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

To: Thean who wrote (3094)	11/18/1997 5:15:00 PM
From: Lucretius	Respond to of 95453

Thean, I don't think you'll see 30 in NE. If it goes there (30)it's probably going to 26. We've had decreasing lows since the lows set a few weeks ago. NE still has 8 million shares to buy back. They'll support it in the 31 to 32 range. Great buying opportunity for many of the drillers. Many of the service stocks probably are overvalued at this point. However, many of the drillers are trading at similar PE's as in the same period last year (except last year we had a big drop in oil prices and people mistakenly thought that drilling would slow down and we got the Jan-April correction.) Wrong! As long as the E&P guys keep upping spending budgets the drillers will prosper. Good Luck! -Lucretius