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To: upanddown who wrote (58814)	1/20/2000 4:55:00 PM
From: ItsAllCyclical	Read Replies (1) \| Respond to of 95453

John T, re: options/XNG. I believe you need to notify your broker that you want to exercise your options. I for one have never done this. I typically only hold options until I get a 50-100%+ pop. You're probably right, ENE will continue a little higher at the open, but I wouldn't get greedy. I think you could buy the XNG outright at a lower price than 140 sometime next week. I also think buying a basket of large cap E&P's (esp the laggards) would be a better bet than buying the XNG index. If I were buying fresh for the first time I'd probably buy OEI, PXD, NBL, LD, XTO and UPR in equal weightings (based upon today's prices). I would bet that portfolio would outperform the XNG over the next year. JimP, yes the XNG closed above the 200 dma, but in spite of higher gas prices and this action it still looks a little ahead of itself short term. But given the fundamentals I certainly wouldn't bet against it. APA almost looks rested enough to tackle the 40's again.