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

To: pt who wrote (25592)	7/13/1998 2:41:00 PM
From: The Ox	Read Replies (2) \| Respond to of 95453

Week after week we have had Monday morning downgrades to the Oil Services sector by major brokerages. Those who keep buying in this environment are asking for a short term ass whipping. For those bullish on the sector, more patience is required. Those of you who don't seem to get it can simply go back and re-read this thread. One example: MDCO. It was a buy at 20, 18, 16, 14, now 12!!! UTI was a buy at 18,16,14,12 now it's in the 11s. We can state example after example and some here still don't seem to get it. There is light at the end of the tunnel, as evident by the fact that Dec futures are about 80 cents higher then September's. I still think those who are buying on every step down the trend are doing so with their eyes closed and their hopes high, which is an equation for disaster. I respectfully submit that earnings downgrades will continue into the immediate future (about 6 weeks is my guess at the moment). Attempting to put forward PEs on these stocks is simply foolish. Best of luck to all, Michael

To: pt who wrote (25592)	7/15/1998 6:19:00 AM
From: pt	Respond to of 95453

I was hopeful late last week and early this week that the extremely negative tone here meant we could be nearing at least a temporary turn. But this group has suddenly turned so positive, I'm getting worried again! If you do think we are in for a nice bounce and want a cheap short term play, Aug 15 calls on Tuesday's earnings blow-out company HLX (HLXHC) are 1-11/16B - 1-15/16A. Even if you get filled at the ask, that's currently less than $.63 premium. You can limit your downside to $2 share and participate virtually 100% in any short-term upside. Disclosure: I bought some Tuesday at 1-3/4, (a bit under the ask at the time.) Paul