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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (110133)	6/25/2001 8:00:08 PM
From: Archie Meeties	Read Replies (2) \| Respond to of 436258

Yes I have. A word of caution about inferring POG's leverage to nymex prices. They sell gas in the Northern Rockies, which as of today is fetched between 2.25-2.84 MMBtu! Yes, some of it is hedged. I've covered much of the layup shorts; EPEX, MHR, KCS. Not willing to play a bounce in e&p (which seems long overdue), just willing to keep shorting it. There remains one incredible layup short - KWK. It's trading at a cash flow multiple that no major should ever reach, let alone a microcap with poor production growth and high lifting costs. It's riding on the back of a promotion which featured its CEO on CNBC (reason enough to sell it), but time is not on its side. It is the most overvalued stock in the e&p sector, almost without peer. Should it really trade at 2x the cash flow multiple of APA? I don't think so. Which one of these squiggly lines seems wrong? stockcharts.com