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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Saulamanca who wrote (58871)	9/11/2000 9:11:19 PM
From: Rick Hay	Read Replies (1) \| Respond to of 99985

Jim, You bet. Now I remember this last year and some one said the "C" word and jinx'd it for us all so everyone please be quite about it this time! Let Les, LG and BB make the call. By the way, oil is going up primarily because there isn't enough of it. Supply has failed to keep up with demand. Rig count in Western Canada is still in the 300's far below the 500's in the peak times. The Saudi's only have 15 rigs operating in the whole country and it's going to take a few months to bring in and fire up more rigs. This latest increase of 800,000 bbls / day is a joke since the member constituants of OPEC were already cheating in excess of 700,000 bbls / day. Venezuela is maxed out. I know because I have collegues that drill down there continually. If anything some drilling activity is shutting down because there not finding the oil they had hoped for with all those big leases they doled out 2 years ago. If anything the world wide rig count is dropping! iadc.org These guys in Washington are just using mass hypnotism to make us feel like good about the Clinton administration when in fact it's going to be a very expensive winter ahead for all of us, hmm.. seems elections end just before winter sets in, what's that tell you! Some have argued that today's run up is a technical issue due to people covering there shorts. Uh,... yah, sure <g> Here's a dooms day page for anyone interested. Looks like we'll have to see a very hard run up and then a very hard sell off to pop this bubble though. The NDX is easing down too gently and the the longs are getting out in a orderly panic still to perserve capital. markettrak.com cio Rick