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Pastimes : The New Qualcomm - write what you like thread. -- Ignore unavailable to you. Want to Upgrade?

To: waverider who wrote (573)	10/6/1999 9:48:00 PM
From: qdog	Respond to of 12239

Sorry, don't know him. Still a fan of Brautigan.

To: waverider who wrote (573)	10/8/1999 10:58:00 AM
From: qdog	Read Replies (1) \| Respond to of 12239

Man, I should be an oil analyst. I got it more correct than the smuck on CNBC this morning when he said the range on crude will be $22-24. Got to love the commodity boys and girls, they are more fun than a little car full of clowns..... Almost as much fun as the bond boys and girls. Friday October 8, 10:39 am Eastern Time NYMEX crude down 7 percent early as longs bail out NEW YORK, Oct 8 (Reuters) - Front month crude oil futures on the New York Mercantile Exchange (NYMEX) slumped 7 percent lower in early trade Friday as speculators bailed out of long positions, traders said. Crude for November delivery fell $1.65 lower to $20.80 a barrel near the opening. It then edged back above $21 and was trading at $21.00, cutting losses to $1.45, at 10:36 a.m. (1416 GMT). ``What you are is a rotation -- long liquidations on crude from speculators, primarily (commodity) funds,' said Tim Evans, senior analyst at Thomson Global Markets. On heating oil and gasoline futures, a mixture of funds and small traders are selling, he added. November heating oil dropped as much as 3.66 cents to 53.80 cents a gallon. It latter trimmed those losses and was trading at 53.95 cents, down 3.51 cents. It has gone as high as 57.50 cents. November gasoline skidded to 58.75 cents, down 4.02 cents. It inched up to 59.65 cents, off 3.11 cents. It has posted an early high of 62.76 cents. In London, November crude extended losses after the NYMEX opening and was trading at $20.42, down $1.66 cents. The market's downslide on both sides of the Atlantic has now extended to five sessions. Only last week both markets in New York and London struck highs not seen in more than two and one half years. On the NYMEX, front month crude peaked on September 29 at $25.12, a 32-month high. From that level, the contract has slumped $4.32 a barrel or 17 percent. ``The market can move marginally lower from here but the further it goes, the more oversold it becomes and the bigger fundamental bargain it becomes,' said Thomson's Evans. ``I think that once the long liquidations have been fully accomplished, we could see a fairly dramatic recovery,' he added. He said the market may be looking at its next support targetat around $20.60, which is about a 50 percent retracement from its move up since June. If that is broken, it could still move lower to $19.61 and further down to $19.05, he said. Since the start of the week, analysts said the market's moodhad seen a big shift from bullishness to bearishness. On Wednesday, a Reuters survey that found 10 members of OPEC had lowered compliance to output cuts to 81 percent in September from 83 percent in August accelerated the market's slide. Concerns have also been raised about a meeting in November among the oil ministers of Saudi Arabia, Venezuela and Mexico, the architects behind the producers output cuts. Fears have been raised that the meeting would discuss raising output and denials that that was not so has helped little to calm down the market. In any case, the Mexican oil mninister said Thursday the meeting would map out a post-March 2000 policy for producers.