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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: gregor who wrote (32460)	12/4/1998 3:48:00 PM
From: Douglas V. Fant	Read Replies (3) \| Respond to of 95453

gregor, Holy shit! I've been studying the service stocks carefully the last two days and thinking about them and how they relate to the massive breakout of tech/telcomm stocks over the last nine weeks. Techs and telcomms lead the market(Did anyone buy AFLX which I suggested at $2 3/4 share nine weeks ago when it sold at 1/2 of book value or SCI at $22 share which had a P/S Ratio of 0.2!? Check 'em out now!!) both on the upside and on the downside. Energy Service stocks are either followers or countercyclical in nature. I'm beginning to think that the OS Stocks are getting ready to follow the tech/telcomm crowd- maybe after this correcive/tax loss selling period passes. Why? because the OS Stocks are now profiling just like the tech stocks before their huge explosion. Gosh! Look at ESV!! Selling at book value (note debt downgrade however)! Look at SLB or BHI- selling at 52-week lows. WFT sells at a P/S ratio of 0.7! Or RON's B/D just authorized buying back 20% of the entire float of the Company! (Note: Someone also just made a huge upside bet on RON buying 200 Dec 25 calls- now who knows what???)..... No guarantees in this world and we may not see 350% in two months on our money like we did in AFLX or 150% on our money on SCI. But man! These OS stocks look really cheap and sentiment on OS Stocks is negative, negative, negative! To me that means anyone who was going to sell their OS shares, already has. IMO it's time to buy, even if we are ein the middle of a correction here... So I started to day with RON, and will "eyeball" others tomorrow..... Sincerely, Doug F.

To: gregor who wrote (32460)	12/4/1998 3:52:00 PM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

Updated Fri Dec 4 09:44 ET NYMEX Oil Pre-opg: Crude seen up on OPEC, Venezuela elections OPENING CALL: Crude oil futures: Up 10 cents per barrel Heating oil: Up 15 points per gallon Gasoline: Up 15 points per gallon By Karyn Peterson, Bridge News New York--Dec 4--NYMEX energy futures are expected to open slightly higher today in more short-covering ahead of the weekend's presidential elections in Venezuela, and following news that Norway is considering extending its oil output cut of 100,000 bpd beyond 1998 (Story .9995). * * * "Nobody wants to get caught short," a broker said, noting anticipations that leading Venezuelan presidential candidate Hugo Chavez will be elected this weekend. Chavez said earlier this week that he supports oil output cuts and is in favor of full OPEC compliance. But some brokers say any upside movement will likely be limited by Thursday' report that OPEC-member nations raised November oil production levels by about 500,000 bpd. Jan crude on Thursday had rallied early in the session but later erased those gains on the report, which showed compliance with pledged output cuts at around 74% in November, compared to October levels of over 90%. Support for the nearby contract is pegged at around $10.82-$10.85, the lows from Monday and Tuesday. Meanwhile, resistance is seen at around Thursday's high of $11.65. NYMEX Jan crude (CLF9) ended the overnight Access session up 11c at $11.30. Jan heating oil (HOF9) ended up 23 points at 32.65c, while Jan gasoline (HUF9) ended up 14 points at 34.65c. IPE Jan Brent crude (OILF9) last was up 10c at $10.28. UPCOMING: --Jan crude futures expire Dec 21, while Jan crude options expire Dec 16. --Jan product futures expire Dec 31. Jan product options expire Dec 28.