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Non-Tech : Invest / LTD -- Ignore unavailable to you. Want to Upgrade?

To: bw who wrote (1194)	7/19/1998 9:46:00 PM
From: Thean	Read Replies (2) \| Respond to of 14427

As to that long-winded one, glad to be included on his little black list. - I am jealous. bw, if you want to set 5% as the pain threshold for the drillers, I suggest you stick to it. I exited them after seeing no follow through on the rebound. If it ended up like it was last week, I would not even call that a technical rebound because OSX never came close to 88, the previous support. If you still remember the big W that I drew many months ago for Steve, the second U bottom has obviously been lower than the first, and the basing is also more zig-zags and not a nicely cupped U and it will take just as long as the first one, if not longer, to complete. The culprit is oil price and the glut will not evaporate in weeks but months. If crude trades up to $15, there will be people thinking this is over but the rally will switch direction when doubts begin to be raised as to whether the rise is sustainable. The situation is fragile and I'm only playing the drillers short term. Your style of trading in and out is just fine for a situation like this. The only time you don't want to trade actively is when the prospect is good and mo-mo is riding it up like last summer. No chance of that this summer.