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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Lucretius who wrote (31335)11/1/1998 1:57:00 PM
From: VLAD  Read Replies (1) of 95453
 
Why would someone who picked bottom just hold? Anyone who bought into the sector and has gains should sell if they really believe that their position is going to hit a new low. However, the charts appear to indicate a solid double bottom and it appears to me that many of the drillers have broken through important resistance levels which acted as support last week. I will not debate the funnymentals with you but I think that you would have to admit that compared to the recent moves in the internet garbage stocks and the semiconductor stocks (especially junk like MU) the drillers do not look "over valued" by any means. I myself see another 20 to 30% short term move to the upside before any significant drops. There are many many better sectors to sell/short in the market IMO. November's OPEC meeting along with more trouble in Iraq can IMO fuel a sharp rally to the upside. We shall see.
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