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

To: XOsDaWAY2GO who wrote (24070)	6/14/1998 2:54:00 PM
From: upanddown	Read Replies (1) \| Respond to of 95453

I'am with you, Barbara. One would have thought we would have learned something from those dumbass "new high" contests in April. I notice the guys running those have all disappeared. We have had a 25% decline since early May and recovered about 10% of the decline on Friday. Crude declined again Friday and with a week until expiration and storage brimming in Cushing, it is really hard to see how crude can rise this week. The June contract collapsed last month in the final days before expiration and the storage situation appears to be even more acute this month. Friday might be a better entry point with the crude price factored into the stocks and the market looking forward to the OPEC meeting the following week. Maybe we should have a contest for the low in crude prices rather than an exercise in wishful thinking with people hyping their holdings. John

To: XOsDaWAY2GO who wrote (24070)	6/14/1998 3:22:00 PM
From: Amelia Carhartt	Respond to of 95453

Barbara: For myself, I have absolutely no idea which direction the oil sector will head tomorrow. I only hope it is up. Long term, I am positive. My guess is that if the sector does not follow through next week then the market believes nothing good will be coming out of the OPEC meeting and we could go even lower. However, I imagine there are a lot of fund managers out there who are looking for anything to call good news in order to give themselves an excuse to bid up the sector. Especially those with heavy tech & energy weightings as they have been whacked the hardest and there hasn't been any other area strong enough to smooth things out. The end of the quarter is coming up pretty quick and there are surely a lot of portfolios that don't look so hot right now.