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

To: SliderOnTheBlack who wrote (32562)	12/7/1998 3:27:00 PM
From: The Ox	Respond to of 95453

I think there are "fundamental" changes that can be looked at today. All of these are perception issues, so maybe fundamental is not the correct choice of words. a) Venezuelan's Chavez - has publicly committed to cutting production. b) cold starting to be felt throughout the nation c) North Korea posturing for war d) China lowering rates - should help improve Asian demand. Worldwide lowering of rates should help improve global economic picture. I guess we could also add that December has historically been the time to buy OS stocks. Israeli peace movement bogging down. Almost uniform cries from OPEC about low price of oil. Oil mergers. The contrarian in me says don't buy while Slider pounds the table<vbg> ! FWIW, Michael

To: SliderOnTheBlack who wrote (32562)	12/7/1998 3:46:00 PM
From: Rob Shilling	Respond to of 95453

<<Manipulation may be too harsh a word; but obviously the ''word'' gets out that either today is a ''BIG" day to either buy or sell..>> A better word is "collusion". Coordinated movements by hedge funds could be direct collusion. Asia has had problems, but it makes you wonder if the asian currencies were falling so precipitously on bad fundamentals or on big hedge funds colluded to short the currencies, creating a self fulfilling spiral. It is kind of curious that Hong Kong's currency and stock market declines halted when the Hong Kong government stepped up to the plate and bought stock in a direct assault on hedge funds making short positions. Anyway, I think the negative spin on oil prices has run its course. The several bullish things out today may end the quest for single digit oil. The API statistics that are out on Tuesday may be interesting. Last week was an "unexpected" 5.7 million barrel drawdown. The storage number as of last week showed only a 14 million barrel surplus over last year at this time. We could be due for a good number again, maybe a double digit drawdown.