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

To: Rustee who wrote (35036)	1/13/1999 8:41:00 PM
From: The Ox	Respond to of 95453

There are plenty of weak hand left, no doubt about it! The patch was down over 60% last year and that has put the fear of god into many who might be viewing the patch with an eye for the bottom fish. Today's reaction should confirm what many here continue to put forth, it's not over 'til it's over! We see during today's brief market selloff that the patch will be one of the first sectors to dumped and dumped hard. RON didn't have a whole lot of volume but those who were there were selling in droves. Very few stepping up to the plate. The futures traders own this sector, plain and simple. They can run up crude and our lemming stocks will follow, or vice versa. To watch oil prices fall from the high 13s to the low 12s in a day tells us all we need to know. I believe there are plenty of weak hands still in the patch....but they will provide opportunity for those of us who know a good value when we see one. Tough sledding ahead.....black diamond slopes..... Michael