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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: tdl4138 who wrote (31016)10/22/1998 3:05:00 PM
From: marc chatman  Read Replies (1) of 95453
 
No fundamental reason. Nothing has changed. But the momentum money keeps pouring in (look at the volume) and the shorts are getting some payback. I believe this is true of the overall market as well as OS stocks -- shorts continue to establish positions thinking the stocks are short term overbought and need to correct. Momentum buyers come rushing in and force the shorts to cover, sending stocks higher.

There's no reason this momentum can't continue for awhile. Of course, the danger is it could stop as fast as it started. I'd be hard pressed to open any new positions here (especially without a tight trailing stop) but I don't mind riding with what I have.

Keep watching the short term uptrend line and the higher highs and lows on the intra-day charts. That should give a clue as to when this will turn down.
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