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To: SliderOnTheBlack who wrote (27148)	8/5/1998 6:34:00 PM
From: Snowshoe	Respond to of 95453

Oil shrugs off Iraq to end lower, gold falls Wednesday August 5 6:13 PM EDT NEW YORK (Reuters) - Oil prices seesawed nervously Wednesday before closing lower as traders doubted that a fresh rebuff by Iraq of United Nations arms inspections would pose any immediate threat to abundant world oil supplies. At the New York Mercantile Exchange, oil prices finished lower in a late sell-off after trading higher most of the day on jitters about a revival of U.N. tensions with Iraq. Crude for September delivery closed 7 cents lower at $13.68 a barrel after rising as high as $14.15 earlier in the day. The late selling came after Saeed Hasan, Iraq's deputy U.N. Representative, said in New York that Iraq's "oil-for-food" deal with the U.N. would continue despite this week's flap over U.N. weapons inspections. Under the deal, Iraq is currently exporting an average of 1.8 million barrels of oil a day to raise funds to buy food, medicine and other non-military supplies. Earlier Wednesday, Iraq's parliament voted for an immediate suspension of U.N. arms inspections. This came one day after chief U.N. arms inspector Richard Butler cut short his visit to Baghdad, refusing a demand by Iraqi Deputy Prime Minister Tareq Aziz to declare the U.N. mission accomplished. "The (oil-for-food) sale has nothing to do with that," Hasan said. "There is no linkage at all." Reaction from the Clinton Administration to the latest Iraqi resistance to inspections was muted, leaving no clear indication that U.S. military forces in the Middle East Gulf might prepare a strike against Iraq for noncompliance with the U.N.'s inspection of all Iraqi weapons sites. The lack of any clear threat to Iraq's continued shipments of oil or production base left traders once more eyeing swollen oil supplies. In a weekly report issued late Tuesday, both crude oil stocks and heating oil stocks rose in the week ended July 31, while gasoline stocks fell far less than expected. September heating oil closed 0.47 cent a gallon lower at 35.77 cents and September gasoline 0.35 cent a gallon lower at 41.94 cents. dailynews.yahoo.com

To: SliderOnTheBlack who wrote (27148)	8/5/1998 7:02:00 PM
From: waverider	Read Replies (2) \| Respond to of 95453

How about buying something that is at support, is large cap and has solid fundamentals that the market agrees with including REAL growth, not cyclical swings...instead of continuing your suicidal averaging down again? May I suggest: -Home Depot down from $49 to $40. -Qualcomm down from $71 to $58. -Cisco is pricey, but it appears as if the market will tolerate that. The market told me that it wouldn't correct anymore so I picked up some today myself. I admitted my mistake in thinking the stock was overpriced and accepted the fact that the market disagrees with me. Go with winners, not losers based on pipe dreams of some hoped for future event. Instead of waiting a year or more for oil to turn around, why not make some money elsewhere? NE has corrected to the point I suggested the last time you flamed me a few days ago...$15-$16 with NO end in sight now. New lows again everywhere. Hello? Hello? <H>