Message-ID: <24294374.1075857649507.JavaMail.evans@thyme> Date: Sun, 13 May 2001 10:08:00 -0700 (PDT) From: john.arnold@enron.com To: stevelafontaine@bankofamerica.com Subject: Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: John Arnold X-To: stevelafontaine@bankofamerica.com X-cc: X-bcc: X-Folder: \John_Arnold_Jun2001\Notes Folders\'sent mail X-Origin: Arnold-J X-FileName: Jarnold.nsf most bullish thing at this point is moving closer to everyone's psychological $4 price target and that everybody and their dog is still short. next sellers need to be from producer community. saw a little this week with williams hedging the barrett transaction but wouldnt say thats indicative of the rest of the e&p community. short covering rallies will get more common here. velocity of move down has slowed significantly for good (except maybe in bid week). my concern is if we go to $4 and people want to cover some shorts, who's selling it to them? might feel a lot like it did when we were trying to break $5.