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

To: SliderOnTheBlack who wrote (27561)	8/12/1998 7:11:00 AM
From: Bazmataz	Read Replies (1) \| Respond to of 95453

Hey all, re: FGII. Serious decline yesterday on over 4 times normal volume, but no one seems to be trying to figure it out. Can anyone offer any suggestions? Is this like the RIG drop last week - major drop on very high volume for no apparent reason other than "The biggest and the best are last to fall."? Just curious if anyone has a clue. Doggie? Baz

To: SliderOnTheBlack who wrote (27561)	8/12/1998 8:20:00 AM
From: Zantac	Respond to of 95453

Slide. I thoroughly enjoy your posts and agree with much of what you have to say. The extreme negativity on this board, as opposed to the tone just a couple of weeks ago, should mean that the weak longs are out of this sector. My remaining concern, is the potential for foreign currencies to continue to weaken. It appears that the US and Japan are not going to defend the Yen as evidenced by yesterdays failure to intervene. I believe that statements came out of Tokyo that Japan would not mind seeing the yen at $170. I believe the Chinese have said that they would not devalue as long as the Yen stays below $150. As we all know, foreign devaluation has a negative impact on the demand for dollar denominated oil. All this talk of devaluation lends a degree of uncertainty to the market, which I fear may keep buyers from moving into the patch. IMO, the patch needs stability in Asia before before the longer term, less trading oriented, investors move in. Until then, traders will be able to whipsaw this market with impunity based on whatever emotions are driving the market on any particular day, including the emotional highs and lows generated by the short term price of oil.

To: SliderOnTheBlack who wrote (27561)	8/12/1998 8:48:00 AM
From: marc chatman	Read Replies (3) \| Respond to of 95453

Slider, regarding FGII and "getting rich quick," you say you are ready to go long, go deep and let the chips fall where they may. And of course, you are hoping to parlay this into a small fortune. OK, there's nothing wrong with wanting to get rich -- it's a noble pursuit in my book. But you have also said now in at least a couple of posts that you were waiting for the stocks in this sector to re-test their lows on low volume. Yesterday FGII not only re-tested its lows of last week, but fell right through them. And volume was not low -- in fact, it may have been an all-time record for FGII, at about 5 times average daily volume. And, when the market bounced at the end of the day, FGII did not. If you have been waiting for a successful retest of the lows on low volume, then why buy FGII? And why now? Your decision to buy FGII now is not consistent with your test for buying the sector now. If you want to say it is now time to buy because the lows are being re-tested on low volume, that is fine. If you go out and buy a boatload of FGII now, that is fine. I'm not really directing these comments at you as much as at someone who may read these posts and blindly follow your path. By the way, I am long a fair amount of FGII. I want FGII to rally. I want FGII to double or triple. But, after yesterday, I don't know where it's going. Good luck in whatever you decide to do.

To: SliderOnTheBlack who wrote (27561)	8/12/1998 2:20:00 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 95453

Very much enjoy your posts! Agree with you that the oil service stocks are exceptionally cheap now. In fact I would say that the 12 month risk/reward ratio in the OSX probably is better than any other market sector at this time. But I still doubt we will see a sustained rebound anytime soon barring a totally unexpected bolt out of the blue. We need to build a base to support the next bull in this sector. I am quite willing to wait many months for a big rise once I am convinced the bear is over. Downside risk is modest from these levels, but still too early to assert the bear is finished. I am waiting for the OSX to start holding up well during market selloffs before committing serious money to this sector (I have just a small position now at a modest loss)