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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 (53772)	10/30/1999 4:25:00 PM
From: Gary Burton	Read Replies (3) \| Respond to of 95453

George- you could well be right--if OSX takes out 75.75, it would signal to me that the 65ish low will hold on the retrace, so we shall see on Mon/Tues. If, however, we rollover below that and take out 70.98 early next week, then my forecast for a sub-65 Wave C is still intact, at least for the time being. Actually, I would like it to blip up above 75.75 as that would then 'tell' me that I could buy OSX stocks with 'impunity' on the next material retrace. If it instead dips under 71 early next week, then the jury is still out.... I'd still like OPEC to "get it over with" though so we could then clear the decks and get rid of the weak hands. The furthur we go without a production increase, the more investors will refuse to push the shares up to newer highs, regardless of the near term tightness in the supply/demand balance since "we all know OPEC will have to act sooner or later" and no one trusts 25ish oil. Like the Greenspan watch, nobody wants to be held captive to a rate hike coming. Once it comes, the market sells off ever so shortly and then regoups and says "ok that's now out of the way". With OPEC, we have all the way to March to wait, and I therefore don't see us making new highs in oily shares until we know what the post March world is going to look like. If they'd tell us all now, of course, then we could begin to rally the shares after an initial dislocation.