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To: BigBull who wrote (35113)	1/14/1999 5:36:00 PM
From: Platter	Respond to of 95453

CARACAS, Venezuela (AP) - Venezuelan President-elect Hugo Chavez has received an invitation to meet with President Clinton in the White House later this month, the U.S. Embassy in Caracas said Thursday. Chavez had been barred from entering the United States since leading a failed coup attempt in 1992. U.S. officials lifted the ban after Chavez's landslide victory Dec. 6. The White House meeting is scheduled Jan. 27. In a television interview from Bonn, Germany on Wednesday, Chavez confirmed the upcoming meeting with Clinton.

To: BigBull who wrote (35113)	1/14/1999 5:40:00 PM
From: Platter	Read Replies (3) \| Respond to of 95453

By Patrick Crow, Energy Policies Editor, Oil & Gas Journal January 11, 1999 Higher prices seen The U.S. Energy Information Administration has predicted the price of imported crude will rise from about $9.25 last December to about $13/bbl by year end. In its latest short term energy outlook, EIA said world oil supply is expected to increase only 600,000 b/d this year, while demand is expected to grow at a faster rate than in 1998, indicating an end to the build-up in world oil stocks seen since 1995. It said U.S. demnd alone should increase 500,000 b/d, or 2.9%, in 1999, assuming a return to normal winter weather patterns. BP-Amoco complete merger The U.S. Federal Trade Commission has allowed British Petroleum Co. plc and Amoco Corp. to merge if they sell 134 gasoline stations and nine terminals, and allow more than 1,600 independent gasoline stations to switch suppliers. On Dec. 31, 1998, BP and Amoco completed the $53 billion merger, which was announced Aug. 11, 1998. The commission determined BP's and Amoco's operations do not overlap significantly in oil and gas production or petrochemical manufacturing. But it had concerns about the wholesale sale of gasoline in 30 cities or metropolitan areas in the eastern U.S. and the terminaling of gasoline and other light products in nine markets. FTC said entry into the wholesale gasoline market is difficult. Gas pipeline boom The U.S. Energy Information Administration said planned gas pipeline development and expansions could add as much as 16 billion cfgd of capacity to the national transmission network over the next 2 years (1999-2000) at a cost of about $9.5 billion. EIA said while all of the proposed projects may not be built because of changes in market conditions, total expenditures are expected to far exceed the $5.1 billion invested during the last major period of new pipeline development in 1992-1993. Relief Package Energy Sec. Bill Richardson is considering steps the U.S. could take to help independent producers through the current oil price slump. A DOE task force has recommended several options, including buying oil for the Strategic Petroleum Reserve, emergency loans for independents, and tax incentives to maintain marginal production. Richardson plans to propose a relief package in early January. He told a meeting of oilmen in Washington, D.C., "I know the industry is hurting. We are DOE are on your side. I hope it translates into something tangible. Give us some time to develop a policy." Separately, Richardson said he would visit Saudi Arabia in February to encourage the kingdom to allow western oil companies to invest in exploration and production projects there. Oil Price at Low The American Petroleum Institute reports November U.S. wellhead prices averaged less than $10/bbl, the lowest level in more than 50 years when adjusted for inflation. API said, "November's wellhead prices were more than 40% lower than a year earlier. These low prices have resulted in widespread oil company budget cuts, especially in the exploration and development of petroleum in the U.S." API's monthly statistical report said U.S. oil output was 6.252 million b/d, down 3.2% from November 1997. It said consequently, only 190 rigs were active in November, the lowest number on record and a 50% plunge since November last year, according to the latest Baker-Hughes Inc. rig count. "By contrast, there were usually 300 to 400 rigs drilling for oil in the U.S. between 1992 and last year, and even during the late 1980s oil bust rigs drilling for oil exceeded 750 at times," API said. 1999 Gas Use The American Gas Association projects that U.S. gas consumption will reach a record 23.2 quadrillion BTUs (quads) in 1999. It said an anticipated return to normal weather patterns should put the industry back in line with the growth pattern of the past decade. AGA said U.S. gas consumption fell 2% in 1998 because, based on the first 10 months of the year, it was the second warmest year since 1895. Most of the growth in 1999 will occur in the residential market, where AGA expects a 13% increase to 5.3 quads. "More than two of every three new homes built in the U.S. in the past few years feature natural gas heat. With this high growth rate, gas utilities are projected to reach 56 million homes by the end of 1999, up from 55 million in 1997."

To: BigBull who wrote (35113)	1/15/1999 12:23:00 AM
From: Gary Burton	Read Replies (2) \| Respond to of 95453

Big--re EW on osx stocks--In most cases they went down from the all time highs in an A-B-C where the A down was a 5 wave, followed by a 3 wave B up and we are now nearing the end of a 5 wave C down(C must be 5 since A was, to keep it simple).--- So far on the C, we have quite clearly already done subwaves 1down-2up-3down hard. I am becoming increasingly suspicious that we only just completed the 4up a few days ago (after 4-5 months of 'sideways' movement that look to some like triple bottoms etc)--and we are now in the midst of a 5 to slight new lows.(eg most gapped down)---- Why do I say this? Mainly because 4's are usually complex corrective waves not simple zig zags up. It is quite common in dealing with 4's that they will do an a-b-c up followed by another a-b-c down, maybe even slightly below the start of the first a-b-c, and then be followed by the last wave up to complete the pattern (like a 'flat' sideways movementwhen looked at in totality). They eat up time and give the oscillators enough time to work off their oversold condition. The telltale sign is when the second a-b-c down to then new lows looks like a THREE wave structure and not a FIVE wave. If it was a 5, then that would have been wave 5 of the entire C Wave referred to at the beginning of this piece (with the 4 ended earlier)-but if a 3 wave, it is NOT and instead still part of the same wave 4 that we have been in for 4-5 months.---This is what concerns me in looking at a number of the osx charts. I am now very cautious that all we witnessed in the last few weeks was the end, finally, of wave 4up, within a 5 wave structure (the 5th being the final move down. So, in contrast to a number of traders on this thread, i am not yet prepared to buy back in just yet. If, for example RDC managed to print 9.00 or a nit lower, that would be a new low and the end of the 5th wave I referred to above. ---I'm not wedded to this stance, just 60/40 in favour of new lows on many stocks. Until i see deeper reteacements, I'm not yet prepared to dive in. I do not like to see downside gaps at this point in the downtrend. Gaps down often portrend more weakness to follow (ie start of the 5the wave down). My 2c