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

To: Thean who wrote (18015)	4/4/1998 10:35:00 AM
From: Wayne Olive	Respond to of 95453

On the Monday in March after OPEC announced they would meet to seek lower production levels, I sold RIG at 54 at delayed gap-up opening. I sold Camco (CAM) at 67+ gapped-up also. That was the Monday that brought this sector back to life and pessimism left this group. RIG remains at about that level, and CAM has backed down to the low 60's. I'm looking to repurchase these companies at lower levels. RIG is the bluest of the deepwater drillers in my estimation, and NE has the goods too. Why will they come lower? I waiting on the sidelines for a while (5.3% cash compounding), as I know as sure as the sun rises, the OPEC production decreases will not hold up. They never have in the past. All the countries (except non-OPEC Norway) have severe financial difficulties and oil is their major cash cow. They will eventually begin cheating again. Meanwhile, I'm sitting here with long term profits in hand, watching RIG, and waiting for Diamond's details for the BigRig Party. Wayne