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: The Ox who wrote (31742)	11/12/1998 11:41:00 AM
From: SliderOnTheBlack	Read Replies (2) of 95453

Pissani cont... Michael H; ...Pissani doesn't ''quite'' have my knickers in a knot; however he is obviously adding his ''inside scoop -sentiment'' from the Market Mavens he speaks to in his reports. I like the guy - entertaining, kind of harmless - NOT Bobby ''the BRAIN'' Pissani; that we're dealing with here - no "Dorfmanesque'' reports imho. Personally I don't think he has shared ( or had ?) too many original thoughts in his broadcast career .... This is not a hard market to figure out here. Hardly a surprise to see a pop today off of yesterdays blowoff. The tape has shown what appears to be the Major Traders taking profits and even shorting heavilly here; as The Street has moved in unison of late - they see this as taking candy from a baby. We've seen the ultimate ''rolling'' trading range here - no need (and its impossible) to fight the trend here; it's too coordinated & too powerfull. When they buy - ride the tide; when they sell go to cash, when they short - wait for a dip & buy again... repeat 3 times real fast & you've got the oilpatch figured out here... The Fed meeting, OPEC meeting and Iraq situation just add 3 factors that can soften the decline, or even turn it on a dime upward . For that reason I made some buys yesterday and will ride the tide... I would think we would see short covering Friday in a big, big way --- not a bad time to take profits as I would expect a huge short move Monday morning if we do not bomb Iraq over the weekend - just my 2 cents & my plan here....fwiw. Oil Stocks in europe up 1 1/2 - 3 % and oil closed up nicely in Europe...

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