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To: JungleInvestor who wrote (42273)	4/15/1999 2:12:00 PM
From: Linkdog	Respond to of 95453

OSX nearing high for the day 5+% gain so far. Would be nice to see a nice surge into the close....

To: JungleInvestor who wrote (42273)	4/15/1999 2:36:00 PM
From: SliderOnTheBlack	Read Replies (3) \| Respond to of 95453

GeorgeC; I wouldn't be too quick to discount a retracement here - CNBC has just shown some interesting charts on the rotation to cyclicals like Cat, Deere, Intnl Paper, Alcoa and the rotation out of telephones - ATT, Drugs Merck, Nifty Fifties like Wal Mart etc. I think a lot of today move - as shown by HAL & SLB leading the way is from general fund managers rotating into undervalued cyclicals. Some short covering as well as the moves up on moderate volume indicates short covering and non energy fund buying; as the energy funds ''work'' the stock better than this when entering. Once again; the hedge funds/traders - get tipped when the Street moves - they stepped asided/covered shorts as the cyclical rotation occured today; but bet your ass, once this subsidses they will lean on us heavy as they know the big energy funds are NOT big buyers here yet. The buying support could quickly fade and the shorts will lean on us once again. I do not expect to see energy funds buying heavy here - I fully expect them to want to see the earnings season unfold here and the Street wants to see what OPEC does compliance-wise with the new cuts. If they see OPEC complying - then they know crude prices will stick and that the Oil Majors will open up the Cap Ex purse... I do not see them moving the OSX up here prior to the OPEC reporting. We still have 3 weeks untill earnings are over & OPEC reports - I still expect a break of OSX 60 - expect OSX 58ish and 55 would not be a surprise. As I am 75% invested here - I am as happy as anyone, but I am also happy to have 25% cash and margin to buy any retracement and I am equally happy to be heavilly weighted in E&P's/Integrated Oils that do have the earnings support near term. Time will tell - there is more than one way to win; and buying and holding through these trading ranges is the thing to do for 75% of people - no problem with that. I just would not expect either longterm posters here, or the Energy Funds to be buying here; prior to earnings reporting and OPEC's compliance.... we've all had many chances to buy all we wanted cheaper than these levels. I am not yet convinced that I will not be able to buy most OSX stocks - especially high flyers lke SII CAM HAL cheaper in the coming weeks... FLC is a ''trader'' - I would dump it in a heartbeat on a rig cancellation, or on bad technicals, but I like the risk/reward picture here... PGO showing strong buying support - excellent behavior today & RIG is still the most mispriced OSX component other than PGO - these 2 stand out like a sore thumb imho. These are the only 2 I could see chasing upward here.... JungleInv. - SEV is a fascinating story; bottomline - stories sell ! an ideal situation for trading; SEV imho is far from out of stories - they have plenty of ''sizzle'' to sell - In at $3 5/8's and looking at $5 & $7 targets nearterm....