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

To: Lucretius who wrote (3235)	11/19/1997 6:09:00 PM
From: David Spruiell	Read Replies (1) \| Respond to of 95453

News story states that drop was profit taking. Wednesday November 19, 12:20 pm Eastern Time Oil driller shares off as investors pocket profits NEW YORK, Nov 19 (Reuters) - Oil driller shares fell Wednesday as investors took profits from the sector, which has surged this year. ''The group has done so well this year and now you're taking your profits,'' said Rauscher Pierce Refsnes analyst Jim Wicklund. In late-morning trading, Patterson Energy Inc (Nasdaq:PTEN - news) was off 2-21/32 at 40-1/8, Friede Goldman International Inc (Nasdaq:FGII - news) was down 3-11/32 at 35-1/2, and Ensco International Inc (NYSE:ESV - news) was off 1 to 37-1/8. Also lower were Reading & Bates Corp, down 5/16 at 37-7/16, and BJ Services Co (NYSE:BJS - news), off 4-11/16 to 75-1/16. The stocks also came under pressure on Tuesday. The sector has been losing ground since the beginning of November, despite no fundamental problems in the industry, according to analysts. ''I think everyone owns them and there's no one left to buy them,'' said Huntleigh Securities analyst Lowell Bourne. I tend to agree with the profit taking theory. Two days of sell-off should have created some buying opportunities. But to soon to tell, I am looking for a stabolization in the prices and then a modest rise. Best luck Long MDCO at $24 David

To: Lucretius who wrote (3235)	11/19/1997 6:22:00 PM
From: bw	Read Replies (2) \| Respond to of 95453

L..Don't you get the feeling that the flogging is almost over? Enough punishment already...NE has remained more steady than the pack, and if it wasn't for the 30 day rule for reinvesting..unfortunately, those 30 day rules have been used in extremis' in my driller portfolio throughout the last month, spread like "burning bridges" on the landscape... Is it your interpretation that the stock must be purchased back at higher than the original price, or higher than the price taken when the stock was sold for a loss? It must be the original purchase price..ex. buy @$10..sell @$8. write-off $2. buy back @$9 within 30 days and lose whole write-off?