Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Tom L. French who wrote (3718)	11/24/1997 8:03:00 PM
From: The Perfect Hedge	Respond to of 95453

Looking at my charts,these stocks are due to turnaround soon.I think the move up will be within the next 2 days.Fidelity's news came out today which is really old news.The selling I'm sure was weeks ago.This thread has turned bearish which is a contrarian indicator.Lastly,if these stocks go down anymore they will fall of the charts,seriously.This sector has been obliterated and whipped so badly it's sickening.Fidelity said stock prices in this sector had topped out right?Well,now they have been cut by 30% making them attractive again.No change in fundamentals+big correction=big buying oppurtunity.GD

To: Tom L. French who wrote (3718)	11/24/1997 9:21:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 95453

Tom, nothing personal to you. I was just posting little joke to the board. Thean: I was saying don't be fooled into selling into the histeria. These stocks are way oversold at this point. Think like a short,---- I shorted NE at 37, I'm approaching 29.5 (the previous low) will this be a double bottom? I know the fundimentals are solid and improving so how long will this aberation continue? I'd hate to lose the nice 20% gain that I've picked up over the last 3 weeks. The chart is so oversold that the technicals no longer show up on the chart. Looks to me like things may begin to turn. Well, I'll wait and see what Japan does, OOPS... Japan is rallying back and the S&P futures are only down 1. Maybe I should cover before the bulls have the day because I know earnings are going to be strong and the insiders have started buying stock. I'd just thought I'd give the other perspective. While I don't think we'll bounce back to new highs, this latest downtrend line is too steep to sustain. NE for instance, I'm looking for a break in the downtrend line at 32 and a pop to 34 over the next few days (not counting Turkey Day of course) and then the inevitable consolidation until we weed out all of the shorts and weak players. At that we resume the uptrend. It's textbook stuff, but you can also check the similar selloff wee had early this year when oil prices began to fall. Same old stories came up--These stock have doubled and tripled, is there any upside left? Can the E&P guys drill at these high rates and still be profitable???? YES, everyone kept saying, but the stocks went down even as the drillers continued to report record earnings. Eventually, the weak were washed out, and we got the nice run that we're sitting on today. Unfortunately, when stocks rise they get attention from the weak, and they pile back in, thereby giving us the same old song and dance all over again. I can't tell you how much this reminds me of last year. I'm still nibbling in here at NE. Anything around 30 is a steal! Thean: I don't think NE will let the price fall below 30. They have yet to buy back any stock during this selloff. They've had bids in around 30 but never got filled. If it goes to the 200 day moving average, I'm not sure you want to own it. At that point, there's something very wrong going on. Suupport is right here between 30 and 33. Every drilling chart I looked at toninght has held support at the previous low of OCT. NE has been remarkably strong, actually holding above it. Look for earnings revisions upward for '98 and '99 after the new dayrates are announced for the EVA conversions. I'm being told to expect nice fat increases. Good Luck! -Lucretius