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

To: Gary Burton who wrote (35124)	1/15/1999 1:02:00 AM
From: The Ox	Respond to of 95453

It said consequently, only 190 rigs were active in November, the lowest number on record and a 50% plunge since November last year, according to the latest Baker-Hughes Inc. rig count. "By contrast, there were usually 300 to 400 rigs drilling for oil in the U.S. between 1992 and last year, and even during the late 1980s oil bust rigs drilling for oil exceeded 750 at times," API said. After reading the above, I'm more inclined to bet that we're still in wave 4. One more plunge to the depths....?

To: Gary Burton who wrote (35124)	1/15/1999 6:46:00 AM
From: Dragon 1	Respond to of 95453

Agreed to your theory of little more downside in osx stocks. Just take a look at the majors; they are all down and sit at their lows of the day. ARC down 2 1/2 at 60 3/4. Yet it looks like a great steal to me. If oil price goes down further, look for more consolidation and mergers in the majors and ARC is a perfect candidate. I bought in at the low today (a slight position) and look for more to average down. Look at the dividends they pay. Just sleep on it and enjoy free money. In other words, the action in the majors will be the precursor of the osx, therefore, expect some more downside to osx albeit may not be that much. I will start wetting in the sector when it gets there.