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

To: Harold S. who wrote (47229)	7/1/1999 5:54:00 PM
From: double-plus-good	Read Replies (1) \| Respond to of 95453

i'm beginning to feel short-term bearish about the situation. oil spikes near 20 dollars and the osx really can't hold the rally. i'd be curious to get an e-wave update from gary. at this point it doesn't feel like we'll hit 83 before retesting support somewhere further south. a lot of the second tier issues i am in are breaking down. my sole brightspot today was core labs which was extremely oversold. some of the really distressed issues like keg, pkd, and omni starting to pick up a little but many others treading water or losing ground. scswf really seems stuck at 11. i'd love to get some specific TA observations on the near-term view. i'm keeping some cash on hand for some big option bets at osx 65 -- if we see it. near-term it looks like playing puts will pay out better. good luck, dpg

To: Harold S. who wrote (47229)	7/1/1999 11:04:00 PM
From: Braddock Bull	Read Replies (3) \| Respond to of 95453

Frustrating to say the least isn't it? Simply put, I think there's better action elsewhere. The Street is focused on all the great earnings from the big caps and techs which are about to come out now for Q2. Our sector's earnings are still pretty dismal. Everyone knows there's a recovery in the works, fundamentals are improving every day little by little, but it's just not going to happen as quickly as we all hope for the drillers. I think there's a general perception that Q3 is going to be a dog as well. You get comments like we had from RIG, layoffs at Baker and Smith in the face of $19+ crude, etc, and it really can throw a wet blanket on things. That was such a slap in the face! So we're talking Q4 and next year, and honestly I think these days the pros look at that as a long wait. It's said stocks move 6 months before their earnings. I know that's what we all want to believe. I just think that as long as there is this much mo mo in the techs and the big names, that's where the bucks are going and there's just nothing we can do but bide our time and not watch the tape. Brad