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To: SliderOnTheBlack who wrote (25654)	7/14/1998 2:28:00 AM
From: VLAD	Respond to of 95453

Slider, Excellent post and certainly follows the train of thought of the likes of myself who thought he was getting a bargain when I bought into this sector last week (my position now down 18% in a mere 4 trading days--ouch!). It would seem that in todays market the short term trader's mentality rules and acting like a sheep is in the short term more rewarding than buying stocks on fundamental values. Practically every company's stock in this sector is so low that there can be but only 2 trains of thought regarding the reasons they are where they are: 1)There is something terribly wrong with these companies or 2)The prices and valuations are too good to be true and are so only because chicken little thought that the sky is falling. Fund managers who follow this sector are just licking their chops. The few companies I follow showed no block trading on Monday which can only mean one thing--small guys are panicking and selling out. I also wonder in how many of these securities the specialists dropped the price down another 1/2 to 1 point just to knock off the stop loss orders and steal the stock off the poor soul that would not tolerate a particular price. Anyway, my babbling is done. BTW the best part of your post that I also ponder is how can company XYZ be worth less than it was over one year ago when it made over $2.00 to $4.00/share, became more diversified, signed more contracts and is currently making more money than it was a year ago despite the price of oil? Emotion/perception rules this market albeit in the short term ONLY.

To: SliderOnTheBlack who wrote (25654)	7/14/1998 7:04:00 AM
From: Alias Shrugged	Read Replies (1) \| Respond to of 95453

Great post. A couple of months ago, I felt there was still too much downside risk in this sector. Given the price movement of the past month, this downside risk has been lessened considerably, and I have repurchased a bunch of stock. Now, although (IMHO) the downside has been lessened, this still could be dead money for a while, and i am willing to live with that. I bought GLM at 3.75 back in 93? 94?, and bought VRC at 2.25 (4.5 pre-split) and didn't mind waiting a while for the market to recognize the value here. Or maybe I should just dump everything into AMZN and KTEL??? Be Patient and Hedge!!! Mike

To: SliderOnTheBlack who wrote (25654)	7/15/1998 12:53:00 AM
From: SliderOnTheBlack	Read Replies (2) \| Respond to of 95453

''It's the numbers - stupid'' ... & a historic day in the patch ?!? Well the debate continues as we move into the earnings releases - is the glass 1/2 full or 1/2 empty ? I think the first few releases by PKD, HLX, GLM and even MAVK proved to the world that life in the patch is NOT coming to an end and the sky aint falling either ! However, even more important than the sales or earnings ''numbers'' in the recent earnings releases which had great news (IMHO) on substantial year over year increases in sales revenues and earnings & backlogs for just about everyone so far; is the volume... Unbelieveable in the face of the dire straits that the media & analysts led us to believe that existed here in the patch. Per James Cramer (this could have marked the bottom here) - we weren't even fit to be eaten... well once again ''it's the numbers stupid'' ... one word - V O L U M E ! just a few from today; PTEN 1.4 million vs. 600k avg. --- wow, a land driller ! MDCO 2.7 million vs. 1.3 avg. GLM 3.4 million vs. 1.9 avg. FLC 1.8 million vs. 1.0 avg. RIG 1.8 million vs. 900k avg. VRC 2.0 million vs. 500k avg. EVI 1.1 million vs. 800k avg. HLX 723k vs. 224k avg. and the majors ! HAL 3.4million vs. 1.9 avg BHI 3.3 million vs. 1.6 avg. SLB 3.8 million vs. 2.5 avg. We have not had this type of volume move in a long, long time. This can not be discounted. The earnings were the truth that set us free.... and this volume is the verification that something fundamentally different did occur today in the patch.