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To: Crimson Ghost who wrote (41792)	4/7/1999 4:50:00 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

It's the mutual funds causing the problems (too much cash sloshing around). Expect a MAJOR meltdown in the DOW and blue chips later this year as individuals pull money out of funds in anticipation for Y2K. Internuts will get pulverized on a double whammy.

To: Crimson Ghost who wrote (41792)	4/7/1999 4:55:00 PM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

George, A news blurb on E&P stocks... PaineWebber ups target on oil stocks Short-term weakness still expected for crude prices By Emily Church, CBS MarketWatch Last Update: 11:51 AM ET Apr 7, 1999 NEW YORK (CBS.MW) -- PaineWebber raised its 12-month price targets on Wednesday for five oil companies, citing an improvement in crude oil prices. Analyst Frank Knuettel raised his targets for Conoco (COC) to $27 from $25 per share.Conoco shares rose 1/8 to 23 15/16 in mid-session trading. Among his other expected price moves: Imperial Oil (IMO) to $21 from $18 (its shares edged 3/16 lower to 19); Texaco (TX) to $62 from $57 (the stock slipped 7/16 to 55 15/16); Royal Dutch Petroleum (RD) to $62 from $55 (shares rose 1/2 to 53 1/16); Shell Transport & Trading (SC) to $47 from $42 (shares inched up 1/16 to 40 5/8). Shares of oil companies have rallied sharply off lows in early March following the rise in the price of crude amid a pact by the major oil-producing nations to curb production. On Wednesday, the Chicago Board of Options Exchange Oils Index ($OIX) rose 0.1 percent amid gains in Exxon (XON) and Mobil (MOB). See Futures Movers. Industry analysts say the recovery in oil prices will remain linked to OPEC's ability to enforce those cuts. Knuettel said he continues to anticipate weakness in oil prices over the next several months, a development which may mean share prices will come down a notch or two. Despite that, he told investors he thinks that "the overall industry is better poised and perceived than just a few months ago." "Raising our longer-term target prices does not portend a change with regards to our outlook for the oil industry. We continue to believe that expectations by some oil industry observers regarding strong compliance with the recent OPEC agreement... are embedded in current oil price quotations."

To: Crimson Ghost who wrote (41792)	4/7/1999 5:25:00 PM
From: Gary Burton	Read Replies (1) \| Respond to of 95453

EW-My 2c- Initial drop from the 71.84 top was to 64.76 and equalled 7.08 pts... That was either Wave A of an ABC or Wave 1 of a larger 5 wave drop....Then we did a little blip up to 66.80. That was either Wave B of the ABC or Wave 2 of a larger 5 wave move....Then we started down again,ending at I think this afternoon or thursday am at(iii) of a 5 subwave move.(needs to do a little blip up then down again to complete)...Once complete, that will either be the end of C of an ABC (ie the end of the entire drop from the 71.84 peak) or the end of Wave 3 of a larger 5 wave sequence......IF this current dip prints below 59.72 the odds increase somewhat that this is only 3 of a larger 5 wave sequence (since the second shot down is greater than the first shot down of 7.08pts-- In a 5 wave sequence, the 3rd is often the longest wave)...So, 59.72 is one point I'm watching.....Even if it prints below 59.72, it could still be the end of the move down--ie it could still be an A-B-C. All I'm saying is that if the current dip prints below 59.72 one should become more cautious that it COULD evolve into a larger 5 wave move down. ---If of course the dip holds above 59.72 and then prints above 64.76, the odds then become much greater that we are then in a new upleg past 72 and to the next test which is at 77-80 . To be on the 'safe' side, wait until a print above 64.76 to go long. Shooters should wait for a little blip up tomorrow then another dip down below today's low. Then step in and hope it's a 3 wave ABC then completed rather than 3 of a 5 wave...At the moment it could be either. The only 'buy' signal at the moment is if and when the osx crosses above 64.76....fwiw