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

To: Thean who wrote (3072)	11/18/1997 1:39:00 PM
From: Redman	Read Replies (5) \| Respond to of 95453

As I have no technical analysis experience, I would very much like any comments on the current charts of the overall oil service sector, MAVK and GIFI. MAVK and GIFI have fallen much more that the rest, and I am strongly considering doubling my position in both down here. Both can move to the upside very strong and quickly, so I am curious if anybody else feels we are at or very near the bottom. Any comments are appreciated as I am considering pulling the trigger towards the end of the close. Thanks in advance, red

To: Thean who wrote (3072)	11/18/1997 3:35:00 PM
From: Tom L. French	Read Replies (1) \| Respond to of 95453

Thean, Hi! I've been following the drillers and this thread for a while, and thought I would add some thoughts. I use candlesticks too, and was intrigued by your comment about looking for the turn back up. I have been using candlesticks wtih short term stochastics and on balance volume, checked by trendlines and bollinger bands; but it's the candlesticks and the stochastics that have worked best for me. CDG, for example, I backtested to June and found that it behaves very predictably using these triggers/signals, and that big profits can be gained by going long up, and short down. (Of course it is much easier to trade in retrospect than in reality, which I have found recently, trying to trade in and out; timing the moves in and out is as much art as science.) I have also become concerned about the bigger picture, so I sold my long term holdings on CDG which I simply bought and held, for a very good (>70% gain). Now I think external factors are affecting these stocks (CDG, drillers, etc.), and we may be looking at an intermediate top (FSES which I also hold is definately lost its upward momentum). It's clear now that these external factors make it tough to identify shifts in the short term trend. Factors like Asia/Japan etc. (which is BIG issue not fully appreciated yet), Irag, the broader Market trend/health/psycology/volatility, momentum traders, news articles like the Barron's piece talking the drillers down. Today, my signals said CDG should start back up (I bought some yesterday), and I couldn't figure out why it weakened. Thanks to this thread I saw the Barron's piece. Longer term these companies/stocks may continue strong but trading them or even making a decent entry for a longer term investment is getting very tricky. I look forward to your thoughts/call about when the candles say they're going to turn up again (even for the short term). Regards, TomLF