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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (12132)	1/28/1998 7:03:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 22053

NY ENERGIES CALLED HIGHER ON BOTTOMING ACTION, IRAQ QUESTIONS Futures World News - January 28, 1998 08:28 $1 ENERGY COMMENTS V%FWN P%FWN --Crude oil is called up 10 cents to 15 cents --Heating oil futures are called up 25 points to 50 points --Unleaded gasoline futures are called up 25 points to 50 points New York-Jan. 28-FWN--ENERGY TRADERS ARE PLACING WAGERS as to when the U.S. will strike back at Iraq's lack of cooperation. While not all sources agree that a military action by the U.S. is inevitable, the groundwork preparing the American people for U.S. air strikes against Iraq was laid out clearly by President Clinton last night in his State of the Union Address. "Sounds like the President is warming up the fighter jet engines," one trader said, while commenting on Clinton's pledge that Saddam Hussein cannot defy the will of the world and the U.S. is determined to prevent him ever using weapons of mass destruction again. Clinton did consult with British Prime Minister Tony Blair Tuesday before his address to the nation. He is sending Secretary of State Madeleine Albright to Europe and the Middle East to tell allies about a possible military response to Iraq's refusal to allow U.S. arms inspectors to complete their mission. Albright will meet with Russian Foreign Minister Yevgeny Primokov on Friday in Madrid. Primokov brokered the last standoff between the U.S. and Iraq in the fall. France and Russia refuse to support the U.S. warnings of possible military actions against Iraq. French officials today criticized U.S. chief arms inspector Richard Butler's allegations Tuesday that Iraq already has germ warheads loaded and has enough biological weapons to wipe out Tel Aviv. Butler was basing his conclusion on his predecessor's investigation of Iraqi weapons. Reports this morning also indicate that Arab allies oppose a military strike against Iraq, at least right now. Iraqi leader Hussein is counting on U.S. bombing to strengthen his hand at home and abroad, and that likely signals the confrontation will increase before a deadline is set. Traders said the Iraqi bounce has yet to confirm a major bottom is at hand. They say the energy markets still have plenty of overhead resistance to climb through before long-term bears will be ready to give up on the downside. They noted that surge in prices Monday merely took out the most recent shorts. But they also acknowledged that there remains a substantial speculative short position in the markets that may be tested if prices can close above this week's highs. More to follow...