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To: IQBAL LATIF who wrote (17521)	3/22/1998 1:17:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 50167

IQ, obviously this news is bearish for the TRANS but do you believe this combined w/ slowing earnings could be the catalyst to cause the broader mkt to correct somewhat? BTW-- nice to have you over at MBK :) Saudi, Venezuela, Mexico arrange oil rescue package DUBAI, March 22 (Reuters) - Producers inside and outside the Organisation of Petroleum Exporting Countries (OPEC) are to cut between 1.6 million barrels per day (bpd) and two million bpd of oil from world markets to restore prices, a joint statement issued by Saudi Arabia, Venezuela and Mexico on the official Saudi Press Agency (SPA) said on Sunday. "The three Ministers decided to undertake an effort together with the rest of OPEC members as well as non-OPEC producers to withdraw from the market an amount of 1.6 to two million barrels per day," the joint statement said. The statement was issued after oil ministers of Saudi Arabia, Venezuela and Mexico met in Riyadh on Saturday and Sunday. The statement said a commitment had been made by "several producers" to cut 1.1 million bpd and that discussions would continue on further reductions in coming days. Following that statement, Saudi Arabia said it had committed itself to cutting its own production by 300,000 bpd. "Saudi Arabia has decided to reduce its oil supply by 300,000 barrels per day from its current level," a separate statement released by the Saudi Ministry of Petroleum and Mineral Resources said. Saudi Arabia currently produces around 8.7 million bpd. ((Gulf newsroom, +971 4 607 1222, fdi Press Agency (SPA) said on Sunday. ''The three Ministers decided to undertake an effort together with the rest of OPEC members as well as non-OPEC producers to withdraw from the market an amount of 1.6 to two million barrels per day,'' the joint statement said. The statement was issued after oil ministers of Saudi Arabia, Venezuela and Mexico met in Riyadh on Saturday and Sunday. The statement said a commitment had been made by ''several producers'' to cut 1.1 million bpd and that discussions would continue on further reductions in coming days. Following that statement, Saudi Arabia said it had committed itself to cutting its own production by 300,000 bpd. ''Saudi Arabia has decided to reduce its oil supply by 300,000 barrels per day from its current level,'' a separate statement released by the Saudi Ministry of Petroleum and Mineral Resources said. Saudi Arabia currently produces around 8.7 million bpd. 08:49 03-22-98

To: IQBAL LATIF who wrote (17521)	3/22/1998 1:17:00 PM
From: Jerry Olson	Respond to of 50167

Ike sure this could happen because of momentum and exhuberance...But, as earnings start to pour in at the begining of Apr, i would be careful of this sector,,, Ike what is the 20dma of the DOW!!!! and at what number would you consider a true reversal in this current trend... Thanks, Jerry

To: IQBAL LATIF who wrote (17521)	3/22/1998 4:04:00 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 50167

Hi Ike: What's your opinion on interest rates? I've posted I expect the long rate to drop while the FED may actually raise soon. We can have the short rate higher than the long. OIL and comodity prices continue to slip downward. Pricing pressure is going strong (keeping basic costs down) in manufacturing and financial services. This is being recognized by the market but the long rate still has room to run down. From a TA perspective I'm not sure how far but 5.5 % is not far away and even breaking 5.8% will push this rally higher. Not sure what this means for the semi's but the economy is still going great guns in CT and this was one of the states to stay in recession the longest and will feel a slow down early. On OJ's post I'm not sure about China but Japan can have some issues after March (then again they've pushed there problems out this far and if they can continue for another decade they'll be able to grow out of their problems). How is Europe? Indications here are things are picking up (i.e. US exports). Hope all is well. I now have to go back to tax returns <gg>. Tim