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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (43160)4/24/1999 12:38:00 AM
From: The Ox  Read Replies (3) of 95453
 
Speaking of comments by CEOs:
Schlumberger Chairman and Chief Executive Officer Euan Baird said in a statement there were hopeful signs that supply and demand for oil were moving closer to equilibrium.

''Early signs of a recovery in oil demand, particularly in Asia, coupled with the decline in non-OPEC production due to reduced (exploration and production) spending by the oil companies, are setting the stage for a vigorous recovery in oilfield activity next year,'' he said.

I believe the key to this statement is "next year". There is still
plenty of time load up your investment/trading portfolios for the long
haul.

Momentum is an interesting creature. It usually takes something major
to bring about a reversal of the trend or the herd. Skepticism alone
won't bring about a change, IMO. There will need to be an event that
causes this bullish trend to halt or reverse. Until such time, I
remain stead fast in the OS bull camp.

I keep thinking about where the OSX will be a year from now if oil prices have stayed above $17 for that entire period. If this happens, we will look back at today's prices and wonder why we all weren't buying in boat loads!

We have seen many of the major analysts who cover this sector reverse from bearish to bullish. We even have discussions of $20+ oil. I
think we will continue to climb the wall of worry and uncertainty, at
least for a while longer. As I stated earlier, I believe we will need
an event to change the trend.
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