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

To: IndioBlues who wrote (49018)	8/8/1999 11:01:00 PM
From: RBlatch	Read Replies (1) \| Respond to of 95453

Everyone just knows that this sector is going to jump big time between now and cold weather. Presently, its a guessing game to see how long one can keep his money working somewhere else before coming over to this sector, without missing the big run up. When will that time be? My guess is that a lot of people are going to enter in August (now) as September will be here before you know it. They will try to beat the fall rush. Time is now growing short. Not very scientific, but not much of Wall Street is. Cordially, RBlatch

To: IndioBlues who wrote (49018)	8/8/1999 11:48:00 PM
From: Gary Burton	Respond to of 95453

My 2c remains the same-the energy indeces are due to drop very soon, and I still think that it is not 'safe' to buy the osx unless and until we see sub 70 at least. The technicals are waving 'yellow turning to red' lights all over the place with a series of negative divergences, warning of a distinct slowing of momentum, which is a precursor to reversing to the downside. One doesn't need to know anything about elliott to see this. Call me stubborn, but I would be VERY cautious in here. Everybody and their brother knows all about the fundamental background so, at the margin, where buyers and sellers meet, the high oil price etc etc is in my view now largely irrelevent. we shall see.

To: IndioBlues who wrote (49018)	8/9/1999 6:40:00 AM
From: Francois H. Gaston	Read Replies (1) \| Respond to of 95453

I agree that stochastics are peaking for many of those oil services stocks and that a correction is possible (even probable) in the very short term because of underlying company fundamentals, today. But who knows!...In fact, we should, IMHO, look at what has happened early this year and what has fueled these stocks. I believe that we are potentially in a new phase for those stocks as: (a) many have reached now, brand new 52w highs... (look at IBD data: 33% have reached now that level) and that could further fuel that run... (b) On Balance Volume (an index of stock accumulation/distribution) shows accumulation despite "mini corrections" last 12 weeks. (c)( taking FSESX as an indicator: it rose in 10 weeks by 71% (from 03/01/99 to 05/03/99) and only by 8% in following 12 weeks (from 5/03/99 to 8/05/99)... NOT an indication, IMHO, of completely exuberant action in those stocks, but a possible state of good accumlation/basing over last 12 weeks. Of course, as 95% of stocks correct in a general stock market crash, then those could correct badly if the general stock market crashes. Future will tell. I tend to stay long when stocks reach new highs after a period of basing. Good luck to all. FHG