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To: sand wedge who wrote (8222)	4/16/1999 4:04:00 PM
From: The Ox	Respond to of 14427

I take my hat off to the specialists! VTSS closes exactly at 45 and GALT at 25. Gee, what a coincidence.....I think not!

To: sand wedge who wrote (8222)	4/16/1999 4:20:00 PM
From: Thean	Read Replies (1) \| Respond to of 14427

Sand, SEBL closed near 35, MERQ at 27 1/2, CLFY at 20. Coincidence? I think NOT. Their premiums were one of the fattest and call/put sellers again won the battle. Oil breaking above $17 is important. If you still have FGI, I would not sell it as this oil play as well as the general commodity play will not sink it too soon. We may get a dive if OPEC cheat numbers are not good but people will be back for more. I remember this series of short upward cycles in the winter of 1996/97. Of course the situation was different then (rising dayrate became known then) but the moral of the story is there was a 40% selloff after they temporarily peaked in that upward march. People bought them right back after that selloff and they went on the fantastic 1997 summer rally after that. The parallel here is oil price (versus dayrate then). The risk is there will be a ceiling and a sharp profit taking will take place when that ceiling is reached before actual rig utilization/dayrate hike (requires upward e&p spending from major) do not materilize.