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

To: Thean who wrote (7925)	1/13/1998 8:35:00 PM
From: Timelord	Respond to of 95453

Thean, no Alex has a very bad case of having his hand caught in the cookie jar. To save me some typing: "The problem is not cutting losses early." Drilling "stocks wipe out almost 40% of my 1997 gains alone. Poor timing and slow decision. " <bg> Actually, everything is mostly on paper so there is still hope. My present strategy is to minimize the paper losses as the sector recovers, but the goal is to maneuver myself into cash. This year is going to be extremely ruthless, and I hope to maintain sanity by trading quickly in and out, mostly in O & G and drilling stocks, although I may re-enter techs (I closed all my tech positions last March). Fortunately, I use very little margin. I bought GW today at 3 3/4 because I could not resist the price, but I presently have very limited buying power. With virtually all of the drillers showing morning star patterns today, and earnings starting heavy on the 15th, we should see a great rally from here. Of course the sad thing is that this golden opportunity could be wasted if Oil futures slide further or more Asian hiccups occur. I may have to hold my positions a lot longer term that I wanted to. I too vow to not do this again... Alex