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Non-Tech : Invest / LTD -- Ignore unavailable to you. Want to Upgrade?

To: bw who wrote (525)	6/1/1998 12:01:00 PM
From: Thean	Read Replies (3) \| Respond to of 14427

Oil price today dropped but not terribly a lot. But OSX is dropping more. If you remember, when the momentum short played this, it was exactly like they would play the last summer bull run, except in the opposite direction. However, one has to be double as brave to trade the short side. I have never attempted shorting any drillers despite smelling the opportunities in each cycle. Not brave enough. I missed getting filled on SEG short last Friday and again this morning on ICOS short. I'm looking for ESV and RDC to break below $24 . MDCO appears to break into further low as well. Won't touch it until the day when the drillers can demonstrate they have sustained momentum to the upside. The last time NE was at $23, it hanged around that price for about 2 days and it was triggered by the OPEC annoucement and oil shot up from $14 to $17.5. OPEC will have to repeat the feat to pull everybody out this time around. However, the risk of dropping dayrate will continue to paint a bleak picture for the rest of the year until that can change. Oil below $17-$18 will not change that picture convincingly.