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

To: Gameboy who wrote (27174)	8/5/1998 10:33:00 PM
From: JHR	Read Replies (1) \| Respond to of 95453

Anybody figure out what the RIG sale of directional drilling really means. It got hammered more than most today. 10 mill doesn't seem like that big a business. I went through last years annual report and cant find any mention of Directional drilling as a business for them.

To: Gameboy who wrote (27174)	8/6/1998 3:06:00 AM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

Hey; Gameboy - Thanks; we all needed some optimism ! Phewww; I feel like I've been in a heavyweight title fight. Gone 12 of the 15 rounds, my legs are gone, my ribs are crushed, my gut aches, my head is ringing, my arms are numb - but, when I look accross the ring the other guy looks even worse... There comes a time when you know, ...you just KNOW, that we've reached the bottom - that you've got you opponnent on the ropes - and now it's just a waiting game... the last man standing wins. Awfully hard to quit this close... ie: it makes no sense to sell if you own anywhere near these levels; and also on some of the ''flagship'' stocks ( RIG, EVI, FGII, RDC, SLB) that happen to sell off disproportionately in a given day - due to perhaps 1 large institution dumping and artificially forcing down a particular stock in relation to the overall sector - you have to be buying here ! - just have to ! BDI, was an example, DRQ a couple days ago and today RIG. There is no reason to not absolutely LOVE RIG at $34 among others... from a historic value basis going 3-4 years back and probably going 3-4 years forward from here - Rig under $40 will undoubtedly prove to be a great buy. Once again, in relation to ''the'' bottom - one only needs to be close to truly win and be very profitable. When stocks like CDG have traded from $18 to $82 ! -- and consistantly having traded at $50-55 -- then how can anyone over-analyze anyone owning CDG at $20-24 when this is an all most ''sure'' double to $40-$48 - which CDG will conservatively achieve on merely a return to just normal market conditions... same for RIG @ $34 or FGII in the low $ teens... Merry Christmas to those in cash or just entering this sector - this is like someone venturing into tech-stocks for the first time and running into INTC at $35 or MSFT @ $50 or AOL @ $45 ... to those that have fought the great fight - you all have earned the right to make some damn big money - I hope it happens before good & decent people who made sound fundamental decisions on some great companies in a great sector, at a great time, decide to exit. No one predicted this level of a selloff. Before ANY bears take too much credit - I didn't hear or read of anyone predicting FGII, RIG, CDG, EVI anywhere near where they are today - no one was even close, occassionally when we reached a downward plateau - someone would throw out a number a few dollars lower from where we were - and then we would drift down via - death by 1000 cuts to the next level and repeat the cycle again... The oil patch is THE posterchild for ''rational exuberance'' - yet no one is coming to our party... We have to see some fund managers buying here thrs & friday - I think we may see a pleasant bounce - not a turning point move by any means, just some big buying off this dip. - If we don't - it's gonna be a longgg cooold winter.