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To: SliderOnTheBlack who wrote (36492)	2/2/1999 7:19:00 AM
From: SliderOnTheBlack	Read Replies (3) \| Respond to of 95453

Time to take the ''contrarian'' temperature here; anyone buying today ? fwiw; I've set hooks @ VTS 11 7/16 & 10 5/8 PGO 12 3/8 RIG 24 1/4 RON 21 3/4 FGI 9 11/16 WFT 16 7/16 GLBL VRC NOI OII and especially SDC not quite there yet; and ahhh FLC - hmmmm, what do I do with FLC here ? - me, still looking for that GLM, or APA-esque 8-10 million share blowout, I like FLC here, but think someone may capitulate here, if not - I'll buy FLC with my ''bounce'' money made from other trades on the way up... C'Mon OSX 45 intra-day - lets do it & get it over with ! Buckle up boys; ride #4 is about to start; same behavior, same fear, same spin, same selling, same posts; better crude & economic fundamentals - imho... Now repeat after me; fear is our friend, fear is our friend, fear is our friend... <VBG>.

To: SliderOnTheBlack who wrote (36492)	2/2/1999 8:08:00 AM
From: marc chatman	Read Replies (2) \| Respond to of 95453

<<RIG selling at a lower multiple to DO ? - a market anomaly there to BUY imho>> Perhaps. I've always been a big fan of deep water, and RIG in particular. But the fact that they have so many rigs coming off contract this year is a wake-up call. What's going to happen with those semi's? Will RIG look to lock in new long-term contracts, at what is almost certain to be much lower day rates? It maintains the certainty of earnings, which has made RIG a favorite (relatively speaking), but limits growth potential over the medium term. Or will RIG look for short-term work so that they can take advantage of better dayrates if/when the market comes back? Or (and this is most likely) will they just take what the E&P's offer? And what will that be? It's been some time since I've examined DO, so I don't know their contract situation. But with RIG looking vulnerable, I don't find it surprising that some investors may prefer DO to RIG. Regarding MER's dumping, check out the volume yesterday in BR and APA. Those were 2 of the top 3 holdings in those MER funds (per my post yesterday). Also check GLM, another top 10 holding in those MER funds. It doesn't look like the selling has tapered down quite yet (at least in those stocks as of yesterday's close). And, since we are into February, it's clear that MER had no end-of-month timetable to complete its fire sale. Caution is advisable. Last, but not least, the broad market looks very vulnerable. Of course, I'm of the belief that OS will not benefit from a market pullback. I don't think there is going to be "sector rotation" into OS. I do believe that if the favorites are taken down, that's where the money will flow first. My favorites in OS currently are VTS, RON and WFT. I already have solid positions in FLC and FGI (guess I didn't catch the bottom). The other OS stock which interests me is CXIPY -- but I hate thinly traded issues. And I'm eyeing APA and BR.