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

To: Lazlo Pierce who wrote (6341)	12/31/1997 9:09:00 AM
From: Lazlo Pierce	Read Replies (1) \| Respond to of 95453

All, here's a copy of P Engr post from 11/5. I have added where the stock price was on that day. He called the first 25 -30% decline at a point noone (then) thought we were going to get close to. ******************************************************** Subject: More Correction---Sell into strength. Date: Wed, Nov 5, 1997 22:41 EST From: P Engr Message-id: <19971106034200.WAA26732@ladder01.news.aol.com> Believe that more correction is in store for overall market and our favorite market sector. Have been selling alot into the strength. Present cash at 70%. Believe that retests of recent lows and in some cases, new lows may occur. Believe that correction lows may be: NE 27.5 was 38 RIG 43.75 was 58 DO 47.5 was 67 NBR 31 was 45.5 RDC 30 was 43.5 ESV 33 was 46 FLC 29 was 40.5 PTEN 39 was 61 UTI 27 was 47.5 Cont. to add to GW SHORT position above 9 for 5-6 target---Stock is Very much Overvalued. SHORTED MDCO today at 33 for 24.5 target------Stock is overvalued.. Sold CDG today in 81 area------------believe that stock is fully valued at this point and needs to correct to around 50 to become attractive. Have sold all of NBR in 44-45 area. Have sold all of DO todays prices (66-67) Have sold all of ESV """"" """ (46) """"""""""""""""'" RDC """"""""""" (43) """"""""""""""""" FLC """"""""""""" (41) Am out of UTI and PTEN Sold 50% of NE position today at 38 Sold 50% of RIG position at 58-59. Sold BDI today at 27.5 I feel that the overall market is going to correct further and that it will drag the drillers down with it. Am unimpressed recent rebound from lows reached last week---particularly in one of the other market leading groups---the computers and Peripherals-----believe that INTC, DELL, CPQ etc. indicate that there is more correction to come. The drillers have had a very good move over last 2 yrs., and are now the "darlings" of the Street---- everyone is now touting the group (contrasted with my posts setting up the NBR, UTI, around 1 year ago--when only we FOOLS were "in the Know"). Believe that a shake-out of some magnitude would be "healthy" at this point in time. Maybe the "Johnny come lately's" will make a few more points before the sell-off, but, the risk/reward favors Cash at this point. I continue to be Enjoying the Boom!! And have been very busy!!!! But, I will post to this board, any change in my investment ideas-- concurrent with those changes-----(I won't leave you hanging!!). Thanks to the Motley Fool ------We Fools, are devoted towards "Staying in Frount, of the Wallstreet elite". Enjoy Paying Those Taxes-----(much better than the alternative)!!!! As Always----- All IMHO!! P Engr.