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

To: Fredman who wrote (831)	7/26/1998 8:29:00 AM
From: Sterling	Read Replies (1) \| Respond to of 2282

Auctioneering. Yes, unfortunately I agree. Things have sunk to levels where it's just wide open for short term, down trading. Not to say manipulation, but if you've had room in the account, all the drillers have been sitting ducks to continue the shorting. Plus they are big and liquid enough in daily trading volume so that completing the other end of the trade hasn't been a problem. I think that's why we've seen it all as an incremental, water torture type decline. Because each day another fraction is wacked. I think Len asked about the bottom in GLM. Maybe all we can do is wait to see signs of an exhaustion gap followed by a sideways island before we can determine that it's been reached. And even that might just be a resting place pending further declines. But the current price looks below reasonable valuation. Still, this is just as exaggerated to the downside as it was to the upside about 6 - 9 months ago.