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

To: marc chatman who wrote (26189)	7/22/1998 10:55:00 AM
From: sand wedge	Read Replies (1) \| Respond to of 95453

Marc, The best indicator possible, the number of daily posts on the thread will spike up dramatically. (g)

To: marc chatman who wrote (26189)	7/22/1998 11:18:00 AM
From: tdl4138	Read Replies (1) \| Respond to of 95453

Hopefully, by price action. Watching todays reaction to VRC, MDCO, GIFI, earnings numbers...I'm disappointed but have come to expect it. I'd understand a sell-off after earnings if the stocks had run on anticipation. "LT" has made valid points that the "low" probably won't get here till August...right now, a rally means your favorite stock had an uptick.... When the sector does turn I think it will be a divergence from the past. Selective issues will start trading with an upward bias. Not the usual "all up" or "all down". My opinion, for what its worth, is to watch the fabricator/supply issues to form bottoms first...then the drillers will follow. Looking ahead, I think oil will start to firm as we get closer to fall. Large price swings probably do more damage as a strong move up looks great, but when the opposite happens it just takes the sector lower. Once the crude traders step back and the price of crude sustains a slow and prodding up trend...the bottom will be here. Hopefully this will start next month. The reasons for it are in place, OPEC cuts.."La Ninia"..and sooner or later Asia will need to restock. As I type this, Greenspan is stating the obvious on CNBC. When a stock like VRC,GIFI or FGII gets a contract, and the stock reacts positively...not like whats going on today, the price "action" will be changing. People will start realizing that these contracts are future pennies on an earnings report. Same for the drillers when they make rig announcements. The perception of the "future value" has to change. When it slowly does, we'll be at the bottom.