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

To: Big Dog who wrote (4861)	12/11/1997 4:40:00 PM
From: Chuzzlewit	Read Replies (2) \| Respond to of 95453

Mike, I'm not a strict buy and hold kind of guy for a couple of reasons. With respect to the oil patch, right now we've got an supply/demand imbalance for rigs. This imbalance depends upon a number of factors including the number of rigs available, the number being built, the price of oil, etc. A significant deterioration of any of these fundamentals would make me want to exit this group, so I follow the news and the opinions of those of you who know and understand the oil services sector. I know very little about this business, so I depend on you and others to keep me honest. Anyway, I enjoy all this bonding. Kinda like crossing streams when we were kids (my apologies to the ladies). Regards, Paul

To: Big Dog who wrote (4861)	12/11/1997 4:49:00 PM
From: Thean	Read Replies (2) \| Respond to of 95453

Mike, now that we have random walk, MPT and useless TA thrown into the hat for the winning draw, the winner is... is YES, EATING PIE! Of all predictors, Eating Pie is the most consistent intraday indicator of a bounce. Would someone please tell the TA threads we have discovered something truly unique, refreshing, and a little fattening. The day is over, and I feel I'm really LUCKY today. Here is why. 1) Sold FLC at the open today on stop order at 35 5/8. Pick up FLC again around lunch time at 32 3/8 (entered order at 32 5/8 but they gave me a discount I didn't ask for). FLC closed above 34. I'm not going to say TA helps here, but my luck did. 2) Had another stop order for PTEN at 42. But Waterhouse told me no deal because I was stupid as one cannot place a stop order above the prevailing price. They did not informed me of the no deal either. I had to find out and confront them and they told me to get more education. PTEN closed yesterday at 41 7/8! Dumb. Well, PTEN opened at 39 1/8 and it closed around there too. OK, I'm not lucky here but maybe I'll be lucky tomorrow if PTEN moves up. I celebrate because Waterhouse did not get the roundtrip $24 commission from me. Heard that? Waterhouse. Their service is going down after they tried to compete in electronic trading. Noticed something today, the land drillers which took big beatings last few sessions like UTI and BDI held up pretty good. Let me look the charts more and later...