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To: The Perfect Hedge who wrote (7789)	1/13/1998 12:14:00 AM
From: David Spruiell	Respond to of 95453

Good news from Canada Monday January 12, 7:03 pm Eastern Time Canada oil stocks close up for first time in 1998 CALGARY, Jan 12 (Reuters) - Canadian oil and gas stocks ended higher for the first time in 1998 on Monday, but analysts were not predicting the gloom cast over the industry was finally lifting. ''All I'm telling people is that valuations are pretty much rock-bottom at the moment, but that's not to say they can't go lower,'' said analyst Robert Hinckley, who follows the Canadian oils for Merrill Lynch & Co in New York. ''But in a long-term sense, we're at the bottom of the cycle right now.'' The Toronto Stock Exchange's Oil & Gas subindex was up 70.09 points, or 1.23 percent, on Monday to close at 5,752.64. That level is about equal to the sector's value in early October 1996, and down over 28 percent from its October 1997 high of 8,031.57. A steep decline in world oil prices, caused by fears of oversupply and a cut in demand as a result of Asian financial crises, has been blamed for the battering Canadian oil shares. ''We've gone from the penthouse to the outhouse,'' the chief executive of one large Canadian oil and gas producer told Reuters on Monday. However, several companies on Monday gained back some ground lost since December. Hinckley said he predicted a 1998 average benchmark West Texas Intermediate oil price of US$19 a barrel and a gas price at about the same level as 1997. ''We're looking at (current) valuations that are just over four times cash flow and about 85 percent of net asset value, and they don't get much lower than that,'' he said. NYMEX WTI crude closed down 16 cents on Monday to US$16.47 a barrel and natural gas eased by just over four cents to end the day at US$2.002.

To: The Perfect Hedge who wrote (7789)	1/13/1998 2:10:00 AM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 95453

Glen; RE:" OSX.X " >>Hold On, cowboyz - she's gonna buck us on up from OSX ~89 to: ~94, ~99, ~107, tops... >94, 97, 107 are the next stops for the osx? Is that what you have on your charts ? geocities.com FWIW, here's about where the magic lines are, Glen... 107 = DownTrend Line 99 = last horizontal support 97 = Intra-DownTrend Line 94 = fibonacci level << 89 >> curent horizontal support ~85.5 = next horizontal support 73 = BaseLine ...I disagree with Donald slightly - Friday was not the bottom or buy point for the OSX - today @ 89 was. Any further weakness (from here, ~89) would have to be considered a complete breakdown of the market - where technicals and fundamentals become irrelevant. I expect the OSX to bounce up from here to one of the resistance levels, top out, and then go back down again. What would you call today's candlestick on the OSX, Glen - an inverted Hammer ? BTW, March crude futures are CL98H for this chart generator... quote.com -Steve