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

To: tdl4138 who wrote (31016)	10/22/1998 3:05:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

No fundamental reason. Nothing has changed. But the momentum money keeps pouring in (look at the volume) and the shorts are getting some payback. I believe this is true of the overall market as well as OS stocks -- shorts continue to establish positions thinking the stocks are short term overbought and need to correct. Momentum buyers come rushing in and force the shorts to cover, sending stocks higher. There's no reason this momentum can't continue for awhile. Of course, the danger is it could stop as fast as it started. I'd be hard pressed to open any new positions here (especially without a tight trailing stop) but I don't mind riding with what I have. Keep watching the short term uptrend line and the higher highs and lows on the intra-day charts. That should give a clue as to when this will turn down.

To: tdl4138 who wrote (31016)	10/22/1998 4:47:00 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

WOW; ... but, I agree; why now ? Is all the tax loss selling done ? Is crude over the hump ? Has OPEC had their November meeeting ? - obviously not.... I'm happy to see the move obviously, but this has come too far too fast; ie: RON; for there to still be so many unanswered questions... The only conclusion I can come to; is that so much money flowed into the market after the Fed Cut Rally - that it had to be put to work and we greatly benefited via sector rotation and fresh cash...? My question is how far can this go ? Can RON run through $40-5, FGII through $18-22 ? What is amazing here is that the gains are accross the board - the entire oilpatch is flying here. Something just doesn't feel right - because there is too much looming bad news and unanswered questions on crude prices & OPEC to substantiate this move imho. Could the bulk of this be from short covering ? If short covering is a major portion; if OPEC has bad news in Nov & crude does not move - will the shorts come back in conjunction with the tax loss selling finale ? So much money has moved here; I can not believe it will all leave under any circumstances... we will never see these prior lows again, but how much higher can we go and how the hell did we get here so fast under these circumstances ??????????? Amazing; we have been hammered here so often one tends to look over ones shoulder not even trusting the good news...hard to figure this one out when off of actual good news; like the real move in crude a month ago, we sold off, but now off of seemingly ''nothing'' we are on a roll ?