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

To: waverider who wrote (8688)	1/18/1998 7:59:00 PM
From: James W. Riley	Read Replies (1) \| Respond to of 95453

Don't think PEngr was shorting the drillers. He is concerned about the 0ver-all market. He is bullish long term as he predicted a third leg up for the drillers but in the near future he's in cash, shorting some techs. <Subject: Downside Risk Levels Date: Sun, Jan 11, 1998 22:36 EST From: P Engr Message-id: <19980115111700.GAA15430@ladder02.news.aol.com> I think that the following are downside risk levels as I see them at this time: UTI 10 GW 2.5 NE 15.5 PTEN 17 then 12 CDG 20-21 then 16 DO 29-30 RIG 27 ESV 20 NBR 15 FLC 14-15 RDC 17 GLM 17 I am NOT suggesting these as buypoints---instead am suggesting them as "risk" levels----in case you are still long. I am very nervous about this market as I have stated. This very well could be the "bear". If it is cash will be king. Preserve your cash. Suggest that if you have not shorted those mentioned in my 1/6/98 post, Don't chase them tomorrow---wait for a bounce back to allow shorting into strength. I will let you know. For those that did short, start covering during tomorrow's panic---cover 50% by days end. > All IMHO!! P Engr.