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To: BigBull who wrote (46770)	6/22/1999 7:34:00 PM
From: Crimson Ghost	Respond to of 95453

Big Bull: OT The kind of fund we all dream about: WPJGX up 1.9% today, (Nikkei up just 0.2%), 10% in the past 2 weeks and 60% year to date. Sold out tody at a very nice profit, but will load up the truck on the first decent selloff.

To: BigBull who wrote (46770)	6/22/1999 7:42:00 PM
From: Wowzer	Respond to of 95453

So do the API numbers indicate we are going to have a good day tomorrow? Sure hope so, cause the gambler in me bought some HAL and BHI at the close. They sure look good to me..... Rory

To: BigBull who wrote (46770)	6/22/1999 7:53:00 PM
From: Gary Burton	Read Replies (1) \| Respond to of 95453

o.k. folks-enough bullishness-let's get back to reality--the reality is that there are glaring negative divergences shown by indicators like MACD which suggest that the rise from 47ish ran out of steam at 82ish---same thing for the XOI--The 2 day 7pt 'waterfall' drop on the OSX to today's low of 74ish was likely only the A Wave of an eventual ABC Retrace back towards 70ish and maybe as low as 60. I think it is too 'one-directional' for it to itself be an ABC--Retraces are 3 Wave affairs not 1--So-o-o-o my best hunch is that tomorrow we start the B back up to the high 70's but that this will peak out before the weekend and we will start the C (or the 3 of a 5, perish the thought). Out on a limb again, you see and underinvested (vbg).

To: BigBull who wrote (46770)	6/22/1999 7:54:00 PM
From: BigBull	Respond to of 95453

OK, so who is going to make money on this (besides the majors) From Gulf Times Kuwait sees foreign oil role as "strategic goal" KUWAIT CITY: Kuwait's oil minister sees a foreign role in developing the emirate's northern oilfields as a "strategic" political goal, not as a return of colonialism, newspapers reported yesterday. "This is a very important strategic goal," Oil Minister Sheikh Saud Nasser al-Sabah said, quoted in Arab Times. "We have passed through very difficult political situations since the Iraqi invasion in 1990. It is time we linked our interests with international oil majors to achieve our mutual interests," Sheikh Saud said. He said in December that the world's oil majors would invest up to sevenbn dollars to develop the fields neighbouring Iraq over the next five years to double their output to 900,000 barrels per day (bpd). The projects being considered are the northern Rawdatain, Sabriya, Riqqa, Abdali and Bahra oilfields and the western Minaqish and Um Ghudair fields. All the proposed fields are already operational and have combined reserves of 16bn barrels, but the move is part of plans to boost Kuwait's production capacity to 3mn barrels per day (bpd) by 2005. Western oil executives in Kuwait have said the emirate had everything to gain by foreign participation, especially if it wantdevelop the "huge" oilfields on the country's border with Iraq. "The fields need a massive input of technology ... their strategic importance makes western oil companies' participation a handy tripwire against Iraq," one said. Sheikh Saud also stressed that Kuwait would not sign partnership projects but rather "Operating Service Agreements" that allow the state to retain ownership of natural resources in keeping with the country's constitution. "The project will not lead to the return of colonialism because we will draft the contracts and impose our conditions and take our decisions," the minister said. "Kuwait owns the oil extracted from the wells," he stressed. Sheikh Saud said the Gulf state would send out requests for proposals after the completion of feasibility studies and the prequalification of international oil companies. The involvement of foreign companies will need full approval from the cabinet, parliament and Kuwait's Supreme Petroleum Council, he also told a seminar late Sunday. Sheikh Saud said the foreign firms would be involved in wells where extraction was difficult. Modern technology would not only increase production, but reduce production costs and create jobs for Kuwaitis, he said. Kuwait currently produces some 1.84mn bpd following a March decision by Opec to shave an additional 1.7mn bpd off its total daily output. In December, Sheikh Saud set up a committee to examine the role of foreign companies in developing oil resources, in response to shrinking revenues as crude lost some 40% of its value in 1998. Kuwait in the past has limited foreign participation to technical assistance, including accords with France's Total, British Petroleum and Chevron of the US. - AFP

To: BigBull who wrote (46770)	6/23/1999 1:15:00 AM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

BB, One thing that energy companies use as an internal guideline for budgetary planning purposes is the 1:1 correlation between GDP growth and oil consumption increases. I think that we see that correlation being confirmed by the Asian economies currently..... Remember too that if tech stocks are "jackrabbits" and blast up or down rapidly (just check out ORCL over the last couple of months!) ,then energy stocks are elephants. They move slowly but once they get a head of steam in a given direction, up or down, they just keep rolling with that momentum. So I'm staying long energy and OS stocks....,