Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: TheBusDriver who wrote (9569)	3/19/2002 9:01:28 AM
From: Frank Pembleton	Read Replies (2) of 36161

Wayne, energy stocks... I sure blew this one myself. I've always looked at the energy sector as an end of boom cycle play. Jeez, the last half-a-dozen recessions were kick started by high-energy prices. At the moment the GDP is running at a fraction of a % point, and the S&P p/e is at an all time high? Do you follow the Calpine saga much? Tight to non-existent spark spreads due to poor electricity demand and rising ng prices combined with massive debt has the company imploding. They've just cancelled over $3 billion in gas turbine orders - I was reading that the electrical generation industry has pulled over $7 billion in capex because of the demand situation. I can't look too good for General Electric either. Regards Frank P.

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