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To: The Perfect Hedge who wrote (5860)	8/14/1998 5:26:00 PM
From: Ms. X	Respond to of 34824

The sector is at very, very mucho way low levels. It is one we are watching very carefully. Lot's of things to buy when the time comes. Maybe you can even ask Santa???? :-)

To: The Perfect Hedge who wrote (5860)	8/14/1998 5:28:00 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 34824

Beeblebrox, SLB just broke a double bottom and RS just pegged another O. Sector BP on a broken double bottom. Doesn't look to me like it's time to get back in yet. Maybe they'll end up like precious metals where they hover around 10% for a year or two. OT

To: The Perfect Hedge who wrote (5860)	8/14/1998 5:29:00 PM
From: Judy	Read Replies (1) \| Respond to of 34824

Well done on the CIEN puts today. btw, what was Mike Burke's downside target for TLABs? Value buyers should be nibbling at these levels now.

To: The Perfect Hedge who wrote (5860)	8/14/1998 5:45:00 PM
From: KM	Respond to of 34824

Comment from the column in Street.com a few days ago regarding possible plays in oil service: "This year's decline in oil services takes my breath away. The plunge in the OSX index is dizzying. Recently you wrote an article about the sector asking, "Where is the ax?" Implicit in the article was that one has not existed. None of the best known analysts guided downwards. But there is one analyst I spoke with early this year who guided me correctly on oil services and kept me out of the sector. You know his name. He is better known than all of the young hotshots who have missed the mark. He is retired now, but as sharp as ever on the sector. You ought to consider having a guest column by him or interviewing him. I trust his advice. I am talking about Charley Maxwell. He told me at the beginning of this year that we would be awash in oil and that for the first time in our history we would be turning oil imports away, something I saw Bloomberg exclaiming about in the last six weeks. Charley's current advice? Stay out. We have further to go, and it may still be further than people think. You may or may not agree with his current advice, but he was accurate for me when all of the other Pollyannas in the sector were wrong." Submitted by a reader.

To: The Perfect Hedge who wrote (5860)	8/14/1998 6:56:00 PM
From: Dennis J.	Respond to of 34824

I expect a lot of people are screaming about this sector, and it's not "buy". Best to wait until it reverses up, or even breaks its first DT. There will still be lots of room to run. I don't see anything out there to drive oil and gas prices higher over the next few years. La Nina, a possible exception.

To: The Perfect Hedge who wrote (5860)	8/15/1998 10:28:00 AM
From: Teddy	Respond to of 34824

Glen, please stay away from that sector! It gets worst every week: FOR IMMEDIATE RELEASE August 15, 1998 Rig count tumbles HOUSTON: Continued softness in U.S. Gulf rig demand resulted in another week-to-week decline in offshore rig counts, according to Offshore Data Services' weekly mobile offshore rig count. The U.S. Gulf rig count tumbled by four rigs since last week and now stands at 144, its lowest level since November 1995. Teddy's note: look at where those stocks were in 1995 to see how low they can go: they're not even close to a bottom. My guess is 30-50% more down side from here. U.S. gulf rig utilization is 82.8 percent. European offshore rig utilization is unchanged at 96.5 percent, however one rig departed the area, reducing the total European offshore drilling fleet to 113 rigs. This week, 109 rigs are under contract in the area. The worldwide rig count's four-rig decline resulted from declining Gulf of Mexico rig demand. This week, 550 of the world's 609 mobile offshore drilling units are under contract. Worldwide offshore rig utilization is 90.3 percent.