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

To: Dwight E. Karlsen who wrote (12498)	2/22/1998 11:48:00 PM
From: Thean	Respond to of 95453

Early crude price indication - NY crude April future DOWN 63 cent to $15.61. See article at Bloomberg. Need a password. Try for free. bloomberg.com Asia market is mixed. Of course we still need to see the US response. But the oil future traders are beginning to focus on oversupply again, with Iraqi oil-for-food deal increased to 5.2 billion barrels. Tomorrow should be interesting. All you so-called long term people, if you buy tomorrow and it starts to tank and stay low for another six months, have you thought about that consequence? Patience can mean waiting patiently for short term correction to work its work out or it can also mean don't pull your trigger when you can't see through the cloud yet. Why can't people buy when the cloud is clear. Who cares if it's 20% higher by then, if this thing is going up, it's not stopping until it doubles. This sector is full of dark cloud. There is a realistic shot of having your money stuck for 6 months by investing in this sector because of low crude price. Think this through first. But trading would be a different story.

To: Dwight E. Karlsen who wrote (12498)	2/23/1998 9:15:00 AM
From: SJS	Respond to of 95453

I made the comment to BD in light of the drop in Brent crude price of .60, and the high correlation of oil prices with the OSX, and consequently oil service stocks. I think we'll be cheaper first, and then move up. The charts don't factor the market's relief regarding the Bagdhad trip. They have no way to know about that. There always is risk. I just didn't want him to put on a big bull spread with options in a market looking and feeling like it's going down (or a least thinking big-time about it). See post 12530 for a confirm of what I wrote last night. Do what you need to do, though. IMHO, and usual disclaimers apply.