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To: ItsAllCyclical who wrote (62830)	3/24/2000 11:08:00 AM
From: warren harris	Respond to of 95453

Does anyone see BRR as an E&P laggard. I had this thought yesterday and established a small position. It appears to be trying to catch up today. Highly unusual for something I buy, as usually, they go the other way.

To: ItsAllCyclical who wrote (62830)	3/24/2000 1:17:00 PM
From: BigBull	Read Replies (2) \| Respond to of 95453

JimL PGO is also my biggest load here. Nice to see it run. Don't you just love all that upside gap action? It a great company and a real fun trader. I may sell ~ 20 and really start loading on a few fabs, KEG and HOFF if they haven't moved. Maybe even VRC if I get it ~ 11.

To: ItsAllCyclical who wrote (62830)	3/24/2000 1:28:00 PM
From: upanddown	Respond to of 95453

PGO really moving now. Time for some catch-up ball with VTS. VTS is strictly a seismic play while PGO has the FPSO diversification and the SPNX play. Big new contracts for PGO, I haven't seen any for VTS. Interesting action in PGO options today. 10 Aug 17 1/2 calls were bought at 3 3/4. I sold 10 Aug 17 1/2 puts and got 3 1/2. edreyfus.com Two bullish strategies. The call buyer (is that you, JimL?) breaks even at 21 1/4. I break even at 14. If PGO is above 17 1/2 at expiration (it just went in-the-money for the calls or out-of-the-money in my case), it must reach 24 3/4 for the call profit to match the put profit. I collect $3500. The call buyer pays out $3750. I use $7000 margin to collateralize the puts while the call buyer uses no margin. If PGO explodes upward, the call is the better play and if PGO collapses, the call buyer only loses his premium while my loss is only limited by zero. I see worst-case-scenario as maybe the 52-week low around 12. PGO would have to drop to 10 1/4 for the put loss to match the call loss. The odd thing is that my put play is considered wildly speculative while the call purchase is considered conservative. I wouldn't do it for some crazy inut where you could get wiped out overnight but for a laggard in a sector in the midst of a long up-cycle, it can improve the return on a long position without additional cash outlay. JMO. John