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To: Broken_Clock who wrote (25192)	7/6/1998 4:03:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 95453

overall another devastating day in the osx...I'm starting to wonder what will happen if we break support at these levels. I think if we do that another 30% haircut is possible and that is a scary thought. Still long DO...and hoping earnings will carry us through.

To: Broken_Clock who wrote (25192)	7/6/1998 4:11:00 PM
From: marc chatman	Read Replies (2) \| Respond to of 95453

A very strong day for the shorts. They didn't even make a token effort to cover positions prior to the close. I suppose they don't want to miss the possibility of a gap down opening tomorrow. Since we are in reasonable proximity to the next futures contract delivery date, and since there is a likelihood of dismal forward statements accompanying earnings releases, I suppose the shorts will try to grind the service stocks into dust over the next couple of weeks. I don't see any news or fundamentals which could support the sector this month. All the likely news is negative (including the probability that OPEC cuts will fail to prop up prices). I'm guessing the only thing holding stocks at these levels is the perception by some investors that they are oversold and at bargain levels. Another round of bad news could change that perception in a hurry.