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

To: Broken_Clock who wrote (9789)	1/26/1998 4:15:00 PM
From: The Perfect Hedge	Read Replies (1) \| Respond to of 95453

I think you're right.fakeout.Everything cooled off at the end,even oil.That was a blip.I think some guys got excited about Iraq and covered and we'll be back to normal tomorrow. GD

To: Broken_Clock who wrote (9789)	1/26/1998 4:29:00 PM
From: joe smith	Respond to of 95453

i have to agree with you dlucas on the fake out theory. i follow about twenty of the drillers and related companies. the companies that were the stongest in the two trading days before today, like ne,flc,pkd and fgii didnt move past the range they have been in over the last three days. they were also weak relative to co's like cdg and do that have already been hammered recently. oil was up huge today and the osx moved up quickly but stalled out at 96.5. if this was that magical bottom, i would have expected it to rise to at least 100 today. i owned and still own do and cdg thru the last major drop. on the way down, they danced in a range for two days then went into free fall from there after finishing strong the day before. the dow is barely hanging on and could drop to the 7400 level very easily in the course of this week. the oil sector did separate itself from the dow today, but i don't think thats possible if we correct to the 7400 level. i thought long and hard about this today and decided to short 1k shares of cdg near the close, matching the shares i have long. my thinking being that the dow will take us down and the short shares will make money offsetting the losses(temporary) on the long shares. if we do correct further i would cover and go long with 2k shares of cdg. im thinking 33-35 if the dow gets ugly. bullish long term, but sick of getting almost even and then crashing to a new low and bigger loss. js