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

To: Alias Shrugged who wrote (5795)	12/20/1997 6:16:00 PM
From: Nancy	Read Replies (2) \| Respond to of 95453

Mike, it doesn't matter they report good earnings (if they indeed do) in January. It matters utmost is the perception whether the good earnings can CONTINUE. If crude stays hugging 18 and threatens to go to 15-16 with Iran oil comes on and worldwide demand slows, the prospects dont look so good any more. Despite everyone saying E&P companies plan years ahead on their capital spending etc, they can always change their plans. Remember the sector's great run is based on imbalance of supply & demand. Now the growing perception is slowing demand and increasing supply are in the work. Market is a discounting machine, it always looks 9-12 months ahead based on PERCEPTION, and always OVERDONE.