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

To: Broken_Clock who wrote (20481)	4/27/1998 11:08:00 AM
From: bw	Read Replies (1) \| Respond to of 95453

Papayaman...My concern is based on the experience that I learned starting from last October's correction. This was that I tried to daytrade [long] into a general downtrend. Lost a ton of my profits gained earlier in the year by making this mistake. There were so many sucker rallies on the way down that it was hard to determine when the bottom would actually occur. Agreed that this time around..we are starting from a much lower point, and not at around 52 week highs. For now, I plan on sitting on my profits..until the situation changes re: oil prices & future growth of the sector. The new technology could be a two edged sword, in that oil is easier to find now..and cheaper to produce. Also, many newbuilds are on the horizon, which could cloud the supply/demand balance in the future. OPEC cuts can only do so much, if indeed there is no place to store the excess inventory. Many reasons to be cautious here... But the main reason for caution is that this sector will probably be pulled lower by the general market correction that is occurring..[or will occur].