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

To: Duane L. Olson who wrote (4555)	12/6/1997 1:52:00 AM
From: T-Lo Greens	Respond to of 95453

GLM -- anyone know when they will announce their contract with a consortium composed of Shell, Mobil, Conoco, Texaco, and Amoco? Reported to be doing all their drilling for the next 5 years. Any truth to this?

To: Duane L. Olson who wrote (4555)	12/6/1997 2:53:00 AM
From: Theodore Stullich	Read Replies (1) \| Respond to of 95453

Hi Duane ... <Does it make sense to keep buying here?> Sixty-four dollar question, sir. That's what I keep asking myself (and others). After a week like this past one, it's hard for me to believe that it's going to be straight up from here. Lots of people got burned on the recent vicious correction in this sector. Many will be looking to lighten their positions, I think, at least for a while as they lick their wounds and gain some confidence back. We need to get that resistance out of the way. I began averaging into this slide, having gotten out of the sector before the damage started (just lucky and heeded some advice in the posts from some people whose opinions I respect, Thean Yeoh and Bernie Kaplan to name two). I intend to have a 1-2 year view on this sector. We've had a great buying opportunity IMO, so I hope you used it to your advantage. My position is fairly set in this sector now, but I will do some more buying, but only on weakness ... no more mo-mo. Diversification is important to me, too. Did you watch W$W tonight? I thought I heard the guest respond to Lou that he'd stay clear of the oil sector for a while. Course he seemed pretty conservative so I wasn't surprised to hear that. We've had lots of bad news and while more can come down the pike at any time, I think most of it has been factored in. I do understand there were several reasons for the correction, not the least of which was managers wanting to make their record for the year look good and the sector had made an astounding run anyway. I think they'll use their cash very soon to nibble away at other market sectors as they re-assess the situation. Big money moves markets and oil drillers is just one part of it. We need some good earnings reports now. While good earnings (even positive surprises) may not jumpstart anything, I think that any weakness here will cause more money to head for the exits, looking for better opportunities elsewhere. Sorry to be so windy ... really don't have a lot to contribute than gut feelngs here. Besides, I'm a newbie to this thread ... What's your take on all of this? Happy investing! TS