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To: Think4Yourself who wrote (61310)	3/2/2000 3:50:00 PM
From: ItsAllCyclical	Respond to of 95453

JohnQP - I agree that production can offset debt, but like margin it's a double edged sword. Also Greenspan has been raising rates remember. I still have my UPR and PXD etc, but I'm just a little more cautious with them. I feel more confident about PXD since it's a balanced producer, but UPR's size gives them quite a bit of flexibility. Also UPR has the potential to hit a really big find. I'm now down to a core holding of UPR. I sold my trading portion today. Raised a little cash in a few other positions in case some buying ops come our way, but I'm still 75% on margin and I've been rotating into laggards such as FST, IIR, OXY, MDR, P and BR. I still consider PXD, RRC and XTO laggards, but I have full positions already.