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

To: oilbabe who wrote (53114)	10/16/1999 11:02:00 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

"For the first time, Saudi Arabia joined a growing list of oil producers who left open the possibility of extending a production-cut pact beyond its March expiry if the glut had not been eliminated." cnniw.newsreal.com@2@7@3@711&path=News/Category.NRdb@2@7

To: oilbabe who wrote (53114)	10/16/1999 11:12:00 AM
From: Gary Burton	Respond to of 95453

re DJ/SP500---1) 50/50 that Friday's low is it. Expanded # of new lows (>500) suggests it isn't, since usually there is a divergence when the final low is seen. Were it not for that, I would have been more comfortable that low is now in, since it fits ONE of the patterns I am counting. My best guess, however, is that instead of the waterfall drop many are braced for on Monday (a la 1987) we actually rally next few days but then peak out again below prior peak and then drop into the hi 9's one last time by say Oct 26 and THAT one will on fewer new lows.-- I still feel new highs on dj/sp are ahead in next few months----re Oil and OSX--I suspect that oil will peak out in 23-24 area next few days (as well as OSX above 76)but that oil will then drop below $20,taking OSX below 65ish, thereby shaking out the weak hands in a C wave end to the correction off the top("take me out if oil crosses below 20" type of sentiment). I am not comfortable with V spike bottoms so I anticipate another drop in order to put another leg on the current one legged stool. -----Bottom line--I still feel it is not "safe" to buy either energy or the general market unless and until another leg down is put in that creates some divergences (eg fewer new lows on general mkt). fwiw, I'm still >80% in cash but close to putting it to work if I see what I am hoping to see.-- But don't pay any attention to me as I'm down 45% on that stupid hospital stock HRC at the moment! (although down only 4.5% from my overall portfolio high point).