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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 (19359)	4/16/1998 2:18:00 PM
From: waverider	Respond to of 95453

>>I'm not Baird<< Good thing. I've known Baird for a long time, and you're no Baird. Think I'll run for President. <g>

To: marc chatman who wrote (19359)	4/16/1998 4:37:00 PM
From: Thean	Read Replies (2) \| Respond to of 95453

Marc, Today was a crap day indeed - good description, LT. It would not have been a crap day if not for ESV's cautionary statement. Oil was doing great the whole day. I just looked at some intraday chart and ESV, RDC, FLC, NE, RIG etc. closed on a slight weakness today. What this likely to suggest is a lot of daytraders bought at the mid-day bargain prices and they decided to bail. What this also says is the mo-mo is not committed full heartedly to the drillers. Technically we are still on the up trend per Ron's stochastics and with oil price healthy I do think the bias is up for tomorrow. What is uncertain is how far this short term uptrend will end. The oil surge was in part due to Venezuela's crunch and in part due to Iraqi's new tension. However, the global glut still remains and we may see a retreat when news driving oil up dry up. So I'm cautious. I picked up MDCO and GW today. Not a large position but I felt the midday selloff was a good trading opportunity. I thought about buying back ESV but was a bit concerned with the large volume dumping of ESV when the bad news came out. There is the risk that more bad news may come out of ESV because I don't any confident driller CEO would want to make cautionary statement like this knowing that their stock prices have been in a dump for almost 6 months now. I don't see RDC's Palmer make that kind of statement. Though GLM's CC was not very upbeat but they did not include their sentiment on their press release. But heh, been here long enough and one thing I know is the stock price movement of any driller does not always go according to the best rationale. Diamond - do you know you probably are #1 in the number of messages posted the last 4 week? You have become the ex-GD of this thread. As Lee F. once said, there are certain people on this thread who suffer from EPS - excessive posting syndrome. FYI, I don't gloat. When I was lucky I said it so.