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

To: The Perfect Hedge who wrote (3279)	11/20/1997 12:51:00 AM
From: Lucretius	Read Replies (2) \| Respond to of 95453

Here I am up late on the net and concerned, is that a contrarian indicator or what? Most of these stocks trade on the NYSE and there are no MMs. So no, I don't see that as a big obstacle. Lots of call buying is usually a contrarian indicator, but most of the trades were on the bid side today. As far as the biggest losers and the ones most likely to bounce. The drillers that have weathered the storm the best will bounce first and the farthest. Don't be suckered into buying the huge losers. They're losers for a reason. Stick with the guys that are closest to their highs. As far as a turn around, who knows at this point. Fundi's haven't changed, but that was the case last year when these stocks went into correction for 3 months, although multiples were much higher then. I have no idea how this will unfold in the ensuing weeks. My turnaround scenario did not unfold as I expected. Best case now is that we open at the previous lows from OCT and close up for the day. We then get a S-T rally and proceed to bounce around for a few weeks before earnings start to leak out, and these stocks explode. Enjoy the current implosion and good luck! Things could be worse, you could live in Hong Kong w/ large R/E holdings! Still holding strong. -Lucretius