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

To: Jon Cave who wrote (77647)	10/31/2000 2:24:42 PM
From: ItsAllCyclical	Respond to of 95453

I for one think both oil and the Nasdaq can rally NT. (Although they may do it on alternating days). 1) The oil patch is already beaten down. 2) We are approaching our "winter of discontent" (at least for supplies) 3) The oil patch is relieved that the Nasdaq didn't go sub 3000 and single handedly take out the US and World economy imho. I wonder what a crash to 2500 or lower would have done? Sent global markets into a panic imho. 4) The Majors have yet to rally. As I and other have stated many times before the Majors will make new highs before this is over. XOM held nicely on it's 50 dma recently when the XNG, XOI and OSX were correcting. 5) We are also starting to ignore negative news both in the commodities (OPEC pumps 500K and Saddam gets green light for Euro) and in the stock prices. 6) Last fall was an aberration. Now that tech investors have been through the meat grinder once they will unlikely take the Nasdaq back to 5000, certainly it's possible, but very unlikely. Last year was something we'll be talking about for 30+ years imho. As such many will look for rotation plays as the weather turns cold and the Nasdaq nears 3600-4000. 7) Cash on the sidelines is relatively high when compared to fall 99. In addition there are a number of other value plays that have rallied in addition to energy during the tech debacle. Tech money can come from those value plays that don't have the earnings potential that energy does for the next 6-12 months assuming we have a soft landing.