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: marc chatman who wrote (36275)	1/29/1999 11:36:00 PM
From: Gary Burton	Read Replies (2) of 95453

My 2c EW comments tonight are as follows --1) Osx must print above 50.76 Monday am to give an all clear signal. If, however, it tops out below 50.76 and then prints below 48.12, the index is then still in trouble and must then print above 53.64 (after the sub 48.12)to get out of trouble --trouble being defined as a new print low (which i am still anticipating)----2) I am anticipating that March crude will peak out below 13.70 (anywhere in here now will do) and then print below 11.85ish (the previous little blip down). I think the last few days is a false rally. What happens after the sub- 11.85ish is an open question at the moment.First i think we have to get back down there.---3)PDE and FLC have not seen their lows yet, nor has GLM. I think we will see FLC anywhere between 6-6.50 and PDE below 6 and GLM below 8 heading towards 7ish. PGO will also get into 12-12.50 area if it can't take out 13.63. ---4) I am now 75% in cash with 3 osx stocks (VTS,RDC and FGI). I am off 1/8th on VTS (my largest position), off 3/8 on FGI(a half position) and off 75c on RDC. VTS must print at least 12.63 Monday am or it may hit 11.63. RDC will likely print below 8.50 and I am prepared for the mid 9's on FGI. The short position on FGI has been at these levels for many months now, so it has probably nothing to do with current info not yet made public. ----5) I am looking to buy FLC starting at 6.50, PGO in low 12's, PDE in the high 5's etc etc. I repeat-the BEST thing that could happen now is for the osx to print a new low-as that would signal that the last wave down is in. Anything short of that we are still in no man's land so those of you who are buy and hold types should actually hope that this time the osx dips to a new low on its way to the low 40's. Am leaving on vacation Feb 9 so hope the lows are in by then. regards

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