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

To: Rose who wrote (27365)8/8/1998 1:39:00 AM
From: James F. Hopkins  Read Replies (1) | Respond to of 95453
 
Rose; The offshore oil field has been my life for over
20 years. I've seen them come and go twice, and I can't
count how many small companies went bankrupt, or chapter
11, the drillers and service people get killed the
worse if the oil glut stays, and if production is cut to
reduce the glut that makes things even worse down
the road.
Many of the BIG names you see today are companies
that went to nothing at one time, when the banks
got through with them the stock holders got zero.
I would not touch this sector with a ten foot
pole until I saw Asia getting on it's feet,
of all sectors that Asia will effect this one is
the worst it just hasn't come home yet.
republic.net



To: Rose who wrote (27365)8/8/1998 10:27:00 AM
From: Crimson Ghost  Respond to of 95453
 
"Business Week" reports that the oil patch is about to undergo a massive consolidation aimed at countering the impact of low oil and gas prices. This will not in itself trigger a bull market in the stocks but does add to the evidence that the worst is over.

My take still is that the bottom probably is in, but we will not see a sustained bull anytime soon. A substantial base building period lies ahead. Time to buy the dips but too soon to chase rallies.


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