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: tdl4138 who wrote (31016)	10/22/1998 4:47:00 PM
From: SliderOnTheBlack	Read Replies (1) of 95453

WOW; ... but, I agree; why now ? Is all the tax loss selling done ? Is crude over the hump ? Has OPEC had their November meeeting ? - obviously not.... I'm happy to see the move obviously, but this has come too far too fast; ie: RON; for there to still be so many unanswered questions... The only conclusion I can come to; is that so much money flowed into the market after the Fed Cut Rally - that it had to be put to work and we greatly benefited via sector rotation and fresh cash...? My question is how far can this go ? Can RON run through $40-5, FGII through $18-22 ? What is amazing here is that the gains are accross the board - the entire oilpatch is flying here. Something just doesn't feel right - because there is too much looming bad news and unanswered questions on crude prices & OPEC to substantiate this move imho. Could the bulk of this be from short covering ? If short covering is a major portion; if OPEC has bad news in Nov & crude does not move - will the shorts come back in conjunction with the tax loss selling finale ? So much money has moved here; I can not believe it will all leave under any circumstances... we will never see these prior lows again, but how much higher can we go and how the hell did we get here so fast under these circumstances ??????????? Amazing; we have been hammered here so often one tends to look over ones shoulder not even trusting the good news...hard to figure this one out when off of actual good news; like the real move in crude a month ago, we sold off, but now off of seemingly ''nothing'' we are on a roll ?

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