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Strategies & Market Trends : MP - Market Pulse

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To: HairBall who started this subject	7/30/2001 9:57:07 PM
From: Sweet Ol	of 1328

LG, I was away most of the day and could not respond sooner. I find that my graphs are very similar to yours but not as complete. The vast majority of the time when we disagree I come around to your viewpoint. So, my failure to post doesn't mean I am not reading you (and others) it just means I don't have anything to add to the discussion except an "attaboy". I follow the energy stocks and over the last year we have seen a lot of sector rotation from tech to energy and back. This seems to have diminished recently. I don't know where the sector rotation is going. The Oil Services are flat because the FA is neutral to down. Exploration & Production companies are mixed and volumes are off. My guess is that it is short covering because of the mild rally recently due to bullish inventory levels of Natural Gas and oil. NG is up and OPEC seems to be stabilizing crude oil prices. The jury is still out as to whether or not they will be able to hold up prices in the face of reduced worldwide demand due to falling economies, primarily in the USA and Asia. Currently I am long some small E&P companies with special situations (T.KOB and ROYL). I am short some other small to mid-sized companies with special situations. Not big positions in any of them. I have been watching homebuilders as possible shorts when that sector turns down due to weakness in the overall economy and oversupply. Right now it is mixed, but some of their charts are starting to turn over. Recently I have taken modest short positions in BZH, LEN, TOL and WBB. I think it may be a bit early and am nervous about them. Mostly I am mostly cash, waiting for the murky waters to clear. Best to all, JRH

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