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

To: Tom DuBois who wrote (23683)	6/9/1998 11:23:00 AM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

Lots of bad news on oil today and things are surprisingly stable with some analyst upgrades... I actually expected some major sell offs after waking up to bad oil news everywhere... there was as much bad news as any day I can remember. We are actually somewhat stable with analyst upgrades on some drillers as pointed out. With not seeing any major sell offs this a.m. - is this a sign that we finally may be near the bottom?... the shorts have to be quite daring this close to the OPEC meeting. If by chance OPEC does ink an agreement that hits the ''whisper'' numbers... what would the shorts do then ? - doesn't seem like a good position to be in, given the potential favorable reaction by the media, analysts and the market. Even with the recent analyst downward revision of earnings - some intriguing buys are out there - FLC @ 8.48 times 99 estimates, MDCO @ 7.10 times 99 estimates and best of all CDG @ 9.13 times 98 estimates & 6.70 times 99 estimates. FLC & CDG look to be ''must buys'' on any weakness beyond current levels. Does anyone else feel that OPEC & Riyadh members have been floating ''trial balloon'' numbers? ... and with the negative maket reaction to these numbers; will now do what is necessary ? - compliance to the agreement is another thing... but I believe the market factors this into their numbers. Comments?