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To: marc chatman who wrote (56210)	12/6/1999 5:23:00 PM
From: ItsAllCyclical	Read Replies (1) \| Respond to of 95453

>> Am I correct in assuming that prevailing sentiment has people now praying for a tradable rally to sell? << Nov was the warmest on record since 1931. What are the odds that Dec will be also? Winter has barely started. Between API #'s, rotation and winter weather I still think we have plenty of potential catalysts (besides value). I'm hanging tough until at least mid Jan. This feels more like a bottom, not the start of bear market in oil stocks. NBL and BR are now below March levels with gas prices weak, but higher than they were last year. There may be another 5%-10% at most on the downside here before we get a either a tradable or buy/hold spike. Tomorrow morning a few more margin/tax sellers and then we close higher. Wend will be great.

To: marc chatman who wrote (56210)	12/6/1999 5:39:00 PM
From: Gottfried	Respond to of 95453

marc, you said >I think George makes a good point. If these stocks can't react well to $27 crude and rapidly depleting stocks, what will take them higher? Earnings?< Yes, earnings. I think the rising crude price has done about all it can do for the stocks. We now need higher rig counts, day rates - i.e. earnings. Gottfried

To: marc chatman who wrote (56210)	12/6/1999 6:11:00 PM
From: Gary Burton	Read Replies (4) \| Respond to of 95453

Next worry pt is 69.04---print below that and the liklihood is 'strong' that we will take out 65--IF we do that, then my momentum software suggests all the way down to the 50-53 area would be next potential Stop and Reverse area.-----MACD/RSI on many individual stocks have broken to new lows for this move, suggesting furthur weakness. Am holding only OEI and NBL, both of which now look still lower....The peewees like RRC/CRK etc look like they could actually print new yearly lows as I see it...I won't be buying a furthur 'dip', particularly if we take out OSX 69---don't need to be a hero. I still think that XOI may languish for some time as the last move up was near vertical and it 'failed'-- As stated many times before, FA and the news backdrop is irrelevant here at the margin where buyers and sellers meet to trade, since the buyers and sellers have the same info. I buy the "source of funds by Tech lovers" argument only up to a point and do not think this explains away the whole problem. My 2c