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

To: upanddown who wrote (20068)	4/22/1998 8:02:00 PM
From: SJS	Read Replies (2) \| Respond to of 95453

Did some of my monthly series of call writes today folks....Wrote GLM 25's (yes, I am going to try to give some of it up...or will I???), still have RON 80's short, and now some other tech stocks....too. I personally think it's a great time to write calls IF you want to be a trader-type. Many oil stocks need to rest from the current run, IMHO, but they could "hug" the top BB for a while without moving down. So-be-it. There are good percentage moves (13-15%) for the remainder of time (3.5 weeks) until May expiration. Notwithstand the imminent correction predicted here (LT is leading the charge.....and there's nothing wrong with that idea, either!!), if we stay in a trading range, puts might be in order, too. I think if oil stays the range predicted (16-18), we take a down flucutation, but NOTHING like we experienced over late Q4, early Q1. We can trade these puppies, if we be tradin' types. Regards,

To: upanddown who wrote (20068)	4/22/1998 8:18:00 PM
From: JBH	Respond to of 95453

My opinion FWIW.... From looking at these two charts...I believe we have further to go before we see any substantial correction. But it may not be that far off...as you say. We put in one hell of a base the last quarter of 97 and if I'm not mistaken you notice we haven't moved as far as the run just before that. Now this is the Nasdaq monthly chart and this is what I'm basing my opinion on. On the first chart follow the curve on the tops and it looks like it wants to break 2000 or better before we correct. I'm looking for a good burst through the 2000 on the Nasdaq before we settle. RSI on this chart looks like it could come into play for one more go and Stochastics are pretty much holding steady at 90. Sentiment is still high. iqc.com Nasdaq weekly chart: notice how the technicals look.....looks like one more burst through 2000 to me. iqc.com I know the question was how is this going to effect the drillers....I'll leave that up to you guys to figure out :) Cause I truly don't know. Maybe some comparisons of the general market indexes when they were in correction to the same time periods as our drillers would be in order. John