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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: BigBull who wrote (38471)2/28/1999 12:06:00 AM
From: Gary Burton  Read Replies (1) of 95453
 
Longer term, oil could do anything on the upside, even take out the $40 (refer to recent long term study saying oil crisis not that far off due to declining production etc). But even a normal 62% retracement of the entire drop since then would peg 28-30. halfway is mid-20's. In my view, we are in the very early stages of Wave 1 up and as such few recognize the pattern, instead worrying about new lows still. that's why it's a 1-few believe. They only start believing when 3 is evolving. By that time the osx stocks will be up substantially. The old saw is that to create a bottom, things must be bleak enough to entice people to sell. That's why it becomes a bottom, At the moment we are in the process of finally establishing that bottom imo. I'm currently substantially in cash at the moment but that can change in a flash. I'd feel most comfortable of a true low if SLB and HAL looked like they had completed their sequential declines. At the moment,I think they have more to go on the downside.
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