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To: Jon Cave who wrote (37201)	2/10/1999 10:48:00 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

Jon, I think we still have a few weeks of negative sentiment ahead of us. So much of the market's perception is hanging on the March OPEC meeting. Without a serious attempt by OPEC to show a unified front against low oil prices, we could be in for a few more months of negativity. I am not convinced we are at the bottom.

To: Jon Cave who wrote (37201)	2/10/1999 11:47:00 AM
From: SargeK	Read Replies (1) \| Respond to of 95453

Jon, " I took all this to hopefully mean we are at the bottom." WTI Crude bottomed in December. A year from now, people will be looking back, and wondering where their "heads" were when the evidence is already clear and convincing that demand is up and increasing and supply growth has been brought under control. I still expect the unexpectable and it is not a question of " if", but "when" P/Es in the OSX recover to or exceed todays' general market norms. A recovery to "normal" P/Es in the sector would for many issues be a double bagger. The selling spree is over, the bottoms have been tested and most of those wishing or having to sell have already done so. All that is needed is "unexpected" good news to release latent, pent up demand. The up swing may be as sudden and drastic as was the disaster in the Fall of '97. K