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To: SliderOnTheBlack who wrote (62195)	3/15/2000 2:05:00 PM
From: ItsAllCyclical	Respond to of 95453

>> look at steels & financials of late - old economy stocks - insurance etc - this is the early sign of some strong underlying rotation coming. << Couldn't agree more. I really feel that after this next Fed rate hike Greenspan is far more likely to adopt a neutral bias and that'll encourage rotation back into the "old" economy and value stocks. Financials, healthcare and oil is where I'm at right now.

To: SliderOnTheBlack who wrote (62195)	3/15/2000 2:10:00 PM
From: Post_Patrol	Read Replies (2) \| Respond to of 95453

We see OSX 85-90 before long. Friday should take it down to 95. Bull: There must be two I-Watch`s Crude Oil Falls on Expectations for Higher Production Crude Oil Falls on Expectations for Higher Production New York, March 15 (Bloomberg) -- Crude oil fell more than 3 percent on expectations that producers will lift output restraints that have caused world inventories to plummet. While most OPEC members favor higher output in April, top producer Saudi Arabia supports bigger increases than others, such as Iran. Consuming nations say they need a rise of more than 2 million barrels a day to meet demand and stem the inventory decline. Prices are down 9 percent from last week's nine-year high of $34.37 a barrel on prospects for higher output. ``The market's lost momentum,' said Ric Navy, a broker at Paribas Futures Inc. in New York. ``We haven't been able to hold above $32 and it looks like the Saudis are exerting more pressure to see a larger rather than smaller increase' in production. Crude oil for April delivery fell as much as $1.09, or 3.4 percent, to $30.60 a barrel on the New York Mercantile Exchange. Oil prices still are more than triple what they were in December 1998, after more than a year of production cuts. In London, Brent crude oil for April settlement fell as much as 96 cents, or 3.4 percent, to $27.38 a barrel on the International Petroleum Exchange. Prices fell today even though a report last night by the American Petroleum Institute showed an unexpectedly large 3.6 million-barrel drop in U.S. crude oil inventories to 287.2 million barrels, leaving them just 4.6 million barrels above a 23-year low. The inventory decline was ignored in the face of expectations for more OPEC oil in the next few months, traders said. March Meeting The Organization of Petroleum Exporting Countries led world producers a year ago in an agreement to trim 7 percent of daily world supply to eliminate a surplus. The group meets March 27 to set production levels for coming months. The International Energy Agency, a watchdog group created by the Organization for Economic Cooperation and Development, has said OPEC must boost daily output by 2.3 million barrels a day to restore stockpiles in the industrialized nations that ended 1999 at the lowest level in a decade. OPEC hard-liners, including Iran, the group's No. 2 producer, and Kuwait, have abandoned recommendations that producers wait at least until the third quarter before raising output. Instead, they've shifted to favoring a small rise in supply, arguing that a normal drop in demand in the second quarter makes big increases unnecessary. Volatile Prices OPEC members have not been specific about the amounts they would add to world supply, leading to broad swings in prices over the past two weeks. ``Everyone is still guessing how much production' will rise, said Warren Tashnek, an energy analyst at Fimat USA Inc. in Houston. Today, in Caracas, Bernardo Alvarez, Venezuela's third- highest ranking oil official and the Energy Ministry's hydrocarbons director, said a rise of 2 million barrels a day by OPEC and its allies would be too much, as it would overshoot demand and lead prices lower. Gasoline for April delivery fell as much as 3.74 cents, or 3.9 percent, to 93.05 a barrel on the Nymex, the third straight decline. Prices rose to a nine-year high of $1.025 a gallon last week and are up 35 percent this year. Futures represent wholesale, not retail, prices. ``Gasoline has outperformed the rest of the energy complex and was the most extended, so now, in the downtrend, it will probably fall the most,' Tashnek said. Some traders said gasoline stockpiles are building up in the U.S. Gulf Coast region because Explorer Pipeline Co.'s 895,000 barrel-a-day pipeline from Houston to Chicago has been shut since March 9 because of a leak. The Gulf Coast is important in determining prices elsewhere because it contains more than half of the nation's refining capacity and handles much of U.S. imports. The American Automobile Association said yesterday that average U.S. retail prices for regular gasoline surged to a record $1.543 a gallon in the past month. Prices rose 57.3 cents from a year earlier, the biggest increase reported by the AAA in the 27 years it's been keeping records. -------------------------------------------------------------------------------- ¸ Copyright 2000, Bloomberg L.P. All Rights Reserved.