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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Jon Cave who wrote (37201)2/10/1999 11:47:00 AM
From: SargeK  Read Replies (1) of 95453
 
Jon,

" I took all this to hopefully mean we are at the bottom." WTI Crude bottomed in December. A year from now, people will be looking back, and wondering where their "heads" were when the evidence is already clear and convincing that demand is up and increasing and supply growth has been brought under control. I still expect the unexpectable and it is not a question of " if", but "when" P/Es in the OSX recover to or exceed todays' general market norms. A recovery to "normal" P/Es in the sector would for many issues be a double bagger. The selling spree is over, the bottoms have been tested and most of those wishing or having to sell have already done so. All that is needed is "unexpected" good news to release latent, pent up demand. The up swing may be as sudden and drastic as was the disaster in the Fall of '97.

K
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