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

To: Dwight E. Karlsen who wrote (3970)	11/29/1997 9:52:00 PM
From: David Spruiell	Read Replies (2) \| Respond to of 95453

My hope is, the market has already factored the Saturday OPEC decision into the price of crude and drilling. What I hope for, and reality don't mix well. Crude down to $19.15 on Friday. If it goes much lower, it becomes to costly to do deep water drilling. Then the jack up rigs come more in demand. OPEC will keep the price of oil at a level that inhibits economical drilling and production of oil by non-OPEC nations. I feel that the drilling sector is falling, and despite strong fundamentals will not go up. I bought last week thinking that crude volume would decrease. After all, OPEC does not want to flood the market with oil. The next thing to come will be analyst downgrades. As long as the brokers have buy recomendations on the sector, we know that they are selling their shares. When they have sold their shares, they will issue downgrades. Reality Bites I think I made a wrong decision. Made wrong decisions before, as my kids say, " Get Over It Dad, And Get Out" Long MDCO and looking for the Exit. "Where is it?" say like Duke Nukem David

To: Dwight E. Karlsen who wrote (3970)	12/1/1997 12:03:00 PM
From: Judy	Read Replies (2) \| Respond to of 95453

Dwight, I watched the tape action of drillers this am .. the selling volume was not non-significant. MDCO violated its 200-day mav intraday, let's see how it closes. For what it's worth, I usually leg into long positions since it is almost impossible to find bottom in fast moving markets, taking 1/4, 1/2, 1/4 portion of shares. As for options, I wait for a bottom to set and the trend to turn before initiating positions. Time value costs too much to waste. Take care.