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To: in_outdaily who wrote (53069)	10/15/1999 1:42:00 PM
From: victorw	Read Replies (2) \| Respond to of 95453

I WOULDN'T BUY OIL STOCKS ON FRIDAY AFTERNOON. WHO KNOW'S WHAT SOME OIL MINISTER WILL SAY OR DO OVER THE WEEKEND. PN SOLD A SECONDARY OFFERING TODAY--3.5 MIL SHARE AT 11 & CHANGE. WHAT EFFECT WILL THIS HAVE ON PRICE? ANY IDEAS? VICTORW

To: in_outdaily who wrote (53069)	10/15/1999 1:43:00 PM
From: ItsAllCyclical	Read Replies (1) \| Respond to of 95453

Looks to me that most funds are waiting until after most OSX issues report. There aren't many big upside surprises in these issues so they aren't sticking their necks out. If we do get the late day selloff you may see some selective buying late in the day and monday morning. More likely we'll have to wait until mid Nov to break this sideways pattern for good. On an individual stock basis I think it's pretty safe to buy most any OSX issue once earnings have been reported. Q4 may be weak again in many of these issues, but it's a long way off and it's more likely to surprise to the upside than Q3 did. Given earnings I don't think that'll be the case with the E&P's. I expect the upward trend to resume sooner.