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

To: SliderOnTheBlack who wrote (63491)	3/30/2000 5:43:00 PM
From: ItsAllCyclical	Read Replies (1) \| Respond to of 95453

Slider, Re: Taking profits on this run... It's always prudent, but I don't like to trim everything at once. XTO went from 8 to 13 without stopping. I slowly trimmed from 11 to 12. Same here on this run. I sold half my margin, but I'm willing to let more run until I see more compelling signs that we'll pull back more than 5-10%. A 5-10% pullback does not justify going from heavy margin to having a cash position in your portfolio imho. Average in/Average out - safest way to buy and sell. As for profit taking you have to be selective. UPR, XTO, BR, RIG, EOG, NBL and maybe OEI are running pretty good and could be trimmed here, but PXD and FST are still lagging big time even after today. I'm down to core position in UPR, VPI, OEI that I won't touch until they've each has gained at least 50-100% from today's levels. I've been using calls as my short term trading vehicles. I was about 20% calls going into the OPEC meeting. I'm now down to 5%. I sold most of my OXY and all of my MRO's even though both will probably appreciate quite a bit more. At this point if either issue pulls back or stalls I'll just buy shares vs calls. The calls restrict my buying power too much and there's always the chance of a market downturn. The easy money has been made with the calls. If I owned more drillers and large cap service plays such as SII, WFT, SLB, RDC, UTI etc, I'd be trimming more. I don't think we'll see too many buying ops in the E&P's (down significantly from today's levels), but there should be good buying ops in OSX issues. I want enough cash to weather any downturn or to be able to take advantage of cheap FLC, PGO, KEG etc. I'm still going to use some margin going forward. Using about 1/2 now.

To: SliderOnTheBlack who wrote (63491)	3/30/2000 5:43:00 PM
From: Wowzer	Respond to of 95453

I'm with you Slider I trimmed positions in all my oil stocks, except for MRO HAL TDW (lowered my cost basis in that one) and my new one UCL. I keep looking to trim my MRO, but I just can't do it. I put a sell order in twice but canceled it before the final confirmation. This stock is still just too damn cheap. MRO is in the sweet spot this summer especially if oil weakens a little here. Today was one of the wildest days I'd ever seen. I was all set to give back some of my gains from yesterday, but did even better today. I left the computer for about an hour today NAZ was down 90ish get back and it is down 250 and dropping like a rock pulling down the oil stocks as well, what a day. I am totally worn out.

To: SliderOnTheBlack who wrote (63491)	3/30/2000 6:49:00 PM
From: stsimon	Respond to of 95453

I would suspect a little profit taking in the oil patch the first few days of April with a slight recovery in tech. As Nasdaq has been retreating during maximum IRA money inflows, it wouldn't be a surprise if it really gets ugly late April and into May. That money will flow somewhere, and while the oil drillers et al aren't cheap, stocks like CSCO at 900 times earnings or whatever aren't exactly bargains here.