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

To: FUZFO who wrote (25625)	7/13/1998 9:35:00 PM
From: Alias Shrugged	Respond to of 95453

Fuz - >>>Mike, are you still looking for a runup to options expiry this friday? Fuzfo<<< hmmm, good question. Today's action was pretty brutal. For certain stocks (GLM for instance) I am looking for some relief. But, how much lower will these suckers go before the runup starts!?!? Some of these stocks have significant open interest on puts; others (like MDCO, CDG, VRC) have very little. I bought a big bunch of MDCO today at 12-1/2; will sell calls very soon on lots (most?) of it. Bought some PKD - these prices are getting back to 1995 - 1996 levels. We should keep in mind that as the dollar appreciates, the prices (in dollars) of commodities will drop - regardless of supply and demand for oil. Actually, the lower commodity prices reflect the greater "demand" for US dollars. I have patiently waited since January to buy back in; I am mostly in now (with my IRA money, no trading money), but i will look for opportunities to hedge my positions with puts. I would suggest that everyone else consider that strategy. My only concern is a more worldwide depression/recession. On the other hand, many factors are currently working against us and that situation cannot continue for much longer. Sorry for rambling Mike