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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 (27299)	8/7/1998 2:38:00 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

The Land Driller support DOES make ''this one'' different... I had sold PTEN & UTI earlier when I reduced to just core holdings in a defensive move. I played some overdone 15% 1 day blowoffs - (BDI, DRQ, PDE, TBDI & OMNI) which I interpreted as an institution or two; just wanting out now - at any price. Every time this happened these stocks would bounce back to 75% to 100% of the prior days blowoff... I've been successful on these moves, but just in & out - as i didn't expect the land drillers to get anything other than ''bottom'' support; I did not expect these guys to make a run... there is only 1 explanation, and I am 100% sure it is what we are seeing as the Russell Index has finally moved as well -- ...sector rotation is here - finally ! Now if we get some positive OPEC news or any glimmers of hope coming out of Asia... maybe just maybe we are permanently turning the corner. I do not see a big run to April-May levels yet; as the Yen just went to 146 and this is not good; in fact this is a prime DANGER warning for crude and this sector IMHO. If China devalues - we have Asian problems exacerbating... and it will reflect in crude futures trading... We are safe here buying a solid fundamental values long term, but I could see us retest these lows real quick off of bad Yen movement - which is starting today... I am not personally buying accross the board yet - I honestly think we will retest these lows very quick because of the YEN move. But, if we bounce off of this prior low ( and I solidly believe we will) - this will also be a solid indicator of a true bottom and we will finally get some funds that are still on the sidelines finally moving in - IMHO. But, for the MOMO guys like my little buddy Diamond H - what a decision you need to make - jump in this train now - but get whipsawed on a correction ? - wait and miss the ''real deal'' ? - or just sit and wait ? ...we are living in interesting times !