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

To: Thean who wrote (9087)	1/21/1998 8:42:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 95453

Thean, I've done a little more looking at driller charts today on IQ.I don't like the proliferation of "semi" hammers and hanging man candles.Plus, I think on ESV(for ex.) we'd like to see a more pwerful break thru the downtrend.I am expecting a pullback tomorrow or Friday.Curious to see if it's lateral or down.SLB just went up too fartoo fast.I'll be looking at puts tomorror on the "rocket". Dave PS>still long on GW, NE, CDG

To: Thean who wrote (9087)	1/22/1998 7:22:00 AM
From: RGinPG	Read Replies (3) \| Respond to of 95453

READ THIS !!!! I hate to be an alarmist, but I have been so bullish lately that this may seem like a complete turnaround. Almost every chart I follow in this sector, including the OSX index, has given me sell signals. Check out Short Term Studies at lonestar.texas.net The confirmation in almost all the stocks seems impressive. Remember, this is a sell signal designed to allow selling into strength, so it may be early. But looking at the previous sell signals that were confirmed across the board it certainly is compelling. I plan to sell 25% of my Oil Service portfolio today, knowing fully well I may have to buy back in a higher prices next week. The long term outlook is still VERY positive. But it sure would be nice to have some cash going into the next dip. THEAN: The S&P -Vs- OSX charts are updated daily. There are three charts showing the relationship for the last 4yrs, 4mths, and 3wks.

To: Thean who wrote (9087)	1/22/1998 11:44:00 PM
From: Dwight E. Karlsen	Read Replies (1) \| Respond to of 95453

Thean, re it struck me that there were two days at the peak in each of the last three peaks and the next days were decisive down days. Will history repeats? Will have to wait till tomorrow to find out. Below is the OSX chart at bigcharts.com, which I use for charting stocks and indexes. Note what a beautifully accurate indicator this is for tops especially..when the slow stochastic goes over 80, it's big-time danger zone, with imminent decline ahead. bigcharts.com Now I know that stochastics isn't a good indicator during a strong and steady trend, but since late Oct, stochastics has been an incredibly valuable tool for me. It had also struck me lately that when this sector declines, significant gap-downs at the open aren't uncommon in the individual stocks. I also saw yesterday that even though volume was fairly heavy in some stocks they were having trouble moving up, and some were down at mid-day Wed. MDCO in particular was trading a very heavy volume, but in a very tight range and not moving up at all, which means distribution is going on. Anyway, the gap-downs were the reason I took the plunge on Wed. And indeed, a couple of the drillers I had bought puts on moved against me in the final hour Wed. I'm hesitant to begin celebrating, but the 25 put contracts I bought on three different drillers on Wednesday is beginning to look like it may be a very profitable trade. -VBG- I still need to close the trade though, so it's not a done deal. Regards, DK