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

To: Crimson Ghost who wrote (47504)	7/7/1999 11:34:00 PM
From: double-plus-good	Respond to of 95453

george, i tend to agree that "da bomb" api report will likely not be enough to boost us past the current resistance at 79-80. what appears to be developing is an interesting and potentially profitable trading pattern between the low and high 70's. my 2 cents says this is the near-term pattern. there are lots of buyers on the dips and lots of sellers on the rallies. the production concerns will hopefully continue to ramp, while the services are likely to consolidate in this trading range until big oil budgets for the coming year become more visible. while i still believe that there is a better than even chance we will see the low 60's, the continuing development of positive fundamentals, if it continues to unfold as it is, may see us north of 90 first. all the same, i'm not committing to margin anywhere in the 70's. in the low 60's i'm a huge buyer, though you can count on having a lot of nail-biting and fear if we hit a down-draft. still, that will be nothing new to investors in the patch.