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

To: Redman who wrote (31228)	10/28/1998 1:44:00 PM
From: Chas	Respond to of 95453

I don't believe the recent move up in O/S stocks was caused by the momentum crowd. I believe the move was caused by value oriented investors who want in ahead of the major stock gains. The sentiment is still overwhelmingly negative, even on this thread. This is good IMHO. The recent buying by value investors probably occurred because a bottom was put in on crude in August. These stocks were taken out behind the woodshed and shot. Even after recent gains a stock like RIG is only selling at a 1999 PE of 11. Relative to the rest of the market, this still seems like a bargain to me. I hope we will see gains on some days followed by partial retracements on other days, such as we see today. I can live with action like today, so long as the general trend remains up. I bought VRC and SII on the same day a few weeks ago, when I thought a bottom was in place. Wrong on VRC, it was killed all the way down to the 5's but it has made a good comeback. Missed the bottom on SII by 2 bux (got in at 19 ish -the bottom was 17 ish). SII has more than doubled from the bottom- a nice move. If I were a trader I would take profits in SII but no, I believe the upside is still there looking out a year. Still long VRC,RIG,GLBL,SLB,PKD, and SII. Moved a little money to ATML for diversification, it seems to be starting one of its periodic moves. Have ridden ATML to 3 doubles since 95. Don't you just love this stuff? :) Good luck, Chas