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: SliderOnTheBlack who wrote (42756)	4/20/1999 4:09:00 PM
From: BigBull	Read Replies (8) of 95453

What a difference a few hours make. quote.yahoo.com Didn't somebody on this thread go on record as saying that there would be a substantial correction post OPEC? Did it happen? Nope! I find it interesting that I am singled out as the ultimate contrary indicator for remaining bullish though the small dips in what is clearly a new secular bull market in the oil services sector. Moreover, all the bulls that are throwing in the towel, selling, and selling short, waiting for the market to hand them gifts are not considered a contrary indicator. To me, all the top calling and selling out and waiting in cash for the next 20% dip are nothing but more bricks in the wall of worry. Most of this money will probably be forced back in at higher prices when the rally continues after a very brief selloff and it realizes hey this really is a bull market, and not just another trading range. Some of us have also, "been here and done this" in the os sector, and not lost money but made money. The lessons we learned are not the same as someone who got their brains beat in riding the sector down. Some of us are not compelled to do revenge trading against "The Street". The lessons we learned are "Let your profits run". Some folk may find it interesting to read Jack Schwagers books on "Market Wizards" wherein he documents the careers of the the top traders who got to the top and Stayed there. To a man they all say that it was being disciplined enough to get in the big moves and stay in them that made the difference in their careers. The trading wound up being statistical noise over time.

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