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Hudson City Bancorp, Inc. Message Board

  • encore122 encore122 Sep 26, 1999 3:31 PM Flag

    Oil and Thrifts...


    Thanks for your post. Cramer is both
    an iconoclast and an enigma...but interesting

    Picking oil services back when oil was at $10/barrel
    seemed easy for a whole multiple of reasons. Not the
    least of which was that Saudi Arabia was actually going
    bankrupt at those prices. And all those Princes wanted to
    continue living "high on the hog". And, of course, now
    that they are being advised by a whole slew of Harvard
    MBAs OPEC can probably keep the price at least over
    $18/barrel. Oil drillers can prosper at that level. I bought
    heavy into GLM and FLC when they were in the single
    digits. And, to tell the truth, my arm is getting weary
    from patting myself on the back.

    In regards to
    thrifts...I agree with you that the worm will turn. The yield
    curve which is now negative (somewhat analogous to $10
    oil) will reverse itself. When and just what will be
    the catalyst to do it is the question. And then,
    hopefully, the thrifts will pick up like the oil services.
    Well, maybe not quite as dramatically...but IMO they
    will as short and long rates are always in transition.
    Moreover, mergers-and acquisitions should probably pick up
    after Y2K.

    Jack (up with HCBK...and Provident
    and Investors get with the program)

10.12-0.07(-0.69%)Oct 30 4:00 PMEDT