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

To: Gottfried who wrote (80547)	12/1/2000 3:18:41 PM
From: excardog	Respond to of 95453

should we drill yet? WRAP: Oil supply concerns rise as Iraq halts exports (Update 2) Nicosia--Dec. 1--Iraq has halted all its oil exports as a result of a pricing dispute with the United Nations, raising fears of an oil shortage as winter approaches. Iraq stopped loading tankers at the Persian Gulf in its Gulf oil export terminal of Mina al-Bakr and halted pumping via its trans-Turkey pipelines Thursday night.

To: Gottfried who wrote (80547)	12/1/2000 3:22:41 PM
From: ItsAllCyclical	Respond to of 95453

>> if it (oil) came down $10, that's not a big deal << It would be a HUGE deal. No apology needed from Slider. Fundamentally maybe the drop wouldn't be too significant, but the perception would certainly take a bite out of the OSX. Maybe it could fight off lower lows, but it's very doubtful it would rally in that environment. I'm worried that any near term rallies in the oil patch will be heavily shorted. SII and other leaders are so far under their 200 dma's that shorts will be strongly attracted to this sector (especially with oil already at $35 - more downside than up). SII is a massive double-top/H&S formation that leads back to 40-45. It's at 61 right now. The neckline is right around 65. I think it can rally back to the neckline and then the shorts will lay it on. I was content to hold while we stayed above 110-112, but this breakdown is really ugly technically speaking. We need to work this out (regardless of fundamentals). Lastly we're just starting the Q4 warning season (RIG, Gateway). If the patch was going to rally it needed to do so in mid Nov (and probably would have with a Bush election). 2001 - Major spenders or Major tightwads?