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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: RGinPG who wrote (30544)10/9/1998 4:15:00 PM
From: VLAD  Read Replies (3) of 95453
 
RGinPG,

Funny thing is that yesterday we dipped to prices last seen when oil was trading in the 11 dollar range. Yes oil was down to the 14 to 15 range now and it doesn't justify these stocks trading back down to sub 12 dollar oil levels. The big sell off IMO caused those who bought in at the end of August to quickly lock in profits and sell off their positions. We didn't have to wonder just how low the prices could go since we already knew from 6 weeks ago.

Those who bought in 6 weeks ago and sold out over the past 2 weeks will indeed step in again to buy again at again very reasonable levels. Remember the way to make money is to buy low and then not be greedy and set your stops in once you have at least a one point profit. It works every time.
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