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: RGinPG who wrote (30544)	10/9/1998 5:04:00 PM
From: The Ox	Read Replies (3) of 95453

Ron, It's a very curious sector at the moment. Oil futures rallied after the early morning selloff. Yet SLB dropped almost 1 point at the end of the day!?! Very hard to judge the overall direction, even on a daily basis. I bought into UTI today in the low 6s. The price appears to be dirt cheap....but as we all know from following the declines in this sector, those could be famous last words. I think we are seeing every market being tinkered with at the HIGHEST level. The sharp drop in Dollar/Yen looks to be coordinated. The reversal on a dime in the gold market also looks extremely questionable. Now add this morning's bond market action which completely whipsawed the traders! We are seeing action like never before. I've never seen more people who don't have a clue as to what's going on. Even Greenspan has admitted to being clueless and unsure of what action to take. We are living in VERY dangerous times. Best of luck to all, Michael

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