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To: jim p. holcomb who wrote (3402)	11/20/1997 7:56:00 PM
From: Thean	Respond to of 95453

Heh, like to see you two "old enermies" (for lack of a better word) exchanging friendly note again. I see, one can be a republican and another a democrat but when it comes to being American, the common enermy gets flamed. <gg>

To: jim p. holcomb who wrote (3402)	11/20/1997 8:15:00 PM
From: Tom L. French	Respond to of 95453

Thean Thanks for the thanks. I know what you mean about these funds taking profits. I haven't tried to follow a sector this closely before, but I am really struck by how there seems to be a lag between events and impact on the stocks. For example, with stock tops they usually first lose momentum, then round off some, start heading down... and finally drop like stones; and with external issues, like a possible drop in demad for oil, more people are now talking about it, but it's been there for awhile... it's not news. So when it comes to change, when people realize it, it has already happened. I guess the herd mentality has built into it a kind of lag from when the leaders start moving to when the others do... something like cars in a long line at a traffic light when it turns green. I say all this because I think there must be an application to catching the lows (falling knives) in a sell off like this... if you wait til the herd moves, you are late. So, where should we look in these stocks for the first moves, those which will then be followed by the herd? Tough call, eh? Today, I didn't see any leadership. Maybe we could say there was some disapation in selling pressure. DO turned up ok, but faded some. SLB turned and faded back to its window. Etc. The beat goes on.... TomLF