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

To: tyc who wrote (4811)	12/11/1997 11:34:00 AM
From: Karim Allana	Read Replies (1) \| Respond to of 95453

It appears to me that in the past week or so, the oil sector has been moving in parity with the overall market, rather than specific oil news. I don't believe there is fundamentally anything wrong with the drilling sector, just MM manipulation. I think the last weeks rise in prices was in responce to people covering short positions because they thought the sector was ready to move up, as opposed to real strength in buying from institutional buyers, a false start. The rise in prices may have been partially feuled by rising Dow. Now that the short positions are covered, the buying pressure has eased off. I hope this is just another buying oppertunity and we have hit bottom again. Happy investing Karim