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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (1018)	9/3/2001 11:26:55 PM
From: Roebear	Read Replies (1) \| Respond to of 36161

Frank, Hmmm, I don't know about the pebbles, but it feels like I've picked up that red hot Urn with me forearms sometimes, ggg. Taking Andersen Exploration as an example, there should be support at 20 according to that chart. However, there should have been support at 2.81 for NG in the last two weeks and it was scarcely there. That was H&S #1's target. H&S #2 target is 1.88 for NG. Thought I would get a chance to debate if 2.81 would hold, I really didn't have the chance! Considering that I'm showing a decent drop for AXL.TO during the winter of 98 AND a second target of 1.88 for NG now possible, I would be very cautious. Good technicians have a tendency to be a little early but FA folks tend to be REAL early. Except for gold when we're all REAL early, LOL! I see no need to rush into the NG stocks, there would seem to be ample time to wait for a bottom indication with some follow through before committing funds. (Caveat for that is if we get a brutal winter this year) At best, small partial positions calibrated to be averaged into at critical support levels would be the most optimistic and sane approach if one felt the absolute need for NG stocks. Taking AXL again, if we think it might turn at 20 but have lower possible targets also, such as 12-15, then one shouldn't be going in for more than a quarter or third position when it hits 20. I would prefer to see the bottom formation before I would buy, just in case this market gets real nasty. Easier to buy 22-24 on the retrace than to grin and bear it when the 20 buy goes to 12. This IS a bear market, except for gold I am taking few chances. Usually I am a plunger taking large positions quickly, but not in this market! Yeah, I do have an energy stock or two, but cut positions down nearly in half on a scalp trade (small gain) last week. Energy will go with the general market, even if it doesn't deserve to go down FA wise if the market continues down, and that is why I cut position in energy a week ago. Again, a caveat depending on the winter weather and the timing thereof. No argument stealth or otherwise, just my humble opinion Best Regards, Roebear