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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine) -- Ignore unavailable to you. Want to Upgrade?

To: SeanS who wrote (787)	7/14/1998 12:00:00 PM
From: Sterling	Read Replies (2) \| Respond to of 2282

Yes. But to be really cautious ... I like to see an actual shift or reversal of the trend. When a stock reaches a 52 week low, any new downtick becomes a new 52 week low. I miss the real bottom and pay a little more on the way back up, but averaging up is a little easier on my nerves than averaging down. On the Asia consumption situation, I fully agree with you. They are probably drawing down reserves and not even replacing inventory at this point. Oil is cheap in US dollars but is probably somewhat more expensive in many of the Asian currencies. So the replacement rate would have to be geared to a more general recovery rate to become economical. Maybe the some daring new buyers will place some partial position orders here and keep some powder dry as they watch. Also, I'm wondering if the upcoming near-term options expiration will effect the price much. Only speculating, but if a large part of recent volume has been from traders trying to see how far down they can drive shares, we might be entering a buyback period relatively soon.