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To: ItsAllCyclical who wrote (55090)	11/19/1999 5:56:00 PM
From: Gary Burton	Read Replies (2) \| Respond to of 95453

I agree with your points--but on the other hand the OPEC mtg is acting like an hourglass with the sand slowly going out. Nobody wants to get left holding the bag--so the closer to meeting day the more gunshy people will become, particularly with the fear of still rising interest rates (demand dropping off). Last March/April, there was still a long way out till the next mtg. Now the mtg is getting closer and closer and is acting as a depressant on the share prices, many of which have still doubled and tripled off their lows, even at current levels. the psychology becomes "once OPEC increases prod, the oil price will 'collapse' and everyone will then start to say 'here we go, hold your breath'---I don't happen to think OPEC prod increase will destroy prices in reality but the pshchology is out there along with Fed tightening. And psychology is what moves markets, not numbers....I'm long a few E&P names and am toying with adding OEI on Monday, although I am very concerned about the general market levels right now. December could be down for the DJ/SP?