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

To: JHR who wrote (65540)	5/1/2000 11:41:00 AM
From: ItsAllCyclical	Read Replies (2) \| Respond to of 95453

Next Fed meeting is May 16th. Contrary to Slider, I do not think a 50 basis point increase would make the market "melt". We might re-test some lows, but there would not be a panic. Some analysts are already pricing in a 50 point increase. More important than the Fed will the inflation/wage reports during the next 2 months because that'll signal future Fed action. The XNG is breaking out, but it looks like it might meet near term resistance at 180. However, on an individual basis, PXD, SFS, VPI, FST all look to be breaking out again. I'm sure there are others in the E&P's as well. The OSX seems to have broken it's H&S pattern. Maybe the XOI is not breaking out, but it appears to be more of a coiled spring than a near term peak. As such I'm keeping almost all of the oil/gas positions here. I trimmed a few tech to reduce margin today though. I'm cautiosly bullish on the patch near term. FWIW, I'm posting less because I'm protecting my gains by trading less, using margin less frequently and diversifying into techs and other sectors. I'm still 60%+ in oil/gas stocks though.