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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: RGinPG who wrote (30503)10/8/1998 6:07:00 PM
From: marc chatman  Read Replies (1) of 95453
 
Ron, it's not just the selling that bothers me, it's mostly the lack of buyers. Since the (relatively meager) bounces in the os stocks today coincided mainly with the bounces in the DJIA, I'm more inclined to believe we saw some shorts moving to cover. Volume in most issues was not impressive, especially on a large volume day for the market.

I'm also bothered by crude prices crashing through several supports. Isn't anyone else? Reports on tv said traders believe the stocks are even greater than projected and that a cold winter may not be enough. Perhaps that is BS spread by the shorts, but we now have crude in the mid-$14's with the osx at a new low. What happens if crude goes to the $13's?

On the plus side:

I just checked quote.com, and they have the osx at 48.09 after hours (at 4:10est). I hope I'm not seeing things.

fast.quote.com

Crude is up a little after hours.

For many of the indexes, we have hammer candles across the board, including the osx if that close of 48.09 is correct -- a gap down candle, which I believe is considered a powerful reversal signal. But I don't put much stock in that anymore as far as the osx is concerned.

EDIT: it occurred to me that the after hours prices of 48.09 and 47.76 on that quotecom chart are the same as the open and early day high, so I assume the system somehow erroneously posted them at 4:10, and that the correct close is still 47.28.
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