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To: Gary Burton who wrote (32571)	12/7/1998 6:22:00 PM
From: The Ox	Respond to of 95453

I think words of caution are welcome! I have been posting my concerns about the sector for a long time. Even though I jumped back into the sector today, I certainly understand the serious difficulties facing OS companies. While I don't believe that RON is worth $70+/share in the current environment, I'm not convinced that the company should be valued in the low $20s either. I fully understand the downside risk of buying at this stage and I strongly suggest that those who are considering buying do their research. I still think that the land and shallow water based drillers will continue to struggle for the short term. There is so much negative sentiment in this sector. There are so many different factors which combine to make future predictions on this sector difficult at best. I continue to believe that caution should be exercised. I may be early to the party. Today was a good start though!

To: Gary Burton who wrote (32571)	12/7/1998 6:39:00 PM
From: marc chatman	Read Replies (2) \| Respond to of 95453

Thanks for the E-wave reading. (I know very little about it, unfortunately.) I bought the sector today for a trade, but for long term investment I have been waiting for MACD divergences. The weekly charts on the MACD show a beautiful divergence, but with the magnitude of the last dip, I have been thinking that there could be one more lower dip on the daily charts to create a divergence there as well. Of course, who knows? It's hard to suggest that a long term investor should risk missing a major bottom in order to try to save a couple of points. Good luck.

To: Gary Burton who wrote (32571)	12/7/1998 6:40:00 PM
From: Merritt	Respond to of 95453

Gary, I've never used Eliot wave analysis because my limited observation of people who were practicing it made me believe it was a very subjective thing, i.e. different people, using the same software on the same charts, came up with different versions of not only where the wave would reverse, but even which wave they were in. Have you developed some way of countering that subjectivity? I'm not disagreeing with your view, as I also feel this is still yet another trading opportunity.