpenter who wrote (30454)	10/7/1998 2:02:00 PM
From: Tulvio Durand	Read Replies (1) of 95453

I do believe it is the latter. Global recession threatening to engulf the US could become a self fulfilling prophecy. Investors reason there will be a lesser need for oil in a global recession. Thus corporate valuations mean little when there is a perception that too many companies will be chasing fewer jobs. What's needed is an event to change market psychology. Certainly Janet Reno's zinging big business with anti-trust suits (MSFT, INTC, CSCO, and today Visa, Master Card) isn't what the market wants to hear now. Greenspan should clue in Clinton to call off Reno's attack dogs. The catalyst to restored market confidence, I believe, is positive surprises in the Q earnings, especially in the tech sector, starting over the next couple of weeks. If DELL, CSCO, INTC et al come in with strong earnings we should see a turn around. Regards, Tulvio

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