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

To: Crimson Ghost who wrote (36082)	1/28/1999 2:38:00 PM
From: Think4Yourself	Respond to of 95453

Just what do you think will cause us to "roar back"? Inventories are now maxed out, which means reduced demand for crude going forward. Warm weather being forecasted in the USA for the next month makes things even worse. I recently sold my drilling stocks - will buy back below the current 52 week lows Many supplier countries have severe budget problems. You think they CAN cut back without comitting political suicide? Even Saudi Arabia is suffering. OPEC is impotent as a result. Budgets for exploration/drilling have been butchered across the board, and are not likely to be changed this year. MANY fewer dollars to be chased means much lower profits. Don't get me wrong. I think we are at a bottom UNTIL the NEXT earnings season. If things don't change, drillers are going to be slaughtered at that time. Would like to pick up HAL and SLB, but think they have (quite) a ways to fall yet. yech, I am depressing myself! Ken