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To: Sharp_End_Of_Drill who wrote (87654)	2/18/2001 2:35:40 PM
From: isopatch	Read Replies (1) \| Respond to of 95453

Good points Sharp. My take on SLB > Countertrend rally with ST gain potential of 5-10% depending upon how nimble you are getting in and out. If that's your kind of trade? Then play it, watch it very closely and use mental stops that you move up behind any price rise. All JMVVHO of course. And yes. Some excellent posts on the thread the last few days. Prefer good on topic stuff to food fights which get a little boring after a day or so(ggg). Put some of the gunslingers (who contrib nothing On Topic that I need) on ignore, so I don't waste my time on them. Isopatch

To: Sharp_End_Of_Drill who wrote (87654)	2/18/2001 2:43:19 PM
From: Razorbak	Read Replies (1) \| Respond to of 95453

RIG, SLB, and Pure Option Straddles Sharp: I had forgotten about RIG. Thanks for adding that one to the mix. Perhaps Alex can chime in about the current timing for another short on RIG since he's more familiar with trading that particular equity? Regarding SLoB, regardless of the F/A, it's severely oversold, and it's ripe for a rebound purely based on psychology and sentiment. This is a long time general in the OSX. It's leadership cannot remain suppressed for long, and it will eventually return to a premium multiple... probably in less than 3 months, IMO. With a pure option straddle on a single equity (i.e., SLB), you can only win on one side of the straddle, but your downside is limited on the other side to the purchase price of the option. Since I won't be in town and at my computer much of next week, I was focusing on a common stock straddle simply to minimize my trading risk, even though one leg of the straddle would be a naked short (but with a stop loss). Plus, I was focused on picking a pair of different equities that could give me two potential wins or losses instead of one, but with the odds significantly in favor of the wins. Razor

To: Sharp_End_Of_Drill who wrote (87654)	2/18/2001 4:49:45 PM
From: Timelord	Read Replies (3) \| Respond to of 95453

Sharp - I agree with your assessment of RIG as a short candidate, especially in view of the long tail piercing the 200 MA on Friday and closing back below. I was surprised by the midday strength on Friday, although that could have been nervous short covering due to the attack on Iraq. Still, there is an open window between 52.75 to 53 that may draw the price upward, but I don't think it is strong enough to overcome the negative trend in the OSX. Stochs and MACD seem to confirm, but I've seen them bounce around and reverse often enough to account for a few grey hairs <g>. stockcharts.com[l,a]daclyymy[pb50!b200!d20,2!e5!i][vc60][iLp14,3,3!La12,26,9!Lb14!Lc20!Ld20!Lf!Lg!Lj[$spx]!Lk14!Ll14] The odds are we'll see a strong open Tuesday, which may be a good opportunity to short. A weak open and I'd play wait and see. Again the ME situation is unsettling enough to be unusually cautious as sudden news events can be very costly if you're short. Looking at NE and SII, Friday looked very weak. SII had some unusual after hours trades that took the close from 77.04 to 78 on 3 trades (1K, 68.8K and 6K) which looked like some creative tape painting. Don't know what to make of that. stockcharts.com[l,a]daclyymy[pb50!b200!d20,2!e5!i][vc60][iLp14,3,3!La12,26,9!Lb14!Lc20!Ld20!Lf!Lg!Lj[$spx]!Lk14!Ll14] stockcharts.com[l,a]daclyymy[pb50!b200!d20,2!e5!i][vc60][iLp14,3,3!La12,26,9!Lb14!Lc20!Ld20!Lf!Lg!Lj[$spx]!Lk14!Ll14] Both NE and SII I like for potential shorts because of the huge gaps in their past that provide nice targets, but I would say whereas NE is likely to close its gap near term, SII may not see that 65 level for some time. Of course I thought that back in December too and sure had the **** scared out of me <g>. I don't know the significance of the purple zig zags in these charts or how to interpret them, but they seem to counter the down-trend argument. Anyone familiar with them? Alex

To: Sharp_End_Of_Drill who wrote (87654)	2/18/2001 9:02:28 PM
From: Second_Titan	Respond to of 95453

SEOD Still kicking the wounded RIG? Long or short RIG you may take in consideration that the RIG ticker seems to be everyones favorite recommendation in the patch. Perhaps this is a reason to short? Also with oil service investor money exiting SLB as a result of its forays out of the patch, it maybe finding its way into the new behemoth RIG. RIGs new FLC assets acquired on the cheap may save the floundering RIG. Also for what it is worth RIG seems to be playing catch up relative to the groups present performance relative to the groups previous highs in September and RIG has a ways to go before reaching it.