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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine)
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To: PHG who wrote (1309)3/10/1999 10:19:00 PM
From: Greg Jung  Read Replies (1) of 2282
 
Phil, you're right its not a sure thing that anything you hear about people still alive in Malaysia and Indonesia in a recovering economy. But Japan stock market jumping leading to upgrades of Japan (months after the real recovery of prices) implies a belief in recovery lending to firmer oil prices regardless of OPEC action. The stocks are waaay too low based on earnings power even, in some cases, when they trade 50% above where they are now.
You are right, though, that the "sector rotation" business is really mostly a group-think strategy for professionals to make the big bucks. There really isn't enough money to support the prices of the market so sector prices are sacrificed while premiums are assigned to others.
We missed much of any sector rotations while drugs and techs ran up in 1998, but in earlier years rotations have been pretty vicious.
We've had alternate days of pop, selloff, pop, selloff resolving in higher prices, today's rally. The nice part about this sector is if the spot price really gets going, inflation fears enter dropping other stocks. So then you can take your profits from oil and go bottom fishing in more reputable sectors. Well thats my plan, anyway.
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