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

To: Captain James T. Kirk who wrote (30924)	10/20/1998 9:18:00 AM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

The Crude Price Enigma continues ...??? From Reuters this am. <<Supply from the Middle East was limited, which could prompt buyers to bid at higher levels to secure material, traders said. But at the same time, traders said buyers would not want the price to firm too strongly while Saudi term talks were underway for first-half 1999 supplies. >> ***are crude prices artifically soft, due to lack of buyers - untill the Saudi's announce their production #'s ? Traders shorting or not buying untill the Saudi talks are over and their numbers are out ? - will this lead to big short covering and corresponding crude spike once the traders react ? I have a strong level of confidence in myself as a stock/company picker, but market timing here is very tough and figuring out this crude situation is impossible for me....anyone have a synopsis/theory on what crude is doing and why ? marc; Gameboy - others help ...? I'm seeing some irrational trading pressures in Crude going on ? & can't figure it out... I'm close to '' reigning in'' here a little; maybe 1/3 cash - selling some big movers here & parking some $ in bottomed out E&P's. If the funds keeping buying here in light of declining crude prices; that is a good thing; and reflects on the markets perception of a ''bottom'' and/or absolute values - even in the light of Earnings disappointments and downgrades.. James Cramer on TSC had a great article on the Oilpatch - Traders/Funds don't want to miss the move... If RON holds above $30 here - it will be an incredible endorsement ...watch RON. For me - I will contract here if RON falls through $28... good luck today; I'd only be buying laggards or on dips here; I do see opportunities to buy RIG RON WFT cheaper later; unless something breaks out on the Crude price front... let the big boys capitulate on RIG RON WFT etc. - then step in and buy them... PS: today will be very interesting - a true turning point imho. I don't have a good feeling...