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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Roebear who wrote (46860)	6/24/1999 3:09:00 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 95453

The OSX tipped its hand yesterday when it closed just a bit higher despite a strong rally in crude. I place great store on stock reaction to news. When good news is essentially ignored, the path of least resistance is almost always down. I have sold much of FSESX holdings, but still have a small position that I plan to hold long-term. I am a substantial buyer if and when OSX gets down to the 70 area. The problem with the OSX appears to simply one of very high valuations relative to estimated 2000 earnings even with $18 crude. New OSX highs are unlikley until oil company capital spending picks up substantially and/or crude rallies to the $20 area.