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To: R. Gates who wrote (5731)12/2/1998 4:44:00 PM
From: 007  Respond to of 14427
 
"Crude looks ready for a big-time bounce..."

I base that on technicals and psychology. In two months, the price has fallen 1/3 - the chart is oversold. On top of that, a lot of bad news has just hit concerning the end of Opec and coming price wars. Is anyone still long in that market?

The dropping dollar or any news about cooperation could easily cause short covering. I'm not calling a long-term bottom in crude, and I wouldn't buy a driller until they bounce on their own, but I wouldn't be surprised to see a sharp pullback soon.

I also think that lower crude prices are possible, but that probably won't last very long unless we enter some really dark times.
007



To: R. Gates who wrote (5731)12/2/1998 6:41:00 PM
From: Broken_Clock  Read Replies (1) | Respond to of 14427
 
Gates...Noesis reporting East coast PADDs are again FULL. Imported oil dropping to 8 mil barrels daily 'cause there's no more room again. So much for the winter bounce. Big Dog reporting rig count is still dropping. OSX on the verge of a major meltdown on triple bottom.


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