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

To: Richard D who wrote (26650)	7/28/1998 3:23:00 PM
From: Redman	Read Replies (1) \| Respond to of 95453

We need the API report to show a net draw for last week. We need this badly to get any kind of reversal, even if it is temporary. green

To: Richard D who wrote (26650)	7/28/1998 5:33:00 PM
From: SJS	Respond to of 95453

Richard, Hindsight is amazing, isn't it? The problem is that we're making these comments with the advantage of hindsight. Not too many people here will admit they expected the knife to cut this deep from where we were 8 months ago. Only in hindsight can we admit how deep it is. So NO, I don't think there is substantial downside left. But the sematics of the word substantial are in play here. Choose your own interpretation.... Many still believe that the severity of the oversold condition makes selling these stocks now insanity. I agree. But the oil market's going to do what it needs to do to balance supply and demand. Econ 101. Most everyone on this thread has converted to this belief: Long term, these won't continue to be losses if I can learn patience. Oil is not going away, but it may take a year to get back on track. If I wait, my loss will not be as severe, or it may even be non-existant. If you are a relative newcomer here, you're seeing none of the "thrill" of Q3 1997 where we were invulnerable. No matter, you've got a good buying opportunity, if done carefully, over the next couple of quarters. With fresh cash, you're in an enviable position. Regards,