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To: ItsAllCyclical who wrote (49732)	8/23/1999 2:48:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

NYMEX Oil: Market quiet as hurricane fears ease By Mary Chung, Bridge News New York--Aug 23--NYMEX crude futures traded near flat in quiet trade as hurricane fears eased after Hurricane Bret was downgraded to a tropical storm. All 4 major oil refineries in Corpus Christi, Texas, are beginning the restart of operations. At 1410 ET, NYMEX Oct crude was flat at $21.88. Sep heating oil was up 33 points at 57.75c, while Sep gasoline was down 27 points at 65.70c. * * * Hurricane Bret has been downgraded to a tropical storm over southern Texas, according to the US National Hurricane Center in Miami. (Story .14933) "We opened higher with the hurricane news, came off a bit and now we just sit here with nothing really happening to get the market going in either direction," a trader said. "Gasoline has been the weakling." Sep gasoline erased gains after testing Friday's 2-year spot contract high of 66.75c. Sep heating oil remains the firm leader, rising to a new 21-month spot contract high at 58.45c today, while Oct crude struggled to find direction. "It's a very strange day, the volume has been pretty decent but it's quiet," a broker said. "(Participants) are waiting to find something else to shake up this market." Meanwhile, the market mostly shrugged off news that Venezuela's Energy and Mines Minister Ali Rodriguez today said OPEC plans to hold a technical meeting on Sep 16 to prepare for the Sep 22 scheduled meeting. He also said an OPEC heads of state meeting has been scheduled for the first week in March 2000 in Caracas. (Story .17985)

To: ItsAllCyclical who wrote (49732)	8/23/1999 4:16:00 PM
From: SliderOnTheBlack	Read Replies (2) \| Respond to of 95453

RRC - getting sold off ; I'm calling and I make a stand here - live, or die by RRC. Yahoo post is BS - period. I just put limit sell orders in on everything I own - will make a stand here at $4 7/8ths - $5 - then every single chip goes on the table at $4 1/2 ''if seen'' - then I simply wait. This just became a short term 40% no brainer return - plus the margin leverage = a near double just in returning to its recent high of $7 - which WILL happen before xmas - and probably within days of the Q3 release imho. Not recommending this type of bet to ANYONE - but, what reasonable upside to the OSX here in the next quarter ? - maybe 15-20% max ? - With margin, I get a near ''double'' potentially in merely playing RRC's return to $7. A 5:1 risk vs. reward ratio - I view RRC's downside as less than the OSX index here... upside to recent (90 day high) is 20:1 ... I'll take this bet. I know I am right - merely the timing is unanswered. If I hit - I jump months ahead in my trading options... literally where I would be in mid year 2000 potentially. Price moves like this go to the ''core'' of every ''traders'' being - this is a challenge to all the ''work'' I have done on this one... This epitomizes the fundamental necessity of a trader - trusting to his core, the numbers, the research, knowing the company and believing he is 110% correct - and I am; REGARDLESS of what the Street does here. I can NOT pass up this type of opportunity. Lots of shorting RRC here - someone wants to shakeout the weak, some hedging on the potential failure of the JV agreement with First Energy - due to be finalized by Sept 30th. - This type of short term risk vs. reward play at this stage of the Oilpatch recovery cycle - is too good to pass up ! ... Within days, or even hours here - I may just own one stock - RRC. Regardless of the JV, regardless of the underwater Hedges - This is dramatically undervalued here - and is literally perhaps ''the'' single most undervalued Nat Gas Play in this market cap range.... period. This is a market ''anomaly'' - recognizing them when they occurr - and buying the hell out of them - is how one makes the Big Cheese... and I want all the Cheese I can get... (VBG). ... well - this is it; all the marbles... sure makes managing the trading portfolio easy.... just one quote. Someone wanted hedged, or out - and I am seizing the window of opportunity. Sometimes you get the bear - sometimes the bear gets you ; I guess I'm going into the woods - with just one bullet - and I aint planning on missing. ...time will tell.