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To: SJS who wrote (270)	5/15/1998 12:18:00 PM
From: Thean	Read Replies (3) \| Respond to of 14427

Steve, the drillers are breaking down technically if the market closes now. With the driller of interest near $21 is not healthy. All these are primarily driven by oil going below $15 and the fear it won't stop there, with one month of OPEC doing nothing (pretty certain) which simply delay the correction of the oil glut. Therefore, the first leg at $20 is OK for now but if we have to have another U to complete a W, $20 may not not be safe either. And if we get the W, then it will be a while before we see 25. I'm too unsure of the oil development currently to want to take a position per your suggestion. When in doubt - do nothing. But since the drillers are at a critical support point here I'm paying extra attention. Today is option expiration so the swing can be larger than usual. The key I feel is still oil, whether it closes below, at, or above $15. I am clear of any driller right now. Friday and all, too risky at this point to hold drillers. Let me know what you did and how you figure this argument. Private if you want.