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

To: Erwin who wrote (6033)	12/23/1997 5:40:00 PM
From: Redman	Respond to of 95453

The more downgrades, the better for this sector. It means we are getting very very close to a bottom. Everybody is starting to give up, including me. I will again start averaging down in GIFI and MAVK. PS: Morgan Stanley conference call is very upbeat. All the fundamental are in place for a fact, short term influences have caused this oversold position. Service companies running at full capacity and will actually be a hindrance on oil companies revenue because of a shortage of equipment. Also, cannot get new equipment online quick enough. green

To: Erwin who wrote (6033)	12/23/1997 5:48:00 PM
From: Czechsinthemail	Read Replies (1) \| Respond to of 95453

Disappointing to see the Briefing.com downgrade, although they chalk it up primarily to bearish sentiment. I suspect that once things begin to recover, they will upgrade it again based on the strong fundamentals. Also, I suspect the recovery on the drillers, particularly offshore, may be stronger than for the oilfield services companies. Their forecasted earnings growth is higher and the shortages on drilling rigs that won't soon be balanced gives better long term visibility. Though it feels terrible to be going through the dropoff, this is what bottoms feel like--when everyone starts throwing in the towel and rationalizing the decline. Good luck in holding on or shifting to other companies for the ride back up. Baird