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

To: chirodoc who wrote (2918)	11/13/1997 2:12:00 PM
From: SJS	Read Replies (2) \| Respond to of 95453

OIL NEWS (like we didn't know this already...) From briefing.com: SELLING HITS THE MARKETS: Traders/investors appear to be sneaking out the back door by quietly unwinding positions in some of the market's recent highflyers. One sector that is not creeping lower, rather is falling lick a pile of bricks, is the oil drilling and services group. Sector stocks are being taken out and shot: Cooper Cameron (RON 65 -8 5/8), Cliffs Drilling (CDG 64 7/8 -5 3/8), Marine Drilling (MDCO 24 5/8 -3 5/8), Smith International (SII 67 1/8 -7 1/8) -- even recent IPO Dril Quip (DRQ 30 7/8 -3 3/4) is filling the wrath, and it isn't eligible to be shorted yet. The selling in the drillers -- as well as the dumping in the networkers, Internet players, and the chip stocks-- has just started to be reflected in the major indices. After an early surge of 87 points on the Dow and 16 points on the Nasdaq, the two indices are now trading 2.21 and 6.10 points lower, respectively. What's going on? The retreat is primarily a reflection of the lack of confidence in the market amid international economic turmoil. Another issue that may be coming into play is the urge for money managers to secure profits for the year. Also not helping matters is the sharp intraday reversal that has taken place in the Brazilian stock market. At present, the Bovespa is trading 2.93% lower, down sharply from the +2.50% level reached in early trading. Are professionals dumping stocks and calling it a year? If that is the case, be prepared to see some of the stocks that have tripled and quadrupled this year start to fill the gaps on their charts on the way back down.