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To: Think4Yourself who wrote (62308)	3/16/2000 8:26:00 PM
From: Roebear	Read Replies (2) \| Respond to of 95453

JQ, Stuck my bear snout in on another thread, to clarify the oil situation to one OJ. They had a nice news segment on the network evening news (ABC?) about domestic oil production, which I outline in this post. Anyone who saw it feel free to correct: Message 13222429 It was a great catch for me, first time I watched network news in three months (not much of a TV fan)and there they had a half decent segment on the patch. Best Regards, Roebear

To: Think4Yourself who wrote (62308)	3/16/2000 10:48:00 PM
From: Archie Meeties	Respond to of 95453

From Dow Jones Newswires: One of the biggest options traders on Wall Street, whose very large portfolio heavily favors technology, is almost cheerful about the Nasdaq's decline. He views the Nasdaq's weakness as an opportunity to buy discounted call options on technology stocks. The trader is quick to cut down the talk about the old and new economies. "It's (absurd). I think it's a big unwind of a macro-trade that was long Nasdaq/short S&P, that worked in a big, big way. So what is being done is buying S&P and selling Nasdaq. Once that is done, I think it will be back to the races again," said the trader, who speaks on the condition that he and his firm aren't identified. In simpler terms, the trader said all that happened this week in the market is that a few major hedge funds took profits on huge technology positions following Nasdaq's record close. At the same time, the traders closed an equally vast number of short Standard & Poor's 500 securities that were sold to buy the Nasdaq positions.. The trader, whose clients include some of the biggest hedge funds in America, said word spread on Wall Street that these major funds were closing the long Nasdaq/short S&P trade. As word spread, other traders tried to ride the big hedge fund's coat tails. "Other hedge funds, and then regular, plain mutual funds jumped in. They don't want to miss the bounce in the old-economy value stocks that have been so depressed," the trader said. "Keep in mind only a few sectors can accept so much money: drugs, banks - you can't buy cyclicals. If all the money shifted out of tech, you couldn't buy enough cyclicals."