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

To: David Einstein who wrote (6048)	12/24/1997 3:40:00 AM
From: VALUESPEC	Respond to of 95453

David, in my opinion, the fallout in oil related stocks is due to Korea's collapse, along with other SE asian countries. Most of the oil demand growth in recent years has come from that area. Of course, there was a triple whammy to this sector- OPEC's 10% increas in production, Iraqi's rise in it daily quota, and the asian problems. I've only been trading these stocks, because as you said, they keep just going lower. It seems the funds expect day rates to go lower before too long. Either that, or they just don't want to hold these until the story gets more clear. If you look at the charts, many of these companies are only back to where they were in June or so. I'm not sure we've had a major technical/fundamental breakdown, or if these stocks were just hyper-extended before. If it is jus that they were hyper-extended, then we should be about at the bottom for many of these stocks. Of course, a general market weakening could hurt these more, too. VALUESPEC

To: David Einstein who wrote (6048)	12/24/1997 8:28:00 AM
From: Stonehenge	Read Replies (1) \| Respond to of 95453

Hi David. I love your name. I think I will have to hang in with esv unless the fundamentals deteriorate and it does not seem that there has been any bad news from the earnings front. There was a comment on cnbc this morning that there was fear that the oil service companies had seen their peak earnings already and that was the cause for the selling. If that were the case then why would vl and Morgan Stanley and s and p be so agressive in their positive recommendations? This is very confusing. Take care and have great holiday.