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To: diana g who wrote (47085)	6/30/1999 10:48:00 AM
From: Crimson Ghost	Respond to of 95453

Diana: I agree with you about earnings. Important to remember that 2Q OS eernings expectations are very modest already. Only if earnings come in significantly below these very modest expectations will the OSX be at substantial risk from this factor. At this stage of the cycle the primary drivers of OS stocks are FUTURE EXPECTATIONS for oil prices, capital spending, and earnings. The stocks did get a little ahead of themselves recently, but the worst is almost certainly over if crude holds above $18. There is excellent support in the low 70s and I plan to buy aggressively on any dips to that area again. I did some buying on the latest reaction, but should have been more aggressive.