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

To: Gameboy who wrote (30996)	10/21/1998 10:04:00 PM
From: Francois H. Gaston	Read Replies (1) \| Respond to of 95453

Tend to agree with G.S.Cole. Here are some thoughts: (a) I think that most oil stocks are NOT really overbought, even today. (b) Significant retraction (more than 10%) is probably wishful thinking as we have now a clearcut, solid, double bottom for many oil equities. (c) To hope for a retraction is same thing as hoping for price of oil to rise or drop: only a hope and so many sudden, unpredictable factors can tilt the balance one way or the other. (d) like goldbugs, oilbugs... beaten up by this massive drop since Spring, might miss the big part of a great move, and furthermore exit early (that would be a shame!... sometimes "knowledgeable experts" are too prudent!. Personally I am not hesitating to load up significantly, even at those levels. T.A. has nailed a classic double bottom and accumulation continues despite some bad news here and there. And I like to be so close to the Winter season (and not Spring). Winter will ultimately come. And this Year we have a possible El Nina effect. Europe is getting more winter like weather than the US up to now. And a $ weakening and Asia possibly recovering a bit.... Downside for oils is small. DELL and LU, on the other hand are expensive! Just IMHO, of course. FHG PS: let's keep some pessimism around though! Or oils will tank!