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To: still learning who wrote (48730)	8/2/1999 12:15:00 PM
From: Roebear	Respond to of 95453

OT still learning, You bet, heck if you post there and aren't a short they accuse you of being SargeK, I know! Childish? Shoot, those folks are preverts! Regards, Roebear

To: still learning who wrote (48730)	8/2/1999 12:24:00 PM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

New York--Aug 2--NYMEX crude futures are seen slightly lower in rangebound trade following Friday's flurry of late activity dragging down the market. Brokers predict consolidation today as participants await fresh news to give the market direction. * * * NYMEX Sep crude ended the overnight Access session down 7c at $20.46. Aug heating oil ended down 25 points at 51.85c, while Aug gasoline ended up 11 points at 62.00c. "There's not much happening in the way of news," one broker said. "I think you'll see some consolidation today after the way the market ran up last week." Sep crude soared to a fresh 21-month high at $21.12 Thursday but was unable to hold that level. "The market couldn't hold that $21.00 so I think that it is getting ready to come off," a broker said. "You'll see some sideways trading today." Sep crude is expected to trade in a range with good support at $20.30 and later at $20.18. "If the market is pushed down to the $20.20-$20.30 area, I like it again and I think you'll see it make another run up," a broker said. "But if it gets under $20.18, you're going to see some stops being triggered and this market come off fast." Conversely, the contract is expected to test resistance at $20.69 and later at $20.80. "If you break through $20.80, you're going to see another run back up to $21.00 but I don't think that's going to happen today," a broker said. Meanwhile, the latest Commodity Futures Trading Commission Commitments of Traders report showed that funds have reduced their net-long positions following the previous report's record net-long 78,097 contracts. However, the reporting period ended prior to a sharp jump in crude futures. Large speculators were net-long 61,379 contracts as of the reporting period ended Tuesday Jul 27, comprised of 87,962 lots long and 26,583 lots short. "Right off the bat, this report looks bearish because a lot of people are getting shorter but look at the price action for crude in the last couple of days and you can say this report is neutral," a broker said. (Story .1742)