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

To: Judy who wrote (24371)	6/18/1998 10:51:00 PM
From: joe smith	Read Replies (1) \| Respond to of 95453

judy, i have sold puts on occasion against shares that i was short in. i dont do it often though. the shorts are working well for the most part lately. exception amzn. when will i learn! i appreciate the metals indicator. i take it you have seen this pattern before. i wasn't aware of it and would be interesting in hearing more of your thoughts along those lines. as for my osx calls, i sold them. i couldnt resist the two day profit. i was buying them as a trade to help ease the pain from my previous purchases of cdg and vrc. in hindsight it was a brilliant move as the sector got spanked today. i was tempted to reload late today but, decided it would be better to wait till fri or mon. i have a feeling we will retest recent lows as oil gets beat up due to expiration of the futures. this feels bottomish( not a word). supplies are bloated and wont get better in the near term, but the price per barrrel has got to hurt bad. in many cases these revenues represent 50% of these counties govt revs. this situation will not get better unless there are SERIOUS cuts. my big concern is that world markets will fall into major carnage and counties will ship whatever oil they can sell irregardless of the price. should that happen, the price per barrel could be scary. under those circumstances i could see prices in the 7-9 dollar range. i hope that doesnt happen, but having said that i think i will buy some puts on my oil service shares as a precaution. thanks in advance, js