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

To: mph who wrote (3339)	11/20/1997 11:41:00 AM
From: Velocipher.	Read Replies (1) \| Respond to of 95453

It will be very interesting to see if more buyers come out after lunch, I'm now showing red for BJS and RIG.

To: mph who wrote (3339)	11/20/1997 11:54:00 AM
From: scname	Read Replies (4) \| Respond to of 95453

Wake up. People. The tide has turned. Iraq will soon be back exporting oil. Oil services stock will give back all their gains last 6 month. The rebound this morning is simply big money pushing price up so they can resume dumping in the afternoon from higher level. Many hot stocks in this sector have PS ratio near 9 and PE ratio over 30. Such valuation can only be justified if earnings are expected to double. This is very unlikely now that expected demand growth from Asia vaporized and Iraq is making some kind of secret agreement that will lift the sanctions in the near future. Expect companies to announce exploration budget cut backs in the next month and the drilling services company PE to fall to 10 which will cut stock prices by half or more.