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

To: shust who wrote (24572)	6/23/1998 12:51:00 PM
From: marc chatman	Respond to of 95453

Can anyone make a case as to why this sector won't get decimated again following the OPEC announcement? Even with larger than expected cuts, the anticipation of cheating and the storage situation should prompt another heavy sell-off, IMO. I'm guessing the shorts are keeping their "powder" dry until the announcement comes out, although some may have taken a position today when the rally started to falter. Does anyone know when the announcement is expected? Is there a "last day" to the meeting? Does OPEC typically wait until the last day to make significant announcements?

To: shust who wrote (24572)	6/23/1998 10:19:00 PM
From: waverider	Read Replies (4) \| Respond to of 95453

>>Long term the fundamentals for this industry are still great. Don't become traders, become investors.<< shust, that was my attitude until mid May. I rode through the Oct, Jan, and March blood baths and several head fakes...except the last one. Thean is right. The only way to make money and not lose your ass in this sector is to be a nimble trader. Fundamentals don't mean jack when every one of our stocks here trade on the price of oil. Realistic or not, that's the way it is. AND IF oil remains depressed like it is for much longer, the recent lows you've seen will look astronomical compared to where we'll be headed. Just a short note from the retired guy who still would like to keep the party idea alive...except for the fact that by the time it happens no one on this board will ever have heard about it. Ron is only the most recent casualty. Check out the posters from two months ago and compared to now. Pretty grim. People have been losing some serious money. <H>