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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Rob Shilling who wrote (32279)11/30/1998 6:20:00 PM
From: gregor  Read Replies (1) of 95453
 
I see some capitulation in the oil market and this triple bottom on the OSX is very disturbing. It's not that I feel we could crash in a fifth or fourth leg down from here but the ramifications on the world economies have not yet manifested.

I kind of compare this to the gold market this past year. 300 an oz. turned out to be support but we tested 275 first and now 300 is turning out to be a formidable level to penetrate. I see the same scenario for oil and whether 10 or 11 or 12 proves to be the support level it is not going to be that simple to establish a bottom here. Granted the ^XAU showed a little more resiliency than the commodity but isn't that expected, and it does no good for the entry positions of late......
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