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

To: Judy who wrote (3961)	11/29/1997 7:18:00 PM
From: Iceberg	Read Replies (1) \| Respond to of 95453

> the drillers have violated their bull channels and now they may be in a correction phase Judy, What do you mean by "may be" in a correction phase? If this isn't an unqualified, sustained and obvious correction phase, I don't know what is. What more would it take to convince you that this definitely is a correction? Ice

To: Judy who wrote (3961)	11/29/1997 7:53:00 PM
From: Jimmy Dell	Read Replies (1) \| Respond to of 95453

<<But about two weeks ago the drillers have violated their bull channels and now they may be in a correction phase. When momentum traders flee, stocks go into a free fall until value players step up to the bat ... more carnage can occur in 2-3 months.>> Judy, The chart pattern looks similar to what started in Jan. 1997. The "bull channels" were violated then too and the dip was about 30%. Looking at the chart of NE, that's about what we've had here already - some drillers more. I think we'll have a few weeks of consolidation now, and then onward and upward, but I don't think that we'll see 4 months of consolidation like in Jan. - April 1997, and I don't think we're going much lower. The earnings coming out in Jan. will bring the momentum players back in. I don't think we'll have to wait until Jan. either - I think the stocks will begin rising in anticipation before that - like they did prior to the last earnings wave.

To: Judy who wrote (3961)	11/30/1997 12:37:00 PM
From: Alias Shrugged	Read Replies (2) \| Respond to of 95453

Hi Judy! Read your post to me and the subsequent responses from the thread. Yikes!! Some of us appear a liitle on edge. Can you tell we are pretty beat up over here?!?! Oh well, in times like these, a glass of wine is just the ticket (am having a glass of Bordeaux). I will look into the recent stock rotation of Fidelity Select Energy Services - although isn't there quite a time lag between their buys/sells and when it is reported? It is a bit disconcerting to think that, although the momentum guys have fled, prices are still too high for the value players to enter this sector. I hope that is not the case. Anyway, folks on this thread mainly pay attention to fundamentals. So, based upon your experience, at what point did the stock prices in this sector surge beyond the point justified by the fundamentals? (uhh, this might just be my way of asking you what a "bull channel" is!). Enjoy your holiday! GENERAL COMMENT TO THREAD: Judy is an experienced investor/trader, is not usually on the short side, and does not post for the sake of tweaking/agitating folks invested in sectors experiencing downdrafts.