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

To: rocklobster who wrote (21053)	5/1/1998 4:50:00 PM
From: Broken_Clock	Read Replies (2) \| Respond to of 95453

Richard "yell-a-lot this weekend", Don't worry, you're not alone. I(and others) had out butts handed to us many times the last few months trying to go long. Now it is our turn<G>. You lost 3 bucks? That's nothing compared to where I've been.

To: rocklobster who wrote (21053)	5/1/1998 4:58:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

OT Richard, I've learned the hard way as well. (I don't even want to tell you about my "learning experience.") It is agony watching a short go against you the first time. You keep saying to yourself that it is due for a dip, yet it continues to climb. And you know that when you cover, the stock will go down immediately. So you don't. Maybe someone can give you a great TA read on the company over the weekend and tell you the stock is going down 5 points next week. But my recommendation -- again, not that I have the credentials to give it -- is to cover Monday morning and forget about it. The trend is up. There will be pullbacks, maybe some big ones, but the trend is up, and you don't want to short against the trend in a hot sector. And if you can forget about it and not kick yourself when the stock goes back down, then you have the temperament to trade. Now, good luck and forget about what I said. <G>

To: rocklobster who wrote (21053)	5/1/1998 4:59:00 PM
From: seadust	Read Replies (1) \| Respond to of 95453

Richard** Poor Richard * Your last post cracked me up!! Please believe me , I'm not laughing at your pain, just seeing myself in a similar situation a lot of the time. Buying when I s/b shorting and vice versa. HA! I was watching GLBL closely today and I was thinking of your post yesterday or before regarding shorting. I couldn't remember if you were shorting GLBL or GIFI and I was sure hoping it wasn't GLBL. FYI GIFI only gained 1/2 today <ggg>. DAMN....sounds just like my luck. Good luck and best regards,...WK

To: rocklobster who wrote (21053)	5/1/1998 5:04:00 PM
From: waverider	Read Replies (1) \| Respond to of 95453

It certainly appears as if we have finally moved the traders aside and are back on our way to the upward slopes of fame and fortune. Many resistance points have been broken, trading ranges smashed, and new highs are popping up like blow outs. John Dickson and seadust picked the next new highs with success in SCSWF and MDR. RIG almost got there. Congrats guys. While it may be tempting to "take those profits" it is time to enjoy the fruits of our insight and the rewards for our guts by investing and STAYING in this sector for the long haul. The rig party is NOT far away. We will need to put in new highs all around and then some to get that treat...but the light is getting brighter. I would like to thank all those here who have contributed to our success in holding the line and providing outstanding technical and fundamental research. Ron's charts, Big Dog's insight into the business, Baird's continued focus on value, and Thean's technical experience have taught all of us valuable lessons. And to all who have allowed your mistakes to be shown to all...thanks. We will all grow RICHER from the contributions. (Few of us will forget Ron's timing blooper nor will we forget him NOT compounding that blooper by holding fast. He skillfully got back in at the right time and provided us with our thread's best quote; "This is better than sex!"...And Richard...shorting in an uptrend? An important lesson to be sure. Thanks for being honest with us. Your type of contribution adds a lot. Now, preserve that capital!) We will have more bumps, but with Cramer bashing GLM, you know we're in a sector that is the right one. We've got about 25-30 folks who have expressed an interest in our rig party. It's gonna happen. I'll make sure of it. What a HOOT! Have a great weekend all. <H> P.S. Yes this is UPHORIA! Buy high...sell higher. It's called MO-MO.

To: rocklobster who wrote (21053)	5/1/1998 5:35:00 PM
From: Thean	Read Replies (2) \| Respond to of 95453

Today's action is primarily fueled by the positive pressure on crude price. With crude closing above $16, we have a chance that crude may stick above $16 and trade between $16-$17.5 for a while. As long as crude hangs above $16, I expect the drillers and oil services to continue their upward bias. Since we are heading right into overbought territory with today's action, the treshold for profit taking trigger will be very thin. If the profit taking comes, I would again use the 1 step upward, 1/2 step downward rule to establish when the profit taking may have run its course in the next down phase. Ron, I think it's about time to readjust the settings for those nifty stochastics. We may already have one cycle down. Near term crude has good backing so this down phase may not come next Monday. But if crude lose strength for whatever reason, a 10% correction would just be normal. Longer term, I encourage everyone to pull up a 6 -12 month chart and see where their favorite driller is heading. In general, the driller is on the right side of the U with some probably at the midpoint already. We are no longer in the trading range. We exited that range early April when RIG and SLB began to pierce through their trading resistence. Richard, one consideration. Instead of shorting a driller at this point, I think it is more prudent to sell calls. In an up market like we have now, call premium is going to be pretty good. Need Steve to confirm this because he is the resident option guy. My rule of thumb is in each up cycle if I can get 10% premium with less than a month to go I'll sell call. Since each short term cycle lasts only 2-3 weeks, it is sometimes less risky to make it a point to buy the call back when they reach penny status rather than risk being called out when the option expiration runs into the up phase of the cycle. I believe Big Dog is getting very good in making the second living out of doing this. I only tried this option thing recently and find it to be a more conservative way to increase wealth, especially now since we have broken away from the trading range and is heading up longer term. A favor from someone here - can anyone summarize the earning this quarter and identify which company reported higher/expected/lower earning vs estimates? Ron, do you have info like this on your site?