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To: Zach E. who wrote (7675)	7/31/2000 11:42:09 PM
From: AllansAlias	Read Replies (1) \| Respond to of 436258

Zach, They had been shorting crude since forever. It became a habit. Shorting the S&P to this level has not been a habit. Something is amiss in the money machine.

To: Zach E. who wrote (7675)	7/31/2000 11:51:16 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

that is correct...but i submit that crude oil is very different from the stock market. the commercials in the crude oil market are well known for their inability to forecast their own market. i kid you not, the oil cos. are the best contra indicators you will ever find in any market. note how big commercials long positions marked stock market lows, and how the collapse in their NDX long position foreshadowed the collapse of that index. of course there's no guarantee that they will be right again - but for bears it is comforting to know where they stand at this time.