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

To: marc chatman who wrote (12946)	2/26/1998 1:07:00 PM
From: RGinPG	Respond to of 95453

I think this Merryl Lynch decreasing of earnings estimates based soley on the current prices of oil typifies the folly of using earnings estimates alone to make investment decisions (as I have done without success in the past). If I didn't know better, I might think the analyst must be right in their obviously erroneous (and incredibly poorly timed) cuts in estimates. You've got to know the industry. Thanks to this board for educating me.

To: marc chatman who wrote (12946)	2/26/1998 1:21:00 PM
From: Bazmataz	Read Replies (3) \| Respond to of 95453

Yeah, but who really thinks these stocks will SUSTAIN these gains? Not me. Yeah, I'm holding some of them, but this isn't sustainable. Look at what's happening, selling coming in all over the place. Stocks started high (probably because of before market open imbalance of buys) but then selling into it. These stocks are coming down as we speak. We've seen better gains on days with no news. Even good news like these can't spark an impressive rally. Let's see what happens tomorrow, when people have to decide if they want to hold over the weekend. We all know what'll happen. Even as we speak, these stocks are approaching their intraday LOWS!! That's right.. LOWS!! Once this rally fails, EVERYONE will have a reason to sell. This failed attempt to surge will confirm what everyone fears on this thread but is afraid to say - the stocks are WEAK. Sorry to be devil's advocate, but I sold some of my ST into strength this morning and will wait for lower days - possibly tomorrow. BC