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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 (4169)	12/1/1997 11:16:00 PM
From: Lucretius	Read Replies (2) \| Respond to of 95453

Glen, did you go short on us all of a sudden?? No matter, most oil traders that I've read comments from say oil at worst might drop to 18 in the short term if Iraq is allowed to sell more. After that, demand will decide over time. Oh I long for the days when the oil service investors knew of the decoupling of oil drillers and oil prices. Those days will return, just give it time. This sector will not snap back to new highs tomorrow, too much damage. However, after several unsuccessful rallies that form a trading range and consequently a base, we'll see movement again. On the good side, I don't think there's much left for the shorts here either. Most of these stocks have already been gutted. The really good shorts are gone. anyone who tells you he's in shorting or buying puts now is probably an idiot. Most of the "bad" news is already in these stocks. Only thing left is if IRAQ's sanctions are fully lifted and it floods oil onto the mkt (in which case OPEC might cut back on production) But I think probability is higher that Saddam will blow something or someone up before that happens. Good Luck! -Lucretius