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

To: Gary Burton who wrote (55887)	12/2/1999 3:00:00 PM
From: SliderOnTheBlack	Respond to of 95453

GaryB - why we are seeing selling imho. #1. There is a big dark secret on the Stret; many, many funds are generating substantial cash here - "just in case" they see any redemptions that are generated by the incredible "Double Whammy" hanging over the markets head here. Take a Fed Rate Hike, resulting in a major DOW correction(which is overdue as hell !) and add the "timing" factor of it all happening right near Y2K. Now ask yourself; can the "Street" possibly be caught in what very realistically could be a huge redemption run, even perhaps a near historic withdrawl of funds from the market with the convergence of those events ? They simply can not afford not to quietly build significant cash reserves here. This level of cash accumulation is not dramatic,not entirely responsible for the decline in the oilpatch; but certainly enough that it is being felt and over-exaggerating the effect here. The "Street's" money is staying in the momenteum sectors, of which the oilpatch is not at this moment -that also magnifies the impact here. You have to stay focused on "reality" here imho. When I see a headline like this one on Reuters today: "Oilpatch stocks sell off as Crude rises above $25" ... and when I look back and see the prior Nat Gas & Crude Oil price levels that supported OSX 85, or even 100+ - yet alone the E&P valuations which are reflective of OSX 60 here(happy Jim ?(VBG); I buy with total confidence here; knowing full well that sentiment will catch up to the fundamentals; it allways has and allways will. This is merely a wonderfull window of opportunity - one where the individual investor can act, because he does not face the same challenges, or circumstances as the institutions here. Gary I think the "Street" is fully aware of what Artic says; but - they are faced with a unique confluence of events here. The oilpatch did have major gains - weren't we basically the largest sector gainer YTD at the peak earlier ? The Street merely used the Oilpatch here as its "cash machine" of late - as they are only being prudent in not touching the momenteum money in the NASDQ presently etc. The historic bullishness of merely $2.00 Nat Gas & $18+ crude oil seems to be entirely lost here. Given supply & demand fundamentals; certainly - $2.15- $2.35 Nat Gas & $18-$22 crude oil is not unrealistic going forward. Those numbers will absolutely - sooner, or later support OSX 120 imho. Only time will tell. I'm buying - and leveraging into this bottom. Hell, if I don't - I may not have anything to tell my future grandchildren about some day (VBG)... ie: Boom 2000 !