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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: upanddown who wrote (37620)2/16/1999 8:57:00 PM
From: John Carpenter  Read Replies (2) of 95453
 
Unfortunately, John, history has shown that the oil drilling
stocks can reach the most obscene, devestating lows and
stay there for years.
This is a sector where things do not necessarily get better
with time, like fine wine.
If capitalism has an ugly side, its what happens to drillers
during downturns. It's really a zero-sum game and in the
deflationary, internet-age late 1990s, oil is on the losing
end of the stick.
The major integrated oil companies will gladly play fiddle
like Nero, while the drillers burn.
The market's telling us that if this continues, $5/share
FLC may be declaring Chapter 11 within two years.
Maybe GLM, already down to $7 and change, will declare Chapter
11 for the second time in two decades.

Congratulations to all those who predicted that the so called
quadruple bottoms would be pierced to the downside.
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