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

To: SliderOnTheBlack who wrote (39061)	3/5/1999 10:05:00 PM
From: Crimson Ghost	Respond to of 95453

Slider: I remain very optimistic medium and long-term, cautiously optimisitic short term. You have persuaded that the fundamentals indeed are falling into place for significantly higher oil prices. Nobody is happier than me that my expectation of a final severe shakeout did not come to pass. But the upcoming OPEC meet will have a big impact on the pace of improvement and one can never be certain what they will do, though my best judgement is a modest cut. And the OSX will have great difficulty mounting a SUSTAINED rally as long as the Street continues to cut earnings estimates. I have a decent postion in FSESX and will add to it on dips. But I am focusing on general energy funds right now as I feel more confident in their near term risk'reward ratios. Higher oil and gas prices boost their profits immediately, but impact OSX earnings only with a considerable and uncertain lag. Of course the ultimate OSX upside is much greater given its huge leverage.