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To: Gary Burton who wrote (52877)	10/12/1999 6:13:00 PM
From: SliderOnTheBlack	Respond to of 95453

GaryB; if anyone wants to sell - this API drawdown rally if seen - pre earnings... ... will be the smartest place to be a seller imho. There is NOTHING positive coming from driller/service earnings; so this great API drawdown news and a crude price rally could be a real smart spot to sell into, for any remaining sellers. I am curious to see what tomorrow & this week brings. We should obviously have a 5,6% up day off of those API #'s; but I am not so sure we will have it tommorrow, or if we can sustain it through earnings reporting. Tomorrow is a "peek" at what the Street is thinking longer term here. It literally will be one of the single most important, interesting and informative weeks we've had. I think this moves the sellers up here - versus waiting to see what earnings brings... Again; E&P's are going to upside surprise, commodities have found support, their fundamentals per the 7 M boe drawdown are positive and I think that's the smart spot to be right here versus OSX plays... I am not a further seller in driller/service - I like my core holds at my prices from this selloff (just got off margin); but - curious as to what selling pressure remains here... I think it will be hard to sustain a rally untill most of the companies have reported earnings... maybe the Street lets us rally tomorrow and through this week and then unloads their final volley of what they want to trim later this week, early next week -as companies report... A bounce to OSX 76-78ish and then a selloff to OSX 68-70 as a bottom during earnings reporting is the feel I have fwiw... Then, I think we turn & run right after earnings reporting is finished & run through OSX 88-90 to resistance. But, do see OSX 100 being hit before year end. ...only time will tell. Got MHR ? ... "Magnum Hunter Resources" - now is that a company name made in heaven for me, or what (VBG)? - I think it was meant to be...

To: Gary Burton who wrote (52877)	10/12/1999 6:50:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

Gary, I think I need some help here, as I've got myself confused. I was thinking that the entire 4 week move down from 91 to 65 was a 5-wave A, in an A-B-C correction; and that the turn up last Friday began what should be a 3-wave B. But from your post: <<If it takes out 75ish, I would be 60/40 in favour of today being (iv) down of a 5 wave A, with (v) up tomorrow/Thurs above 75ish to finish A only---40% chance that today was part or all of B >> It appears that you are saying the wave A is the move up. Does that mean the primary trend now is down, in your opinion, and that the move down is expected to be composed of 5 waves, with the move from 91 to 65 comprising wave 1? That would be very ominous. Thanks.