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: Think4Yourself who wrote (39353)	3/9/1999 11:13:00 AM
From: SliderOnTheBlack	Read Replies (3) of 95453

I just sold RIG at 23 7/16 - I think I can rebuy cheaper later... Not trying to rain on anyones parade; RIG up on a down day and when I saw the bid-ask to a reversal - gone. Even trimmed my VTS positon at a loss today - again up on a down day; I think I can re-buy cheaper...even it its later today-tomorrow... Sold down to 25% in & 75% cash - will put some $ to work in E&P mid cap & micro's here today . Limit orders in to buy - ....I see this as the ''safe'' way to play the upside on an OPEC meeting E&P lg caps moved well here of late APC BR up way over their lows - but the MLRC's MARY's MHR's (Nat Gas plays by the way) are at-near lows and tremendously undervalued - MLRC is a sleeper.... I'm in at $6 5/8ths and any new lows here... good luck - & I am ''not'' short anything here fwiw... the only short play imho that has any risk/reward upside is post OPEC news when the Street starts a blowoff on big, big volume - ''if'' OPEC does not cut. I prefer to play any OPEC upside in small cap E&P's vs. the driller/service plays presently; but bet your ass I'll be back in FGI @ $10, VTS in the $8's, PGO in the $10-11's, RIG sub $20 etc... This is some educational stuff here folks... The market is teaching us well... PS - if you were ''the Street'' - ask yourself if you knew, or thought OPEC was going to cut - when would you make your ''shakeout play'' ? Personally, I think they make it 2-3 days prior to the meeting - not here today. I look to buy individual stocks on the 2-3 day prior to the meeting shakeout attempt that I anticipate if we still have positive pre-meeting news from OPEC. God forbid; OPEC ''pre-announces'' no new cuts and the Street gets an inside whiff.... If I was an Oil futures trader, or Hedge Fund trader - I'd be in Austria - bribing the Bellboys <VBG>...and sitting in the lobby - reading the body language and trying to crash those cocktail partys...<VBG>.... ie: they will know before we know - at least they will have better risk vs. reward info before they make their final bet... today's action is not a final bet by the way...

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