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Strategies & Market Trends : LastShadow's Position Trading

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To: Jeff Sutton who wrote (2447)	11/12/1998 3:44:00 AM
From: BoNg-N-BoNg	Read Replies (1) of 43080

GLM plus PTEN, UTI, FGII, TMAR & OSX stocks - GLM had a 50% retracement Wed. from its low to its high recently but stochastics is still in a downtrend nearing oversold..Iraq's news could be a false rally on oil prices in the next few days ..It take weeks for U.S. to prepare all its forces before a "realistic" military strikes could happen in Iraq...the actual strikes will be the time we expect some major upward prices on oil... also, one by one, those big oil companies are releasing their budgets for '99 exploration which everyone are cutting their capital spending.. this is putting pressure on OSX stocks lately..once all these big oil cos. release their spending budget, we should expect another rebound on OSX stocks.. I expect also some short covering on crude oil to materialize after all the bad news are out but this Iraq thing can make it happen earlier.. I'm using Lastshadows gap strategy both long and short to play TMAR, UTI, FGII and PTEN lately mostly daytrading...it is very profitable way to play the OSX stocks...everyone can make 10-15% a week just doing it w/ less risks overall...FGII is near 50% retracement of $14.50 so that's another thing to watch on Thurs..I took a long position on PTEN at $5 7/8 since there's heavy buying near the end of the day (could be Iraq related) but will likely sell it today esp. if it's weak.. one last thing.. if those people on "strictly oil drillers" thread in SI is still looking for the missing 300 million barrels of oils, tell them I stole it and hidden it at Area 51 in Nevada.. just me.. eL....

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