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

To: SliderOnTheBlack who wrote (32701)	12/10/1998 2:00:00 PM
From: John Carpenter	Respond to of 95453

Slider, My short term bearishness is an excellent contrary indicator. Like the analysts, I was yelling buy at the top and now that we've declined I yell sell. John

To: SliderOnTheBlack who wrote (32701)	12/10/1998 2:25:00 PM
From: The Ox	Respond to of 95453

You probably never thought you'd live to see the day? <g> I'm playing a little bit of the devil's advocate here. If we see continuing erosion in oil prices, this sector will struggle at best. Anyone buying stock in these companies today should know that there is a strong possibility that things won't change for the better anytime soon. A strong case can be made that we are so low that there's only a limited downside. This downside could easily turn into John C's dead money scenario. The compelling reasons for dipping a toe in the water are posted daily. So are all the reasons not to buy. Even though most people should be through with tax selling, I suspect many are not done. This may prevent these stocks from rising in the short term. As the industry leaders slide into price ranges that make them look attractive, I will start my nibbling with the full understanding of the downside possibilities. I know where to bail out if the tide goes against me. Michael