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To: Feraldo who wrote (64293)	9/15/2008 11:44:48 AM
From: Keith Feral	Read Replies (1) \| Respond to of 118717

I'm very skeptical about the near term performance of commercial real estate and energy. The problems with commercial real estate are totally obvious - leverage. The problems with energy is commodity pressure and leverage. I can't figure out a strategy for commercial real estate since the equity is being liquidated. Dumped all my closed end funds last week. $90 looks like an obvious level to start looking at the oil names, if not $85. It really depends on the direction of Brent closing in on $90. If the stocks are discounting $80 oil, there is plenty of time to get back into these names. Seems the market is playing a cruel joke this morning with some non banking sectors trying to hold up. I'm sitting on the sidelines to see what GS has to say about earnings. With oil, nat gas, and oil all making new lows, the value in oil stocks is still a ways off. Once the price gouging is over from the refineries, people are going to be paying around $3.25 a gallon based on futures getting down to $2.60. I wouldn't be surprised to see gas prices under $3.00 this fall.