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To: tommycanuck who wrote (83138)	12/31/2000 5:44:15 PM
From: upanddown	Read Replies (1) \| Respond to of 95453

a lack of understanding about the ability of the industry to deliver on a perpetual basis. Great line, Tommy. I also agree that one reason why we are not seeing NG flush production is that much of the additional E&P is second-rate rigs, crews and prospects. I can't see the producers rolling over soon with this weather and earnings prospects. Maybe in a couple of weeks, especially if we get moderating weather trends. We are under 2TCF for the first time ever by year-end and if we just match last year over the next six reporting weeks (-168 avg), we will be under 1TCF by end of January with two months of draws still ahead. 1TCF could be an important sentiment point for the market since that is where we ended last winter. Looks like the stars are too much in alignment to expect an immediate sell-off at this point. Some of that fresh 2001 money has to wind up in the patch. John

To: tommycanuck who wrote (83138)	12/31/2000 11:36:09 PM
From: kollmhn	Read Replies (1) \| Respond to of 95453

Tommy- My, my, my. It seems like you are talking about fundamentals. I guess you think they do matter. They always matter, IMO . The only question is what to pay for them, isn't it? And by what you have offered, it should be very comforting to stay long, rather than bobbing and weaving for a few points, or so. When the imbalance of supply/demand shows the slightest sign of a macro shift, we should become concerned. Until then, we do have the wind at our backs and to go short is a fool's game, for many of the low multiple stocks. Yes, there are numerous extended stocks (high multiples) which may be subject to some serious correction. On balance, the risk in the short sale. For those that need to trade, wait for the January thaw.