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To: Broken_Clock who wrote (21927)	5/13/1998 12:45:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

Anyone catch that mini-pop in the osx? It looks like it was focused on a few stocks (RON, among them) and on relatively small volume. Any news? Any theories?

To: Broken_Clock who wrote (21927)	5/13/1998 1:26:00 PM
From: Challo Jeregy	Respond to of 95453

Yeah, I heard those comments also. Too bad you don't have CNBC. Lots of talk, lots of news, lots of junk! Trying to learn P&F.%-{

To: Broken_Clock who wrote (21927)	5/13/1998 1:34:00 PM
From: pz	Respond to of 95453

NEW YORK, May 13 (Reuters) - NYMEX front-month crude slipped on a bout of selling that started around midday, but rebounded as it retested recent lows, traders said. "The market retested the technical support at $14.90," said Gerald Samuels, a trader New York-based Arb Oil. "The market is very quiet..it's close to recent lows but holding on," he said. At 1314 EDT/1714 GMT, June crude was off 20 cents at $15.04 a barrel. June heating oil was down 0.26 cent at 42.90 cents a gallon while gasoline was off 0.63 cent at 52.10 cents a gallon. Just after midday, the front-month crude dipped to $14.90, retracing Monday's low, but came back up again. "There has been some paper selling that has added to the pressure," said a Cargill trader. The market opened down, reacting to bearish stockbuilds on crude, gasoline and heating oil reported by the American Petroleum Institute (API) late Tuesday for the week ending May 8. Early Wednesday, the Department of Energy released its inventory data for the same week, showing bigger builds in gasoline and distillates, mostly heating oil, and a draw in crude that was almost opposite the API figure. Both API and DOE had practically the same data on refinery runs: down 2.7 percent for API and off 2.9 percent for DOE. Meanwhile, the market took as bearish a report from Caracas that it would take two to three more weeks to assess the impact of worldwide oil output cuts made in April. Petroleos de Venezuela President Luis Giusti said that the world oil market had stabilized since the cut which began on April 1. OPEC and non-OPEC producers agreed to cut their output by 1.5 million barrels under the Riyadh pact negotiated in March by Saudi Arabia, Venezuela and Mexico. Venezuela said recently there is need for additional cuts of about 500,000 barrels to shore up low crude oil prices. While talk among some producers had raised speculation of another quick action to address the issue, those speculations died down with denials of any possible fresh meetings between the oil chiefs of the three "Riyadh Pact group" nations. On Tuesday, a Gulf source told reporters in Damascus that OPEC kingpin Saudi Arabia does not object to further cuts and that steps could be taken even before the June ministerial meeting of OPEC in Vienna if oil prices worsened from where they are now.

To: Broken_Clock who wrote (21927)	5/13/1998 2:19:00 PM
From: Chuzzlewit	Read Replies (2) \| Respond to of 95453

PK, one of the major problems when folks make statements like "the valuations are too high" is that they relate to specific valuation models. But that's not the way it should be. The valuation models should be based on observation of markets and be predictive of the markets. Maybe what the market is really telling us is that there is something wrong with the models. For example, if the cash inflows from 401Ks and IRAs is the principle driving factor for the market, why aren't macroeconomic data included in typical market valuation models? Why do the models simply stop with the choice of an appropriate discount rate? Isn't it true that if cash inflows dictate the capitalized value of the market, then the forecasts ought to depend on such things as the employment outlook, savings rates and investment rates? Just some thoughts as I watch Dell soar past $98 <VBG> TTFN, CTC