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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (2431)	10/5/2001 4:39:48 PM
From: isopatch	Read Replies (3) \| Respond to of 36161

COTs and lease rates continue to be uninspiring. cftc.gov Commercials increased their net short position for the 3rd consecutive week. Not by very much this week. Howerver: 1. The net short positions is very large by historical standards. 2. Looking at activity by commercials over the past month, that trend is not our friend. At least for the short to intermediate term. Definitely in the LT bull camp. So, comfortable with large core positions, that are nicely profitable here. But in the short to intermediate context, keeping some dry powder in case we see more consolidation makes sense to me. Baring another "Event", 1 & 2 above PLUS the very low lease rates sustained every day this week should keep rallies modest and increase the probablilty of more consolidation in both time and price before the next up leg. thebulliondesk.com (note: 5/10 is how the Brits and most Europeans render October 5th) Isopatch