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

To: RGinPG who wrote (14237)	3/9/1998 6:08:00 PM
From: 007	Respond to of 95453

True, and history is far more likely to be correct than emotions.

To: RGinPG who wrote (14237)	3/9/1998 7:07:00 PM
From: Lucretius	Read Replies (3) \| Respond to of 95453

Not so my website-making friend. :) Due to the level of oil prices, and the corresponding ecomomics of drilling, oil needs to stop droping and return to the $17 level. The mkt is trading right now as if we may have a spike down in crude and then prices will return to normal w/ an upward bias in the 2nd half of the yr. So, oil may continue to decline, but the OSX should remain in a trading range unitl the decline stops. Upon a sustained reversal in oil back to say $16 from a low of $13 for instance, the OSX should break out of the trading range and continue onto new highs based on the supply and demand fundi's of the drilling bus that we're all aware of. Unless, I and others are wrong and oil stays at $12 for months to yrs then the OSX breaks down and probably gets cut in half from here. In other words, if you look back, the OSX has always reacted fearing what is happening right now ( a break below $17). Once that fear was abated, yes, the OSX did run to new highs w/out a corresponding jump in crude cause the economics of drilling were still intact, and S and D of drilling equip set the dayrates. -Lucretius