Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: SliderOnTheBlack who wrote (26881)	8/2/1998 6:06:00 AM
From: Gameboy	Read Replies (3) \| Respond to of 95453

Oil Prices Surging TheStreet.com: Stocks Dipped by Oil Dealÿÿ(at ABCNews.com) Sunday's announcement by Saudi Arabia, Venezuela and Mexico that they will cut back on oil production is weighing on stocks this morning. Today, Qatar, Iran, Libya and Oman announced that they too will make production cuts. Oil prices are surging on the news: Brent crude is up $1.91 per barrel at $15.13. abcnews.com Best of luck, Steve

To: SliderOnTheBlack who wrote (26881)	8/2/1998 10:49:00 AM
From: Big Dog	Read Replies (1) \| Respond to of 95453

Slide -- Re oil patch insider buying...I wouldn't put much weight on that. Unlike other industries, the oil patch is a very transparent business. There are very visible barometers of activity (rig count, oil price, etc). Most things in the patch are priced like commodities and the level of buying those good and services is based on the level of activity which is based on the price of oil.... So the insider in general has no more knowledge about the future of these factors than you or I do. Yea, they may read the tea leaves a week or two earlier. Or they may know of a huge contract coming...but it would have to be huge to make an impact. Then you have to assume these guys actually have money to buy stock of any quantity. If they already hold a ton of shares in their company it is unlikely they would buy more and reduce their diversification. They too know about boom and bust in a heartbeat and don't want all their eggs in one basket. We welcome Cramer buying the patch, but like others <g> he may be doing it for the wrong reasons...and if he is WAITING to see insider buying he may be waiting a very long time. What he, and we, should be watching is oil prices. Here is some homework for you. Check back and see how much insider buying was going on in early 1997 before the huge run up. I don't know, but I predict you won't find any "trend" or meaningful buys. An exception could be oil companies that have early knowledge of a discovery. That is something the rest of folks don't know about and can have a big impact on stock prices. But service companies...we know what they know. big jump.to