you wont get in trouble

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:46 PM
To:	Maggi, Mike
Subject:	RE:

yeah right

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:45 PM
To:	Rybarski, Amanda
Subject:	RE:

lets go

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:45 PM
To:	Maggi, Mike
Subject:	RE:

I'm always ready

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:45 PM
To:	Rybarski, Amanda
Subject:	RE:

i know what a perfect day, ready

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:44 PM
To:	Maggi, Mike
Subject:	RE:

I'm not so sore anymore, it's only certain days now, not all the time.  It sure looks like it's raining outside (hint-hint)

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:43 PM
To:	Rybarski, Amanda
Subject:	RE:

im a little hung over, i was here for a little while yesterday, are you still sore

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:42 PM
To:	Maggi, Mike
Subject:	RE:

I think you need to too.  I am feeling okay, except for this headache that is creeping up.  How are you today?  Were you here yesterday?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:41 PM
To:	Rybarski, Amanda
Subject:	RE:

thats a very good point, i need to work that out, how are you feeling

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:40 PM
To:	Maggi, Mike
Subject:	RE:

I know, but if you were my boss, then I would be able to

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:40 PM
To:	Rybarski, Amanda
Subject:	RE:

you cant unfortunately

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:40 PM
To:	Maggi, Mike
Subject:	RE:

let's go

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:39 PM
To:	Rybarski, Amanda
Subject:	RE:

now

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:39 PM
To:	Maggi, Mike
Subject:	RE:

and I'm ready to anytime

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:39 PM
To:	Rybarski, Amanda
Subject:	RE:

you can anyway

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:37 PM
To:	Maggi, Mike
Subject:	RE:

I think so, I would treat you better than she can

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:36 PM
To:	Rybarski, Amanda
Subject:	RE:

we will have to work on that in the future

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:36 PM
To:	Maggi, Mike
Subject:	RE:

No, I'm actually pretty happy about the deal.  Not as happy as I would be if I were working for you.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:35 PM
To:	Rybarski, Amanda
Subject:	RE:

thats not bad

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:35 PM
To:	Maggi, Mike
Subject:	RE:

Yeah, right.  I wish! I am working for Chris still and Scott Neal.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:34 PM
To:	Rybarski, Amanda
Subject:	RE:

perfect, are you working with me

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:32 PM
To:	Maggi, Mike
Subject:

We're going to be sitting kina close after the move.


The following expense report is ready for approval:

Employee Name: Mark R. Tawney
Status last changed by:  Automated Administrator
Expense Report Name: Tawney
Report Total: $918.09
Amount Due Employee: $918.09

To approve this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


Here is the revised expense report.

Thanks,
Kathy


----- Forwarded by Mark E Haedicke/HOU/ECT on 08/11/2000 09:13 AM -----

	eBiz@ENRON
	Sent by: Enron Announcements@ENRON
	08/10/2000 05:59 PM

		 To: All Enron Worldwide
		 cc:
		 Subject: Money, politics and Enron

Check out eBiz for the scoop on Enron's involvement in U.S. Election 2000.
Get the answers to your questions about the Enron PAC and Enron's corporate
political contributions!

Also in the current issue of eBiz:

Enron teams up with the largest energy consumer on the face of the planet
What's happening in the PGE/Sierra-Pacific sale
See where Houston ranked in a national construction survey
What Enron has to do with blues music

It's all in the latest eBiz.  Go to home.enron.com, click Publications, then
click eBiz, and "eBiz August 11, 2000."


Hello all!  I finally have a new cell number.  It is (832) 563-7489.  I'm
leaving for Louisiana today around 4 pm and will return Monday evening.
Have a great weekend and call me if you need me. :)


I don't know who's working on this deal, so I'm forwarding docs to you all.
Tax reps look ok to me.  [see Total Return Swap Confirmation - Sec. 3.2;
Schedule - Part 5(l) and requirement that swap counterparty which is Enron
Corp. deliver IRS 'Forms 1001 or 4224].  Please leave me voice mail or
email.  Thanks.  Sara

ps.  this closes Friday morning
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 12/15/99 04:56
PM ---------------------------

"DALLAS GUEST ACCOUNT #2" <DGUEST2@andrews-kurth.com> on 12/15/99 11:43:51 AM
To: Catherine Clark/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Donald W
Herrick/HOU/ECT@ECT, Gareth Bahlmann/HOU/ECT@ECT, Alicia
Goodrow/Corp/Enron@ENRON, Sara Shackleton/HOU/ECT@ECT,
Vbuckley@lockeliddell.com, mniebruegge@mayerbrown.com, pbrito@mayerbrown.com,
eawilburn@prickett.com, Tamullen@prickett.com, Facciolo@rlf.com,
Kenton@rlf.com, clint.carlin@us.arthurandersen.com, schottla@us.cibc.com,
wolfmark@us.cibc.com, Jlawler@wilmingtontrust.com
cc: "DAVID BARBOUR" <BARBD@andrews-kurth.com>, "DALLAS GUEST ACCOUNT #2"
<DGUEST2@andrews-kurth.com>, "DAVID GROVE" <GROVD@andrews-kurth.com>,
"DEBORAH LOWE" <LOWED@andrews-kurth.com>, "SCOTT OLSON"
<OLSOS@andrews-kurth.com>, "TOM POPPLEWELL" <POPPT@andrews-kurth.com>,
"MARTHA WELMAKER" <WELMM@andrews-kurth.com>
Subject: Project Ghost

Attached in Word are blacklines of the following documents marked to show
changes from the previous version distributed:

1.    Facility Agreement;
2.    Trust Agreement;
3.    Swap Schedule;
4.    Swap Confirmation;
5.    G-Present LLC Agreement;
6.    G-Past LLC Agreement;
7.    G-Future LLC Agreement;
8.    Put Option Agreement;
9.    Put Option Assignment; and
10.  Notice of Assignment.

Please call me with any questions or comments.   Please note that I will be
in our Houston office on Thursday and Friday.  You may reach me in Houston at
(713) 220-4200; (713) 220-4285 (fax).

Danny Sullivan
Andrews & Kurth L.L.P.
(214) 659-4409 (Dallas Phone)
(214) 659-4401 (Dallas Fax)

 - 221589.doc
 - 221586.doc
 - 221581.doc
 - 221592.doc
 - 221606.doc
 - 221602.doc
 - 221603.doc
 - 221604.doc
 - 221605.doc
 - 221599.doc


To all:

Hope this clarifies--

We are currently collating needs data from our interview cycle.
Preliminarily, the interviews confirm our suspicions:
 1. Cost & P/L reporting is the most widely held concern.
 2. Cash flow reporting (treasury, direct & indirect) follows closely.
 3.  There is no easy, readily available solution to FERC reporting.
 4. People have lost ad hoc query functionality with the implementation of
SAP.

Project Sunrise's reporting charter will be to address these needs in the
most efficient, cost effective way possible.
That could be through a data warehouse, could be through the FERC SAP module,
could be through another avenue.
None of us has the answer to the methodology question yet (although we all
have ideas).

I would prefer to keep the Project Sunrise team focused on the task at hand
-- sifting through the interview information and developing a work plan.
We have followup interviews to schedule & complete, a data model to build,
etc. Basically a lot of work on our plates.

However, FERC reporting is clearly a significant need that will be at the
forefront of any reporting solution.
If our goal is to discuss this need in detail tomorrow, I'm all for it! I
need the education.
If our goal is to look at progress towards a solution, we should look to
postpone.
I take responsibility for distracting efforts in progress, but believe the
delay worthwhile.

One final issue: Sean, the Sensecorp consultant who has been working on the
project, is in California.
We may want to wait on his participation.

I believe we are all on the same page.
mhf
---------------------- Forwarded by Mark Frank/HOU/ECT on 12/04/2000 02:04 PM
---------------------------

Ozlem Mahmood@EES
12/04/2000 01:16 PM
To: Mark Frank/HOU/ECT@ECT
cc:
Subject: Re: FERC Data Warehouse

FYI:
---------------------- Forwarded by Ozlem Mahmood/HOU/EES on 12/04/2000 01:14
PM ---------------------------

Melissa Becker@ENRON
12/04/2000 11:16 AM
To: David McEllin/FGT/Enron@ENRON
cc: Ozlem Mahmood/HOU/EES@EES, Sheila Howard/Corp/Enron@ENRON
Subject: Re: FERC Data Warehouse

Why wouldn't we?  ETS has a specific gap that needs to be addressed, and we
need to find the best way to fix it.  I would just be sure not to jump to the
DW as the solution, unless the ISC has been given ample opportunity to
propose a solution.  Be sure to go that route, too!

David McEllin
12/01/2000 05:37 PM
To: Melissa Becker/Corp/Enron@ENRON
cc: Ozlem Mahmood/HOU/EES@EES

Subject: Re: FERC Data Warehouse

Will we be proceeding with the Dec 5 meeting? If so, Ozlem could you get
notice out to the original distribution list concerning time and location. I
will be out of the office on Monday, so I would appreciate your assistance in
coordinating the meeting logistics. Thanks.

---------------------- Forwarded by David McEllin/FGT/Enron on 12/01/2000
05:35 PM ---------------------------

David McEllin
11/30/2000 04:56 PM
To: Melissa Becker/Corp/Enron@ENRON
cc: Rod Hayslett/FGT/Enron@ENRON, James Saunders/FGT/Enron@ENRON, Sheila
Howard/Corp/Enron@ENRON, Mark Frank/HOU/ECT@ECT

Subject: Re: FERC Data Warehouse

I feel we should proceed with the Dec 5 meeting, at least to get a better
understanding of what the data warehouse can do for us related to FERC, and
maybe determine just how far along it currently is.  The original reason we
were asked to meet on this issue is that it was thought that a lot of work
had already been completed and it wouldn't take much to deliver an end
product. The other attendees, as well as myself, need to understand what this
can do for us as opposed to a potential solution in SAP.

Melissa Becker
11/30/2000 04:28 PM
To: Rod Hayslett/FGT/Enron@ENRON, James Saunders/FGT/Enron@ENRON
cc: Sheila Howard/Corp/Enron@ENRON, Mark Frank/HOU/ECT@ECT, David
McEllin/FGT/Enron@ENRON

Subject: Re: FERC Data Warehouse

I am not sure the statement below from Ozlem is entirely accurate.  In
addtion to Project Sunrise, I have asked Sheila Howard, who is the lead for
the financial team in the ISC, to work with the Project Sunrise team to
understand what your issues are and help determine a solution.

Let me assure you that whether through the Project Sunrise or the ISC, we are
working on your issue and it has NOT dropped off the radar screen.  As a
matter of fact, Project Sunrise had a status meeting today, and this came up
several times.  I think the only question is "what's the best approach for
solving it"?

I will leave it to Dave, as the ETS representative to Project Sunrise, along
with Sheila, Mark, and the others listed below, to continue to work on a
solution for the FERC problems.  Dave  - is there any reason NOT to proceed
with the December 5 meeting under these assumptions?  I would just ask that
Sheila be included.

Thanks!

Rod Hayslett

11/30/2000 06:18 AM
To: Melissa Becker/Corp/Enron@ENRON
cc:

Subject: Re: FERC Data Warehouse

If there is going to be no effort to fix my problem as a result  of the
change in the effort, I am wondering why I should support the project at all?

---------------------- Forwarded by Rod Hayslett/FGT/Enron on 11/30/2000
06:19 AM ---------------------------

James Saunders
11/29/2000 07:54 PM
To: Bob Chandler/ET&S/Enron@ENRON, Jennifer Lev/FGT/Enron@ENRON, Debbie
Thompson/FGT/Enron@ENRON, John Cobb/FGT/Enron@ENRON
cc: David McEllin/FGT/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON

Subject: Re: FERC Data Warehouse

Do we have any current Form 2 or other FERC related reporting
requirements/concerns as a result of the "redirection" below?

---------------------- Forwarded by James Saunders/FGT/Enron on 11/29/2000
07:54 PM ---------------------------

Ozlem Mahmood@EES
11/29/2000 05:47 PM
To: David McEllin/FGT/Enron@ENRON
cc: Jennifer Lev/FGT/Enron@ENRON, Debbie Thompson/FGT/Enron@ENRON, Harry
Walters/ET&S/Enron@ENRON, Hoyt Ivey/ET&S/Enron@ENRON, Bob
Chandler/ET&S/Enron@ENRON, James Saunders/FGT/Enron@ENRON

Subject: Re: FERC Data Warehouse

Dear FERC-interested representatives,

Due to the current redirection of the data warehouse project (which is now
part of Project Sunrise), it has been determined that it is best to postpone
a FERC discussion/analysis until after the  collection of business
requirements and final scoping of the project.    However, I will be
recommending that a focus group be designated for FERC.  Thank you for your
help and patience and I apologize for the upheaval and postponements.

Tzlem

David McEllin@ENRON
11/28/2000 04:35 PM
To: Jennifer Lev/FGT/Enron@ENRON, Debbie Thompson/FGT/Enron@ENRON, Harry
Walters/ET&S/Enron@ENRON, Hoyt Ivey/ET&S/Enron@ENRON, Bob
Chandler/ET&S/Enron@ENRON
cc: Ozlem Mahmood/HOU/EES@EES, James Saunders/FGT/Enron@ENRON
Subject: FERC Data Warehouse

The review by ETS of the FERC data warehouse information will be on Tuesday
December 5th at 10:00am, location TBA. This initial review should last approx
one hour and your input would be greatly appreciated. I will inform you of
the location when this is established. Please feel free to contact me if you
have any questions.


Jennifer --

Attached is a MA disclosure label tailored for the mid-market physical product with price variability (excess and deficiency usage bands).  The only difference between this label and the label distributed for the direct mini product is language in the "Generation Price" section.   If average prices vary by volume of sales (as I understand the mid-market product does), the MA rules require a verbatim statement on the label as follows:

"Your average generation charge is based on the terms of the Agreement.  As the Rules require, the information provided above is the average price per kWh for EESI customers for the last month of the prior quarter."

The direct mini form, in contrast, did not require this language as it was a fixed price product with no price variability.  The attached incorporates the updates to system resource mix that I just received from Richard Ring this morning and the updated emissions chart (formatting only).

Let me know if you have any questions.
Sandy

Sandy Cofer
LeBoeuf, Lamb, Greene & MacRae, LLP
1000 Louisiana, Suite 1400
Houston, Texas 77002
direct dial: 713.287.2002
fax: 713.287.2100
cell: 713.416.7486

==============================================================================
This e-mail, including attachments, contains information that is confidential and may be protected by the attorney/client or other privileges.  This e-mail, including attachments, constitutes non-public information intended to be conveyed only to the designated recipient(s).  If you are not an intended recipient, please delete this e-mail, including attachments, and notify me.  The unauthorized use, dissemination, distribution or reproduction of this e-mail, including attachments, is prohibited and may be unlawful.

==============================================================================
 - MA Disclosure Label for mid-market forms (price variability).d


Start Date: 1/12/02; HourAhead hour: 7;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011207.txt


---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/20/99 09:36 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  trials@optioninvestor.com (Option Investor Newsletter     Trials)
                      01/19/99 08:52 PM

Please respond to trials@optioninvestor.com
To: Option Investor Newsletter Trials <trials@optioninvestor.com>
cc:  (bcc: Mark - ECT Legal Taylor/HOU/ECT)
Subject: Tuesday - Option Investor Newsletter 1 of 3

The Option Investor Newsletter         Tuesday  1-19-98
Copyright 1999, All rights reserved.
Redistribution in any form strictly prohibited.

Posted online for subscribers at http://WWW.OPTIONINVESTOR.COM

Also provided as a service to The Online Investor Advantage

Published three times weekly, Sunday, Tuesday, Thursday evenings.
************************************************************
MARKET WRAP  (view in courier font for table alignment)
************************************************************
        1-19-98         High     Low     Volume   Advances Decline
DOW     9355.22 + 14.67 9399.25  9210.01  786,785k  1,507   1,499
Nasdaq  2408.17 + 59.97 2408.43  2364.52 1061,400k  2,258   1,892
S&P-100  623.32 +  6.86  623.32   612.84   Totals   3,765   3,391
S&P-500 1252.00 +  8.74 1253.27  1234.91            52.6%   47.4%
$RUT     430.89 +  3.84  431.08   427.05
$TRAN   3177.85 + 29.32 3189.79  3142.30
VIX       29.80 +   .05   31.72    29.40
Put/Call Ratio      .42
*************************************************************

AtHome dialed Excite's number and Compaq is on hold....

AtHome agreed to purchase XCIT today for $7 billion. This was
a significant premium over the current stock price but when
you are an Internet stock this could be a one day move.

Rumors are flying that Compaq is preparing to make a major
Internet purchase maybe as early as tomorrow. Lycos is the
most mentioned possible target.

This Internet mania helped power the Nasdaq to another record
close and is credited with pulling the Dow out of another
valuation worry induced profit taking session. How can you
be bearish about the market in general when the tech stocks
are continuing to beat earnings estimates and blow away whisper
numbers.

Microsoft announced after the close and showed just how big
the $5 bln gorilla really is. The $5 bln was sales for last
quarter. MSFT announced $.73 vs estimates of $.59 and blew
away the whisper number of $.62. Microsoft was trading up +5.00
after the close. There was no split announcement and this could
be attributed to the trial publicity. They don't want to appear
too prosperous for the penalty phase. The conference call was
typically pessimistic as they tried to keep a lid on analyst's
estimates for the future. I would expect MSFT to gap open on
Wednesday.

The futures are up +6.50 at 7:10 ET and we give the credit to
MSFT and several other announcements after the bell. The fly
in the ointment could be the Alan Greenspan testimony tomorrow
in Washington. He is sure to be asked some "irrational exuberance"
type questions and the answers could be earth shaking. Some
analysts say Mr. G. has been criticized so severely by congress
for his previous market moving performances that future comments
will likely be constrained. Don't bet the farm on this. Alan
is tasked with many insurmountable projects one of which is
keeping the U.S. markets under control. The recent Internet
"froth" is something that other Fed governors have pointed at
in the past as a sign of a speculative bubble. So even though
the futures are up now, we may see some weakness before the
testimony. If we get by without any earthquake comments then
the week could continue up strongly. The Brazil problem could
even be a muzzle for Mr. G. Better to be quiet than roil the
markets and have to lower rates again next month to rescue them
again.

Clinton gets a major play tonight with the televised State of
the Union speech. He is under a strong spotlight as people look
for signs of cracks in the presidential armor. What should he do?
Pull out some heavy firepower! He is planning just that. Clinton
will unveil his support for a plan to take some Social Security
funds and put them into the market in a retirement savings account
program. Estimates in the $500-700 bln range are being tossed
about. This is not a new concept but his support for this popular
plan is new and timely given the other problems he is facing.
Maybe we should keep his feet to the fire longer if he is going
to do us favors like this. Not only would I rather my Social
Security was gaining ground in an account of this style but can
you imagine the market impact of a $700 bln inflow of cash?
Don't count your chickens yet but stay tuned for plan details
if it is ever approved. Opponents claim losses could occur if
a long term bear market were to appear.

I got considerable email about the 10% plan in Sunday's commentary.
Some good and some bad. Most of the good came from traders that
started putting this type of plan into action several months ago
when I wrote about it last. Most of them have multiplied their
accounts by several hundred percent. The negative mail seemed to
come from readers that were new to the newsletter and had small
accounts and were adamant that you should only settle for 200-300%
returns on every trade. We will see what kind of mail I get several
weeks from now when we start publishing the results from the readers
who are going to implement the plan. I had many readers email that
they were going to faithfully try it and report back. Good Luck!
The first ten who can show ten trades will win a years subscription.
Anybody can still play. Just send a recap of your completed plays
after 1/17/99 using the 10-20% plan from Sundays newsletter.

This is going to be an interesting week. Keep your options open
and make those trades. With the put/call ratio at .42 and the
advances only barely beating the declines 1506/1492, we are not
out of the woods yet. Tommorrow could be another record breaker
for the Nasdaq but the broader market internals are still weak.
Just three stocks in the Dow accounted for over +60 points today.
T +7.75, IBM +7.06, GM +4.69. The odds are real good that these
stocks will not be the leaders tomorrow and new leaders are hard
to find. Without these huge gains today we would have been very
negative. -46 without accounting for the positive impact they
had on other Dow components. Keep your fingers crossed.

Good Luck

Jim Brown

Market Posture
*******************************************************
As of Market Close - Tuesday, January 19, 1999

                   Key Support
Broad Market         /Resistance    Last    Posture/Since  Alert
****************************************************************

DOW Industrials    9,100   9,730   9,355    Neutral   1.15
SPX S&P 500        1,210   1,280   1,252    Neutral   1.12
OEX S&P 100          600     635     623    Neutral   1.12
RUT Russell 2000     420     435     431    Neutral   1.12

NDX NASD 100       1,900   2,010   2,030    BULLISH   1.19 *
MSH High Tech        930     980     991    BULLISH   1.19 *

                   Key Support
Technology           /Resistance    Last    Posture/Since  Alert
****************************************************************
XCI Hardware         830     875     897    BULLISH   1.19 *
CWX Software         610     665     687    BULLISH   1.19 *
SOX Semiconductor    360     410     402    Neutral   1.8
NWX Networking       420     450     448    Neutral   1.8
INX Internet         470     570     534    Neutral   1.8

                   Key Support
Financial            /Resistance    Last    Posture/Since  Alert
****************************************************************
BIX Banking          650     710     663    Neutral   1.15
XBD Brokerage        630     725     664    Neutral   1.14
IUX Insurance        590     620     596    Neutral   1.15

                   Key Support
Other                /Resistance    Last    Posture/Since  Alert
****************************************************************
RLX Retail           800     860     822    Neutral   1.8
DRG Drug             740     795     752    Neutral   1.8
HCX Healthcare       720     780     730    Neutral   1.8
XAL Airline          310     350     331    Neutral   1.12
OIX Oil & Gas        245     260     242    BEARISH   1.14

Posture Alert

After advancing into record territory and holding, we have turned
BULLISH across select technology sectors including NASD 100,
hardware and software.  We remain Neutral, however, across other
broad market indices and industry sectors.

A detailed description of our Market Posture and its
applications can be found at:

www.optioninvestor.com/marketposture

Market Sentiment - By Pinnacle Capital Advisors
************************************************************

Option Speculators Quiet ahead of State of the Union Address

With the State of the Union Address and Greenspan scheduled to
speak tomorrow, not much was revealed in the market today with
respect to market sentiment.  Pinnacle is still tracking what
option speculators do over the next couple of days for clues as
to where the broader market is likely to go.

We are entering a new expiration period and therefore some of the
indexes and put/call ratios will become volatile over the next
couple of days as options traders establish new positions.

Pinnacle is still concerned by the excessive Bullish sentiment as
tracked by Investors Intelligence latest poll - 60% Bullish, %30
Bearish.  This is the highest level for bullish sentiment that
we have seen for a while.

Pinnacle's short-term indicators are still flashing bearish
overtones over the near-term so we advise subscribers to
tightly protect their long positions.  Any questions regarding
market sentiment can be directed at:
pinnacle@optioninvestor.com

Market Sentiment at a Glance  Friday    Tues     Thurs
Indicator                       (1/15)    (1/19)   (1/21)  Alert
****************************************************************

Pinnacle Index (OEX):
-----------------------------------------------------------------
Overhead Resistance (620-635)     1.7      1.8
Underlying Support  (595-610)     1.0      1.1

Put/Call Ratios:
-----------------------------------------------------------------
CBOE Total P/C Ratio               .5       .5
CBOE Equity P/C Ratio              .4       .4                *
OEX P/C Ratio                     1.2      1.2

Peak Open Interest (OEX):
-----------------------------------------------------------------

Puts                              610      610
Calls                             610      610
P/C Ratio                         1.0       .8

Market Volatility Index (VIX):
-----------------------------------------------------------------
CBOE VIX                         29.75    31.42               *

Investors Intelligence:
-----------------------------------------------------------------
Bullish                          60.0%    60.0%               *
Bearish                          30.0%    30.0%

The Power of Expectation Analysis

It has often been said that the crowd is right during the
market trends but wrong at both ends.  Measuring and
evaluating the sentiment of the crowd, therefore, can give
savvy option traders a decided edge.

Pinnacle Index
-----------------------------------------------------------------
OEX                             Friday     Tues     Thurs
Benchmark                       (1/15)     (1/19)   (1/21)
-----------------------------------------------------------------

                    (630-635)      2.6       3.0
                    (620-625)      1.1       1.3
Overhead Resistance (620-635)      1.7       1.8

OEX Close                        616.5    622.12

Underlying Support  (595-610)      1.0       1.1
                    (605-610)       .9        .9
                    (595-600)      1.0       1.7

Average ratings:
Resistance levels 2.0 / Support .5

What the Pinnacle Index is telling us:
Overhead sentiment resistance is Moderately weak at the OEX 620/635
level while the underlying support is moderately weak.

Put/Call Ratio
-----------------------------------------------------------------
                                Friday     Tues     Thurs
Strike/Contracts                (1/15)     (1/17)   (1/19)
-----------------------------------------------------------------
CBOE Total P/C Ratio              .52      .54
CBOE Equity P/C Ratio             .38      .39
OEX P/C Ratio                    1.23     1.19

Peak Open Interest (OEX)
-----------------------------------------------------------------
                     Friday          Tues          Thurs
Strike/Contracts     (1/15)          (1/17)        (1/21)
-----------------------------------------------------------------
Puts                 610 / 8,152     610 /  9,959
Calls                610 / 8,360     610 / 11,799
Put/Call Ratio       .97             .84

Volatility Index (VIX)
-----------------------------------------------------------------
                    Major
Date                Turning Point       VIX
-----------------------------------------------------------------
October 97          Bottom              54.60
July 20, 1998       Top                 16.88
October 8, 1998     Bottom              60.63
January 11, 1998    Top                 26.38

January 15, 1999                        29.75
January 19, 1999                        31.42

Investors Intelligence Survey
-----------------------------------------------------------------
                    Major             Percent     Percent
Date                Turning Point     Bullish     Bearish
-----------------------------------------------------------------
October 97          Bottom            22.0        48.3
July 20, 1998       Top               52.0        24.0
October 8, 1998     Bottom            38.5        42.7
January 11, 1999    Top ?             58.3        30.0

January 19, 1999                      60.0        30.0   *

Please view this in COURIER 10 font for alignment
*****************************************************
RESULTS THIS WEEK

Index   Last    Tue
Dow      9355 14.67
Nasdq    2408 59.97
$OEX      622  5.66
$SPX     1251  7.63
$RUT      431  3.84
$TRAN    3178 29.32
$VIX     29.8  0.05

Stock  Price  Change

ATI     92.63  9.25 Really worth about $101.25 as of today.
T       91.38  7.13 Finally has it's own Internet portal in an indirect way.
YHOO   323.00  6.00 Excite stole the lime light today
MSFT   155.63  5.88 Earnings Explosion  $0.73 vs. $0.59 estimate
NOK/A  144.00  5.38 Still a split candidate
SUNW   105.31  4.88 Earnings on Thursday/ Split candidate
CSCO   106.38  4.69 Approaching 52 week high.
LXK    102.38  4.31 Earnings next Monday
CHKPF   55.50  4.25 Earnings run for Thursday
AOL    150.50  4.00 Major split candidate for next Wednesday (27th)
LU     114.06  3.81 Earnings on Thursday/ Split candidate
DELL    82.13  3.13 Nasdaq leader and winner
CCU     63.13  2.69 Digital radio appears to be a popular idea
QCOM    66.50  2.63 Another earnings blowout
WCOM    77.25  2.19 Bells continue to suffer in court
EMC    102.13  2.06 Just keeps going up.  Earnings next week
MU      73.00  1.69 New 52 week high
COF    131.50  1.06 Met estimates but no split
PRIA    35.50  1.00 Part of the Nasdaq charge
ETH     49.56  0.63 Consolidating after last week's run
DIS     36.50  0.50
MYG     64.69  0.44 Steady as a rock
JBL     73.75 -0.13 Wait for upward momentum to return
TLAB    84.63 -1.31 Profit taking after last week.

Puts

WLA     66.44 -3.38 A one drug company?
RMBS    87.25 -2.25 Earnings slow down
MCHP    33.38 -1.75 Downgraded by 4 brokers in one day
LLY     79.50 -1.50
BDX     38.38 -1.38
PKN     94.00 -1.38
DD      55.94 -1.06
CPB     44.25 -0.88
BAC     64.00 -0.56 Missed earnings
HSY     60.88 -0.38
AVT     46.00 -0.25
EK      68.75 -0.25
ERTS    47.00  0.50 Up with the Nasdaq
MRK    147.75  0.63

PICKS WE DROPPED
****************
When we drop a pick it doesn't mean we are recommending a sell
on that play. Many dropped picks go on to be very profitable.
We drop a pick because something happened to change its
profile. News, price, direction, etc. We drop it because we
don't want anyone else starting a new play at that time.
We have hundreds of new readers with each issue who are
unfamiliar with the previous history for that pick and we
want them to look at any current pick as a valid play.

CALLS:
******

None.

PUTS:
******

XCIT $110.00 +42.50 (+42.50) Gapped up on buy out news from
At Home (ATHN). Represents one of the biggest Internet deals
to date. Pinnacle, therefore, dropping XCIT. It does
underscore one of the benefits of buying a put instead of
shorting the stock. Only the premium is lost on the $42 gap.

BMCS $41.50 +1.44 (+1.44) Pinnacle dropping software firm
after BMCS closed above key $41 benchmark and the Software
Index (CWX) closed in record territory.

PICK NEWS - CALLS
*******************************************************
SUNW $105.31 +4.88 (+4.88)  This could be a huge week for
Sun Microsystems.  Already, the horses are off and running.
On Tuesday, Sun added +$4.88 to set another all time high in
intraday trading at $105.44.  In an awesome display of
strength, it broke and held above its former resistance level
of $104.50.  Maybe the move was propelled by some formidable
press releases.  Royal Philips Electronics NV and the Sony
Corp. will announce an alliance with SUNW.  The plan is to use
Sun's Jini, a form of the Java programming language, to develop
software that can network entertainment devices and appliances
by using the Internet.  The Sharper Image, Digital Video
Express, 1-800-FLOWERS, Egghead.com, Inc., and Brite Voice
Systems have all turned to Sun's highly reliable servers,
storage, and software products to handle their growing needs.
More than likely the stock is taking off because of Sun's
earnings announcements which are due out after the market
closes on Thursday Jan. 21st.  Earnings estimates for SUNW
are $0.66.  Along with a solid earnings report, we are
predicting a 2:1 stock split announcement.  SUNW last split
in November of 1996 when the stock was trading near $60.
With 950 mln shares authorized and only 380 mln outstanding
they have plenty of room for a split.  After MSFT's huge
earnings explosion, the techs should take off tomorrow,
but then again investor enthusiasm will be fighting
investor fear with Greenspan speaking on Wednesday.

MYG $64.69 +0.44 (+0.44)  Maytag is looking good so far this
week.  The turn around in the market on Tuesday seemed to
help Maytag add +$0.44 on the day.  Hopefully the market will
continue to stabilize and help MYG challenge its latest
resistance level of $66.00 which isn't too far away
considering Maytag inched up to $65.25 in intraday trading.
Maytag announces its earnings on Feb. 4th and remains one of
our split candidates.

FTL $18.00 +$1.31 (+1.31) Even though we are playing FTL as a
take over play, (on rumors), with this weeks news that the
clothing maker is now the exclusive apparel supplier for
all 56 Planet Hollywood Cafes, FTL still opened on a down
note.  But picked up the pace and shot up to $18.75 for
the daily high, then settling down to close at $18.00.
Rumors had a $23.00 buy out announcement coming on last
Tuesday but as we all know, it didn't show. FTL is still
showing volatility, so be careful with this one.

CCU $63.13  +$2.69 (+2.69)  CCU was added as a play this
weekend and did not disappoint us on the first day of trading
News about this new concept in Internet communications
(digital radio) is all around the street.  By investing
in the research that will carry Net surfing to new levels,
CCU might just catch that big wave.  CCU opened and tested
it's support of $60.00 by dipping its toes below the water
line at $59.62.  Then came up for a big gulp of air to
$64.00, and caught a good wave to finish at $63.12 on
the day. Protect your profits, while watching for tomorrow's
next call of "surfs up"!

EMC $102.13 +2.06 (+2.06) EMC just keeps going up.  It set a
new 52 week high today, and closed at the high.  There was an
interesting article at MSN MoneyCentral comparing EMC and its
rival NTAP.  An observation by the article was that every bit
of new e-mail, every sale over the Internet, and every extra
page view increases the need to build more storage into the
Internet.  It also pointed out that EMC has just begun selling
software to its customer base.  Software sales are expected to
grow from $400 million in 1998 to $1 billion by 2001.  EMC
reports earnings before the open on 1/26 (next Tuesday).

JBL $73.75 -.13 (-.13) JBL keeps bouncing around and off its 21
day moving average which is currently at $72.82.  We really
need something to get this stock going again.  We have not had
any news, and JBL doesn't release earnings until March.  JBL's
two main competitors, SLR and SCI, both went up today.  JBL has
been following these two, so maybe JBL will start moving up.
Otherwise, its chart is starting to flatten out and it looks
like its momentum is slowing.  Wait for confirmation of upward
movement before initiating any new trades.

UTX $109.00 .69 (-.69) UTX gapped open this morning and then
traded down the rest of the day.  There was an article today
about the run that UTX has been on since October in seeming
defiance of a slowing global economy.  UTX does about 55% of
its business overseas.  Analysts pointed out that the company's
forecast of 15% growth in 1999 has been one of the keys to its
recent run.  UTX releases earnings this Thursday.  Only play
UTX if the Dow is moving up, otherwise wait for the earnings
release on Thursday to see which direction UTX is headed.
There is the possibility of a split announcement with their
earnings but we don't feel that strongly about it.

QCOM $66.50 +2.63 (+2.63) QCOM announced earnings today of 65
cents per share and blew away the estimate of 59 cents per
share.  QCOM also reported the highest quarterly revenues in
its 13-year history.  Revenues were $941 million for the first
quarter of fiscal 1999, an increase of 20 percent over the
first quarter of fiscal 1998.  Net income for the first quarter
was $49 million compared to $37 million for the first quarter
of fiscal 1998, a 32 percent increase.  In other news, QCOM's
joint venture with Microsoft announced their first service
offering, named Revolv.  Revolv is a service that will provide
mobile professionals with secure access to information using a
variety of wireless or mobile devices form anywhere they
travel.  QCOM should have no trouble with its old 52 week high
of $67.38 tomorrow.

DELL $82.13 +3.13 (+3.13)  More un-noticed, great
news.  "Dell has become a force to be reckoned with in the
personal workstation market," said Tom Copeland,
workstation analyst at IDC.  "Dell's workstation market
share grew at 186 percent, substantially more than the
industry average of 36 percent, and far more than any other
vendor"(Business Wire). Dell is now tied with Hewlett
Packard as the number 1 producer of personal work stations.
They announce new products weekly without fanfare.  Dell
closed at a new all-time high today on average volume in
the wake of stellar NASDAQ gains.  Volume was 14 million
shares, a little light for our taste.  But we'll take a $3
gain any way we can get it.  Look for Dell to move up more,
market permitting.  Wait for small pullbacks to scale into
a position.  Earnings to be announced February 16.

CSCO $106.38 +4.69 (+4.69)  Cisco closed $0.12 off its
high of the day.  Nice show of strength on 21% higher
than average volume.  No earth shaking news, but
Cisco has announced 3 new programs to not just sell
equipment to service providers, but design, manage and
implement its installation for maximum efficiency and least
cost to the client.  More important to the bigger picture,
CSCO is the big beneficiary in developing the Internet,
including providing equipment for the AT&T/TCI deal.
Looking strong, but after 3 days of higher closings, keep
an eye out for the dip, and then make your move.
Resistance is $108.  Still a split candidate.  Look for
earnings February 2.

AOL $150.50 +4.00 (+4.00)  Not much AOL news since last
week.  Today's Internet spotlight held all eyes on @Home's
proposed purchase of Excite, which should have thrown some
competitive cold water on AOL, but it didn't.  Even on 60%
of average volume, AOL added $4.00.  We'll feel a lot
better when AOL adds volume to confirm the upward price
movement.  In the meantime, AOL adds more tension to the
rubber band as it consolidates toward a "snap" date between
now and earnings scheduled to be announced on January 27th
after 5:00pm ET.  AOL is also a split candidate at these
price levels (over $120).  We anticipate a split along with
earnings.  For the next couple of days, target shooting
your entry to coincide with the dip after opening should
get a better entry.  As always, confirm market direction
first.

WCOM $77.25 +2.19 (+2.19) Baby Bells lost another one in
court today in an attempt to over turn provisions of the
Telecommunications Act of 1996 which are effectively
preventing from entering the long distance business.  Under
the Act, the Bell companies are prohibited from offering
long distance service to their local customers until they
have opened their local networks to competitors (Reuters).
Though this is beneficial for all long distance carriers,
WCOM appeared to be an indirect beneficiary of AT&T news.
Today's volume was 20% over average, a very good sign.  We
look for WCOM to test and break through resistance of $79,
having cleared $76 easily.  The more conservative play is
to wait until it breaks $79 and holds.  But in light of the
telco sector's momentum, we can make a case for jumping in
after confirming market direction.  Just don't try to catch
a falling knife if profit taking sets in.

T $91.50 +7.25 (+7.25)  Welcome to what seems like
the newest Internet play.  Michael Armstrong, AT&T's
chairman, is trying with measurable success, to turn the
Queen Mary on a dime, from a copper-based dinosaur to a
broadband fiber based communications powerhouse.  AT&T is
actually a big beneficiary of @Home's offer to purchase
Excite.  Here's why:  @Home's largest shareholder is TCI
who is about to be absorbed into AT&T.  With Excite, AT&T
now has a substantial "portal" to the Internet which can be
delivered over TCI's cable infrastructure.  AT&T had, from
what we could tell, its largest 1-day gain ever on volume
exceeding the average by 80%.  Resistance has been
obliterated.  The sky is the limit, market pending.  Watch
out for profit taking on such a large 1-day run-up, and buy
the dip.

MSFT $155.63 +5.88 (+5.88)  MSFT blew away earnings
estimates true to form, by posting a fiscal Q2 net of $0.73
a share, well ahead of the First Call mean estimate of
$0.59.  Revenues rose 36.8% to $4.9 billion.  As of this
writing, we have heard no news of a split just yet.  But in
after hours trading, the stock was up $9.00 in the $164
range.  For those of you with a position held over earnings
(which we normally don't recommend), congratulations.
Remember to protect your profits with stop-loss/stop-limit
orders.  Also, don't use a market order to enter a play in
the morning, you could be filled at the high of the day.
Instead, if MSFT sells off in the first 30-45 minutes of
trading, enter the play on the rebound.

***** Play updates continued in section two *****

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DISCLAIMER
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This newsletter is a publication dedicated to the education
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---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/20/99 09:36 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  xtrials@optioninvestor.com (Option Investor Newsletter     Trials)
                       01/19/99 09:02 PM

Please respond to xtrials@optioninvestor.com
To: Option Investor Newsletter Trials <xtrials@optioninvestor.com>
cc:  (bcc: Mark - ECT Legal Taylor/HOU/ECT)
Subject: Tuesday - Option Investor Newsletter 2 of 3

The Option Investor Newsletter         Tuesday  1-19-98
Copyright 1998, All rights reserved.
Redistribution in any form strictly prohibited.

PICK NEWS CONTINUED
**********************************************************
TLAB $84.63 -1.31 (-1.31)  No news to be found on
TLAB today, just old-fashioned profit taking on 1/3 less
than average volume.  This really is a "buy the dip"
opportunity.  We still like TLAB and expect further gains
when investors de-couple from today's Internet magnet.
Confirm upward direction before entering a play.

DIS $36.50 +.50 (+.50) Disney edged a little higher today.
A judge dismissed the $20 million that had been awarded to
Children's Broadcasting Corp. when Disney ended it's
agreement to sell national advertising for a Children's
Broadcasting deal with AAHS World Radio.  Meanwhile,
Infoseek, Disney's partner in the Internet portal GO
NETWORK (and 43% owned by Disney), has completed its
acquisition of Quando, another Internet company.
Infoseek's Ultraseek Server powers the web site search
capability of many top private and state universities, as
well as several corporations.  A report shows a drop of 1%
in all theme park attendance in 1998. However, for Disney,
that may not be too great a cause for concern. Its Magic
Kingdom saw a 23% jump in attendance only the year before.

NOKA $144.00 +5.38 (+5.38) Nokia blasted to a new intra-day
high today of $145.75, and set a new closing high as well:
$144.00.  Nokia has chosen to use the high performance,
highly secure processing products made by Chrysalis-ITS.
Separately, Dolphin Telecom, of France, has chosen Nokia to
supply and install the infrastructure equipment for its
Tetra digital wireless communications network in France.
Nokia plans to double production of mobile phones at its
plant in Bochum, Germany to meet increasing demand. The
entire telecommunications market is hot now, and Nokia is
one of the top ten providers of telecommunications products
in the world, and the leading maker of cellular phones.
Looking strong, Nokia is also a split candidate.

MU $73.00 +1.69 (+1.69) Micron gained $1.69 on the day,
even as Novellus dropped after reporting earnings only in
line with analysts' expectations. The pre-earnings run-up
for Novellus had been driven by investors' expectations.
Robert Maire, an analyst at Donaldson, Lufkin, and
Jennette, issued cautious statements about the semi-
conductor industry. He believes that it has not started a
full recovery yet and chip stocks are ahead of themselves.
Intel and Micron must not have gotten the news, for they
were both up today.  Intel's numbers showed a 12% surprise,
and Micron is reportedly doing well this quarter.  MU's
current quarter doesn't end until February, though, and
earnings won't be out until March--enough time for a bit of
an earnings run.

PRIA $35.50 +1.00 (+1.00) Up a full dollar is a decent rise
on a $35 stock.  In fact, this stock was only down one of
the last 5 trading days, and that was on a down market day.
PRIA has been steadily climbing since its early December
correction and it looks like it intends to keep going. The
same factors helping the semi-conductor industry will help
drive up this stock: increasing demand for computers and
other equipment that use chips, and a decrease in the
formerly overabundant supply of chips.

LXK $102.38 +4.31 (+4.31) LXK had a stellar day today with its
rise of 4%. This seems to be a pre-earnings run. We have
noted in past commentaries that LXK has had earnings runs of
an average of $6.00 over the last four quarters. It seems that
this quarter will be no different. There is added expectation
that LXK will announce a split. We have the earnings date as
January 25th. If we hear different we will update you. LXK had
an interesting article written about it's trials in selling
printers to China. The problem wasn't the printers themselves,
but the paper they were printed on. The paper was so difficult
that LXK sent reams of paper to their researchers and told them
to develop a printer that would print on the ancient paper. Shows
the extent at which companies are willing to go in this world
economy.

ATI $92.63 +9.25 (+9.25) ATI did as expected and gapped open
on Tuesday. The open was $95.75, over $3 above the close of
the day. ATI and VOD have stated the deal needs to be completed
by December 31st, 1999. The deal states that ATI shareholders
will get 1/2 share of VOD plus $9 in cash. This will cause the
value of the deal to change as time goes by. ATI is obviously
trading well below the true value of the deal, but this is
common until the deal is finalized.  If you want to play
the rest of this deal (since currently ATI should be worth
$101.25 based on VOD's close today):

*We suggest waiting for the next dip.
BUY CALL FEB-85 ATI-BQ OI= 6868 at $10.00 SL=7.50 ITM $7.63
BUY CALL FEB-90 ATI-BR OI=10024 at $ 6.88 SL=5.25
BUY CALL APR-90 ATI-DR OI=  658 at $ 9.25 SL=6.75

LU $114.06 +3.81 (+3.81) LU had a pretty good day on Tuesday
and closed just $.75 off its highs for the day.  We are now
just $6 from LU's 52-week high.  We have verified LU's earnings
date.  Earnings will be announced before the market opens on
the 21st of January (this Thursday). We are seeing a nice
earnings run which should continue until the earnings release.
Watch for pullbacks to initiate new plays. There are always
times to purchase, just be patient and buy the dips.

XIRC $42.00 +2.13 (+2.13) XIRC shot up today on the expectations
of it's earnings announced after the close today. We had the
earnings date as January 21st, so we apologize for the mis-
information.  For those of you that are holding XIRC, the
earnings came in at $.39 a share.  This is $.04 more than
estimates and a penny ahead of the whisper. If anyone is
thinking of buying into XIRC, wait for a pullback after the
gap open.  XIRC's earnings were $.11 same quarter last year.
XIRC unveiled high-speed ISDN data support for its Global-
Access RealPort Ethernet+Modem and modem-only integrated
PC cards. This technology connects notebook PCs at 128Kbps.

COF $131.50 +1.06 (+1.06) COF announced earnings today and
they came in right on estimates of $1.04. This originally
pushed shares of COF down slightly. As the day played on,
COF traded up and ended up at its high of the day. The whisper
number was the same as the estimate. COF is sitting right
around its 52-week high. If the market continues to trend up
then COF should be a leader. Their earnings rose from $.86 a
share in the same quarter last year.  We were a little bit
disappointed that they did not announce a split.  We are
guessing that COF's management does not have a split clause
in their compensation.  They receive some pretty big bonuses
if they can get COF's share price to $175 within the next
2 1/2 years.

CHKPF $55.50 +4.25(+4.25) CHKPF took off today and closed just
1/2 a point off its intraday highs. CHKPF blew by its prior 52-
week high on strong volume. CHKPF's earnings are on the 21st,
and we are seeing the effects of an earnings run. CHKPF has
historically blown away earnings estimates. CHKPF's last five
earnings surprises have gone like this: 13,22,28,23,78. These
are percentage surprises. Numbers like these cause an earnings
run. Though a split isn't eminent, they do have shares to do
a split.

ETH $49.56 +.63 (+.63) ETH traded in a range of $49.13 to $50.75.
Not a bad day considering that ETH is not in the technology
arena.  ETH announced earnings on the 13th of January and beat
estimates by $.02.  The general feeling out there is that
furniture stores had a great holiday season.  ETH is still $17
away from its 52-week high.  This leaves a lot of room to go.

YHOO $323.00 +6.00 (+6.00) YHOO had an interesting day.  YHOO
opened at $340, which was a premium of $23 above Friday's close.
YHOO traded as high as $345 and as low as $318.  YHOO got it's
boost from the purchase of XCIT by @Home.  This has stirred up
speculation that other consolidation is in the works.  YHOO has
had a strong correction over the last week and this could be
the start of a new Internet frenzy. This remains a risky play.
Wait for upward confirmation.  YHOO continues to be a blue-chip
of the Internet.  The price of Exodus Communications rose 34%
from the mention that it is in a deal with YHOO. Remember, YHOO
has a split coming up at the end of the month (about 3 weeks).

PICK NEWS - PUTS
*******************************************************

AVT $46.00 -.25 (.25) Stock experiencing continued weakness off of
recent earnings warning. Stock now under short and long-term moving
averages. Lots of overhead. Could to retest 52 week lows at $35.
stock lost .25 in mixed trading on Tuesday (1/19). Tighten protective
stop loss - $48.

BAC $64.00 -.56 (.56) The financial sector under pressure because of
Brazil. Stock gave up -.56 on Tuesday (1/19). Recommend
staying with position while BAC stays below $65.

BDX $38.38 1.38 (1.38) Topside consolidation makes for conservative
play. Stock is unlikely to go much higher than the trading range of
about $43 in the next 3-6 months Earnings are projected to be
$1.57 share for fiscal 99 with a PE of 24.5, fairly pricey. Stock
trading just above key $38 benchmark. If Stock violates support at
$38.00 could retest low set back in September at $34. Tighten
protective stop loss - $40.

CPB $44.25 -.88 (-.88) Stock gave up another nearly $1 during
the mixed trading on Tuesday (1/19). Stock still under
pressure with considerable overhead at $49.

DD $55.94 1.06 (1.06) Stock gave up what it gain on Firday
(1/15). Stock still below declining moving averages and
trading just above key support level of $52.. Tighten
protective sell stop to $58.25.

EK $68.75 .25 (.25) Stock gave up another .25 today in
mixed trading and still trading below key benchmark support
of $70. Stock also downgraded by Morgan Stanley Dean Witter.

ERTS $47.00 +.50 (+.50) The stock up fractionally during Tuesday
Fridays strong tech rally. Still sitting precariously at it 200-day
moving average. Tighten protective sell stop to $49.25. Whisper
number of $1.18 per share for earnings due to be released on 1/21/99.
Pinnacle believes that holiday enthusiasm, if any, will be short-lived
by the realities of an increasing complex and competitive market for
entertainment software. If ERTS trades below $44, could retest prior
low of $34-39.

HSY $60.88 -.38 (.38) Stock gave up .38 Tuesday (1/19) and
trading below key $62 benchmark. Tighten protective
stop to $62.25

LLY $79.50 1.50 (-1.50) A leading healthcare management
services provider recent topped out at its 52-week high of
$91.31 and showing classic signs of a failed rally trading
above its 50, 100 and 200-day moving averages. Sold off $1.75
after rallied over $6 last Wednesday. Stock now just trading
above key $77 benchmark. Tighten protective sell stop to
$80.25.

MCHP $33.38 1.75 (1.75) Stock gave up nearly $2 after being
downgraded by Alex Brown. Stock trading below consolidation
of $36-40. Tighten protective stop to $36.25

MRK $147.75 .63 (.63) Keep an eye on MRKs key benchmark
at $145. If MRK trades below this key benchmark, it could
re-test support at $136 at its 200-day moving average. Drugs
starting to see sector rotation after Fidelitys Magellan
Fund reported that MRK is among top 10 holdings.

PKN $94.00 -1.38 (-1.38) Beginning to sell off after consolidating
tightly in upper range ($90-98). We still anticipate a sell-off and
retracement to $86.

RMBS $87.25 2.25 (2.25). Stock traded lower today after the high
flying chip company whose technology speeds the action of Nintendo
game machines, said its near-term earnings faced a slowdown.

WLA $66.44 3.38 (3.38). Stock gapped down today after Salomon Smith
Barney downgraded stock. Stock now trading below key $67 support
benchmark. Tighten protective sell stop to $70.25.

******************
NEW CALL PLAYS
******************
F - Ford Motor Co. $63.94 (+1.94)

Everyone knows who Ford is and what they do, but did you also
know that Ford is not only the second largest producer of
cars and trucks but is one of the largest providers of
financial services in the world?

Not over twenty years ago, certain analysts had all but
the nails in the coffins of the U.S. Automobile Industry.
"A dying industry" it was said to be, "no innovation", a
"lack of direction", "inefficient".  Let's get back to reality.
Ford Motor Company has taken on a huge European market and
done quite well thank you.  Their recent acquisitions of an
aluminum stamping company, the assisting of Poland, which is
the second largest auto production country in Eastern and
Central Europe.  Plus recent media reports of Ford taking
a 10% stake in Nissan.  Almost forces you to take notice of
a company with all this potential.  We have and we are adding
Ford as a new play.

First call has Ford reporting earnings on this Thursday,
Jan. 21, while we don't recommend holding over earnings,
this play has a couple of more days of a possible run up to
the announcement.  If it posts a positive surprise, you may
want to consider jumping back in if you miss the run up.

BUY CALL FEB-60 F-BL OI= 944 at $4.87 SL=3.00
BUY CALL FEB-65 F-BM OI=1030 at $2.37 SL=1.00
BUY CALL MAR-60 F-CL OI=2980 at $6.00 SL=4.25
BUY CALL MAR-65*F-CM OI=1562 at $3.75 SL=2.50

Picked on Jan. 19th at $63.99         PE=11.71
Change since picked     +0.00         52 week low =$31.12
Analysts Ratings 3-8-5-1-2            52 week high=$66.50
Next earnings  01-21  estimate =  $1.25
Chart = http://quote.yahoo.com/q?s=F&d=3m

******************
NEW PUT PLAYS
******************

NONE

******************************************************************
COMBINATION PLAYS   Merger-mania dominates the telecom group...
******************************************************************
U.S. markets closed higher Tuesday and the Nasdaq hit a new record
high amid optimism about President Clinton's State of the Union
address tonight. The DOW closed up 14 points at 9355 after falling
significantly earlier in the session. Internet/Tech stocks soared,
driving the Nasdaq up 60 points to 2408.20. Traders said rounds of
program trading linked to stock index futures sent stocks lower in
the early part of the volatile session. Post-market earnings and
positive expectations forced investors to speculate in afternoon
trading and that led to a closing frenzy. Traders and analysts are
amazed that investors continue to demonstrate bullish sentiment on
Technology, Internet and Telecom issues.

Our portfolio was quite active, first the new plays: ABI was our
conservative bull-call spread (FEB45C/50C) and the prices near the
open were favorable at $2.87 debit. HUM was the calendar/time play
and the opening price for the MAY20C/FEB20C was $1.25. GMSTF moved
higher right away but there was an opportunity near 10 am to fill
the spread (FEB40P/45P) at $0.50. ELN surprised us with a morning
rally but the best we could manage without "legging" in was $0.75
credit for the FEB80C/75C bear-call spread. COF wandered for most
of the day, the average price for the FEB105P/110P credit spread
was $0.62.

Other activities: We closed the ATI (LEAPS/covered-calls) spread
just after the open for $9.50 credit. There just wasn't any reason
to risk a loss with a successful merger (shrinking volatility/time
values in the options) expected to occur. LU was another morning
exit and we closed the debit position for $3.00, (a $1.25 profit.)
FTL finally started moving again and the positive activity offered
an easy exit for our FEB15C/20C bull-call spread. A closing price
of $2.38 was available and after watching it fall last week, we
decided to take the safe route; $0.87 profit. LUV was up almost $2
at one point and the FEB22C/25C spread closed easily for $2.25 to
achieve a profit of $1.00. OXHP was a calendar position and we
opened the FEB20C at $1.25 against our existing MAY20C for a new
debit of $1.50. WCOM was another open calendar spread and we sold
the FEB75C for $5.25 to reduce the cost basis on our LEAP to $5.62.
NXTL was the final play and our GTC limit of $5.00 was filled near
the end of the day to close the call option. A profit of $2.12 was
the overall outcome for the position.

Other notable portfolio movers included: GM, up almost $5.00, SUNW
up almost $5 and CPQ was $3 higher on news of a possible Web-deal.

Today's plays are mostly speculative positions based on smaller
Internet and Telecom stocks. That's where the action is right now
and the speculation is fairly cheap...
******************************************************************
    - NEW PLAYS -
******************************************************************
PTEK - Premiere Technologies  $11.38   *** Internet IPO? ***

Premiere Technologies provides enhanced communications services.
PTEK services include 800-based services, voice messaging,
enhanced document distribution and conference calling. Recent
speculation and heavy option volume concerning some of the new
technology from the company. Some say it involves USA.net and the
ability to listen to your email messages and post email via voice
from any touch-tone telephone. PTEK's communications management
technology may be used for their mail engine. Others are betting
that PTEK ownership of Usa.Net and Web.Md will create revenue if
either company goes public. The recent hype of internet IPO's
make this a favorable speculation play, using current momentum
and taking advantage of overpriced options.

PLAY (speculative):

BUY  CALL MAR-12.50 TQO-CV OI=18   A=$1.68
SELL CALL FEB-12.50 TQO-BV OI=2010 B=$1.06
NET DEBIT TARGET=$0.50 TARGET ROI=100%

Chart = http://quote.yahoo.com/q?s=PTEK&d=3m
******************************************************************
OMPT - Omnipoint  $14.06     *** Telecom Takeover ***

Omnipoint offers digital personal communications services (PCS) to
16 million customers in the US as well as in 30 countries (via 45
international roaming partnerships) around the globe through GSM
(global systems for mobile communications) technology. Worldwide
PCS services are obtained by the use of a subscriber information
access card. Omnipoint also designs and sells phone handsets for
vendor partners including Ericsson, Mitsubishi, Motorola, Nokia,
Northern Telecom, Sagem, and Siemens. Just another small telecom
getting attention as the merger-mania continues. The short term
momentum has this stock over-extended but the risk is worth the
reward if it finds a partner. A March position gives us time to
sell-off some of the initial debit.

PLAY (speculative):

BUY  CALL MAR-15 QTT-CC OI=20   A=$2.25
SELL CALL FEB-15 QTT-BC OI=1156 B=$1.25
NET DEBIT TARGET=$0.87 ROI TARGET=75%

Chart = http://quote.yahoo.com/q?s=OMPT&d=3m
******************************************************************
SCUR - Secure Computing  $26.75     *** Positive Earnings? ***

Secure Computing Corporation designs, develops, markets and sells
complete network security solutions, including firewalls, filters,
authentication and network services. Earnings are due shortly and
the whisper number is moving higher. SCUR is expected to maintain
a 30-50% growth rate and now option interest is increasing with
rumors of a stock split. Paine Webber reiterated a "BUY" rating
with a conservative target of $30. The technical outlook is very
bullish with recent support around $20 and heavy buying pressure.

PLAY (very conservative/debit-spread):

BUY  CALL FEB-20 UQU-BD OI=62  A=$7.75
SELL CALL FEB-25 UQU-BE OI=298 B=$3.87
NET DEBIT TARGET=$3.50 ROI(max)=42%

Chart = http://quote.yahoo.com/q?s=SCUR&d=3m
******************************************************************
RHD - R. H. Donnelley  $17.68     *** Internet Yellow Pages ***

R. H. Donnelley is the largest marketer and publisher of yellow
pages advertising in the U.S. with operations in about 15 states.
The company is a spinoff from business marketing and purchasing
information provider Dun & Bradstreet. They sell yellow page ad
space to more than 500,000 small/midsized businesses and service
organizations. R. H. Donnelley services more than 275 directories
through contractual relationships with local telephone service
providers such as Ameritech, Bell Atlantic and Sprint. The company
is expanding into Internet marketing by selling advertising space
on electronic yellow page Web sites. The play is based on Internet
momentum and good technical support around $15.

PLAY (long-term/debit-spread):

BUY  CALL MAR-15.00 RHD-CC OI=0  A=$3.50
SELL CALL MAR-17.50 RHD-CW OI=50 B=$2.12
NET DEBIT TARGET=$1.25 ROI(max)=50%

Chart = http://quote.yahoo.com/q?s=RHD&d=3m
******************************************************************

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*************************************************************
This newsletter is a publication dedicated to the education
of options traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock or option but an information resource to aid the
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Please plan to attend a meeting regarding Financial Issues on Monday the 30th
from 10:00am to 11:00am in EB3125B.  If you are unable to attend please call
me directly at X3-9030. The meeting will be hosted by Kim Theriot Manager of
Power and Gas Documentation.

Many Thanks,
Yolanda


Thanks to all of you, Enron North America has had an outstanding year in
2000.  Some of the more notable accomplishments include:
a) 100% plus increase in EBIT from 1999 actuals to 2000 forecast;
b) significant rationalization of the balance sheet including the sale of the
(i) Wind River/Powder River gathering assets, (ii) East Coast Power
generating assets, (iii) HPL and (iv) five of the six Eastern Peakers;
c) ENA is the leading energy merchant by a factor of two;
d) physical electricity volume grew by 34% YTD 1999 to YTD 2000 forecast;
e) natural gas volumes grew by 82% YTD 1999 to YTD 2000 forecast;
f) 500% growth in daily transactions from November 1999 to November 2000 due
to the highly successful Enron OnLine distribution channel; and
g) ENA reaching its 25% ROCE target.

These are truly outstanding accomplishments and our expectations for growth
and opportunity in Enron North America for 2001 are consistent with that
success.  In order to reach these goals, we felt it necessary to re-align a
number of our organizations. A number of these changes are completed.  The
goals of such re-alignment include:
a) increase overall productivity with the goal to ensure that every employee
is in a position to contribute regardless of skill set;
b) increase overall market coverage, deal flow and information generation
with the goal to increase bid/offer income, increase the velocity of deal
flow, improve customer coverage and promote quality information transfer to
our trading organization;
c) increase deal quality and earnings quality with the goal to (i) allocate
our resources towards the best transactions and (ii) significantly increase
our &mid-market8 originated transactions in our portfolio;
d) promote real time decision making and a closer tie between our trading and
origination (mid-market and structured) organizations in order to better
align those functions to reduce the amount of un-productive internal focus;
e) increase the overall velocity of the capital being utilized consistent
with our goal of a 25% plus return on capital employed; and
f) identify and recognize a host of new leaders in the organization that are
critical to meeting our goals next year.

With these objectives in mind, patterned after the successful business models
in Calgary and Portland, effective immediately the following changes are
being implemented:
a) East Power ) a single East Power Team incorporating trading, mid-market
and origination will be formed under the co-leadership of Kevin Presto and
Janet Dietrich who will report to the Enron Americas - Office of the Chairman
(EA OOC).  This team will have one income statement, one book and a joint
accountability. However, a clear delineation of responsibilities inside these
teams will continue to exist in which the trading organization will manage
the risk, income statement and product development aspects of the
partnership. The originators will have the primary responsibility to generate
origination income, provide coverage, deal flow, lead strategy formulation,
provide information and generate strategic positions.  Overall, the team will
be rewarded based upon increasing the value of the book, meeting
coverage/deal flow targets and meeting its strategic/growth goals in the
Eastern power markets. The team will be responsible for covering the IOU,s,
muni,s/co-ops, industrials and IPP,s and will utilize all ENA,s product
capabilities including the power commodity, assets and capital. The team will
further be broken down into several key strategic regions and business units
including:
  (i) ERCOT ) managed by Doug Gilbert Smith and Bruce Sukaly;
  (ii) NE ) managed by Dana Davis and Jeff Ader;
  (iii) Midwest ) managed by Fletch Sturm and Ed Baughman;
  (iv) SE ) managed by Rogers Herndon and Ozzie Pagan;
  (v) East Power Development ) managed by Ben Jacoby;
  (vi) East Power Structuring  - managed by Bernie Aucoin; and
  (vii) East Power Fundamentals and the &Genco8 ) managed by Lloyd Will

b) West Power ) there will be no changes to the Portland office which is
managed by Tim Belden and Chris Calger .  Both Tim and Chris will continue to
report to the EA OOC.
c) Canada and Mexico ) there will be no changes to the Canadian or Mexican
offices which are managed by Rob Milnthorp and Max Yzaguirre respectively.
Both Rob and Max will continue to report to the EA OOC.
d) U.S. Natural Gas ) there are several changes anticipated in this business
consistent with the goals and objectives described above. The changes
primarily affect the East, Central, West and Texas gas regions. Each region
will consist of a single gas team incorporating trading, mid-market and
origination. Each team will have one income statement, one book and a joint
accountability. However, a clear delineation of responsibilities inside these
teams will continue to exist in which the trading organization will manage
the risk, income statement and product development aspects of the
partnership. The originators will have the primary responsibility to generate
origination income, provide coverage, deal flow, lead strategy formulation,
provide information and generate strategic positions. Overall, the team will
be rewarded based upon increasing the value of the book, meeting
coverage/deal flow targets and meeting its strategic/growth goals in the
Eastern, Western, Central and Texas gas markets.  The team will be
responsible for covering the LDC,s, muni,s/co-ops, industrials, IOU,s, IPP,s
and the producers.  There will be an increasing focus on the upstream side of
the business including the producers, transporters and storage providers in
addition to market area opportunities. The team will utilize all of ENA,s
product capabilities including the gas commodity, assets and capital. Each of
these groups will report directly to the EA OOC;
East Gas ) a single East Gas Team incorporating trading, mid-market and
origination will be formed under the co-leadership of Scott Neal and Frank
Vickers who will be returning from Portland to join this team.
West Gas  ) in a similar manner, a West Gas Team will be formed co-managed by
Phillip Allen and Barry Tycholiz, who will be joining us in Houston from the
Canadian team. The Denver office under Mark Whitt will be integrated under
this team.
Central Gas )  in a similar manner, a Central Gas Team will be formed
co-managed by Hunter Shively and Laura Luce. The Chicago office will be
integrated into this team.
Texas Gas ) the Texas Gas Team will be managed by Tom Martin. This team will
continue to manage the gas trading business around HPL until the pending sale
is concluded in Q2 2001.  After the sale of HPL, this team will build a Texas
gas business without ownership of the HPL assets.
Financial ) this group will continue to be managed by John Arnold with no
significant changes.
Derivatives ) this group, lead by Fred Lagrasta, will offer derivative and
financial mid-market products and services to the natural gas market
specifically targeting CFO,s and treasury departments.  Fred will continue to
maintain certain existing mid-market accounts with a number of producer and
industrial accounts where relationships are well formed. Otherwise,
mid-market coverage will gravitate to the regions. The New York office gas
marketing efforts will continue to be managed by Fred.
Upstream Products ) this group, lead by Jean Mrha, will develop several
distinct product offerings for the upstream segment of the gas market.  This
group will develop and market the product in conjunction with the regions.
This is consistent with our desire to have a broader product offering and
greater market penetration in the upstream segment.  These products include
producer outsourcing, similar to our successful Petro-Canada and Suncor
relationships in Canada, physical storage re-engineering, compressor
services, wellhead liquidity products and offshore asset and capital
products.  In addition, Jean will manage our Bridgeline joint venture with
Texaco.
Gas Structuring ) this group will be lead by Ed McMichael, reporting to Frank
Vickers, will provide structuring and deal support to all the gas teams.
Gas Fundamentals ) this group will be lead by Chris Gaskill, reporting to
Hunter Shively, will provide fundamentals to all the gas teams.

Julie Gomez will continue to support the gas floor through several identified
projects including long-term supply/demand analysis and, natural gas
transportation capacity trading opportunities.

There is an expectation of some customer overlap between the gas and power
groups; for example, the combination utilities and the IPP,s.  The teams will
coordinate with regard to the combination utilities like Con. Edison or
PG&E.  With regard to the IPP,s, to the extent that the product offering
involves an underlying power position, the power teams will manage. We have
asked Janet Dietrich to coordinate such overlaps between the two
organizations in Houston.

e) Technical/Restructuring - In the effort to consolidate and centralize our
technical resources (engineering, development, operations, pipeline) to
ensure that this skill base is available to all ENA groups and utilized
productively across the organization, Brian Redmond will form and manage the
Technical Services Group.  This group will manage ENA,s technical risks and
will provide, on a cost basis, technical services for the entire ENA
organization. This group will manage the interface with EE&CC and OEC.  In
addition, the Restructuring Group, currently managed by Dick Lydecker, will
report to Brian Redmond.  This group is currently monetizing a large portion
of the merchant investment portfolio given our current strategies.  This
group will have continuing responsibility to manage troubled commodity and
capital transactions that need considerable time and attention to manage risk
and monetize.

In addition to these responsibilities, Brian will manage the pending sale and
transition of the HPL asset over the next couple quarters as regulatory and
securities approvals are obtained in order to complete the sale.  Brian will
report to the EA OOC.

f) Principal Investing  )  with the departure of Jeff Donahue to new
opportunities in EBS, ENA,s venture capital function will be managed by
Michael L. Miller.  This group makes small investments in distributed
generation, power quality and technology companies that can benefit from
Enron,s distribution channels and expertise.  Michael will report to the EA
OOC.

g) Corporate Development ) Tim Detmering will assume the corporate
development responsibilities for ENA as Jeff transitions to his new role and
will report to the EA OOC.

h) Generation Investments ) there will be no changes to this group managed by
Dave Duran. Dave will continue to report to the EA OOC.

i) Energy Capital Resources ) there will be no changes to this group
currently lead by C. John Thompson and Scott Josey.  John and Scott will
continue to report to the EA OOC.

As a final note in the interest of keeping things simple, Enron Americas will
have two operating divisions  - Enron North America and Enron South America.
As a result, we will continue to conduct business under these two operating
companies; therefore, eliminating the need to change legal entities et al.
If you are currently a commercial employee of ENA or ESA you will continue to
conduct business in that company.

We look forward to another exciting year in the North American energy
market.  This is certainly a company unrivaled in the marketplace with the
most talented employees.  The opportunities are endless.  We wish you and
your family a very happy and safe holiday season.


i will handle.

 -----Original Message-----
From: 	Sanders, Richard B.
Sent:	Friday, October 19, 2001 3:45 PM
To:	Guinn, Linda R.
Subject:	FW: Re: Watson, Farley & Wiliams

I have no idea what this is. Can you handle?
 -----Original Message-----
From: 	Busby, Danna
Sent:	Friday, October 19, 2001 10:13 AM
To:	Sanders, Richard B.
Subject:	Re: Watson, Farley & Wiliams

Please see error message below and advise.

Thanks,

Danna Busby
Corp Acct. Plan & Report
Ph # 713-345-4249
Fax # 713-646-8494
Danna.Busby@enron.com

 << OLE Object: Picture (Device Independent Bitmap) >>


This appears to be the first one.

thanks,
Bev
---------------------- Forwarded by Beverly Beaty/HOU/ECT on 09/26/2000 08:28
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Steve Holmes" <Steve.Holmes@dvn.com>
09/21/2000 05:19 PM

To: <Beverly.Beaty@enron.com>
cc:
Subject: October 2000 Availabilities

Attached are the October 2000 availabilities for Devon Energy.  I will notify
you of any updates as soon as they become availabilie.

Thanks,
Steve

 - EnronAvails1000.xls


New lows on q2
 - marks.xls


Looks good.  You don't need to list me; you get me for free.

 -----Original Message-----
From:  Dasovich, Jeff
Sent: Tuesday, May 15, 2001 9:04 AM
To: Kaufman, Paul
Subject: Reviewer List

How's this look?

Steve Kean
Rick Shapiro (GA)
Paul Kaufman (GA)
Vicki Sharpe (EES)
Mike D. Smith (EES)
Chris Calger (ENA)
Karen Denne (PA)


Sunday??? June 9th is Saturday. We'll meet you at the gate. Which day?

 -----Original Message-----
From: 	Veronica Tapia <vtapia@PULSAR.COM.MX>@ENRON [mailto:IMCEANOTES-Veronica+20Tapia+20+3Cvtapia+40PULSAR+2ECOM+2EMX+3E+40ENRON@ENRON.com]
Sent:	Wednesday, June 06, 2001 11:04 AM
To:	Storey, Geoff
Subject:	RE: June 9th

My flight schedule:
 Monterrey - Houston - San Diego
June 7h, CO3564B- arrives to Houston at 12:37 pm and leaves at 2:25 pm on gate 4B
Return:
June 9th, CO372T- arrives to Houston at 2:40 pm and leaves 6:25 pm on gate 8A.
Can you gus come on Sunday????? If so, where shoul I meet you?


steve - i wanted to follow up on our conversation and get you my contact
information, since i didn't have a business card.

i enjoyed talking with you & look forward to staying in touch.

 <<Lewis A. (Lee) Sachs>>

----- Message from Lee Sachs <LSachs@perseusllc.com> on Fri, 22 Jun 2001
15:41:36 -0400 -----
Subject:	Lewis A. (Lee) Sachs


hyperbaton (hye-PUR-buh-ton), noun, plural hyperbatons, hyperbata

   The use, especially for emphasis, of a word order other than the
   expected or usual one, as in "Bird thou never wert.'

[Greek huperbaton, from neuter of huperbatos, transposed, from huperbainein,
to step over : huper-, over, across + bainein, to step.]

   "`Out from him sprang the sun and the moon; from man, the sun; from woman,
   the moon.' This deliberate inversion of expected logic is one of many
   uses of hyperbaton in the essay.
   Eric Wilson, Weaving: Breathing: Thinking: The poetics of Emerson's Nature,
   ATQ, Mar 1996.

This week's theme: words about words.

.............................................................................
What if this weren't a hypothetical question?

Send your comments about words to anu@wordsmith.org. To subscribe or
unsubscribe A.Word.A.Day, send a message to wsmith@wordsmith.org with
"Subject:" line as "subscribe <Your Name>" or "unsubscribe". Archives,
FAQ, gift subscription form, and more at: http://wordsmith.org/awad/

Pronunciation:
http://wordsmith.org/words/hyperbaton.wav
http://wordsmith.org/words/hyperbaton.ram


lisa found this to pump us up
---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 02/13/2001
10:39 AM ---------------------------
To: Matthew Lenhart/HOU/ECT@ECT
cc:

Subject: Def Leppard

Please forward to mitch and all others attending the Rodeo's concert of the
year.
---------------------- Forwarded by Lisa Gillette/HOU/ECT on 02/12/2001 05:54
PM ---------------------------

From:  Bryan Hull
02/12/2001 05:46 PM

To: Lisa Gillette/HOU/ECT@ECT
cc:

Subject: Def Leppard

Gotta love these guys....


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/09/2001
01:30 PM ---------------------------

"Btu" <subs@btu.net> on 04/06/2001 05:35:07 PM
To: "Btu Weekly" <>
cc:
Subject: Btu Weekly

Attached is the latest issue of Btu Weekly.

e-mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wg040901.pdf


5 State Energy Advisors Fired Over Conflicts Ethics: The consultants were
involved in buying electricity for California from a generator whose stock
they owned, setting up a clash of official duties, personal interests.
JEFFREY L. RABIN; DARYL KELLEY; RICH CONNELL
TIMES STAFF WRITERS

07/28/2001
Los Angeles Times
Home Edition
A-1
Copyright 2001 / The Times Mirror Company

The Davis administration, stung by charges of excessive secrecy, disclosed
late Friday that it has fired five energy consultants because of conflicts of
interest involving their official duties and personal finances.
A sixth consultant hired to help California purchase electricity has quit,
according to state records.
All were involved in purchasing electricity for the state from a generator
whose stock they owned.
In addition, the top lawyer for the agency buying the power was removed from
her position because of concern about the way the issue of potential
conflicts was handled.
Top advisors to Gov. Gray Davis told The Times that they learned of the
conflicts in the last week, after belatedly asking the consultants to file
required economic disclosure statements. A review of those documents, which
included stock holdings, showed that some of the consultants "may have
crossed the line," said the governor's senior advisor, Nancy McFadden.
State law prohibits officials from participating in decisions involving their
personal financial interests.
Although portraying himself as seriously concerned that such conflicts could
undermine public confidence, the governor has not required some of his most
influential private-sector advisors to file the kind of disclosure statements
that led to the firings.
Among them are two Wall Street veterans who have been most influential in
promoting the governor's energy rescue plan, which includes the largest state
bond sale in U.S. history.
The New York firms that employ executives Joseph Fichera and Michael Hoffman
have been paid $275,000 a month to, among other things, help pitch the
$12.5-billion bond issue to Wall Street analysts and state lawmakers. The
companies stand to make an additional $14 million if the state goes through
with the purchase of utility transmission lines.
Davis contends that Fichera, Hoffman and their associates fall into a
separate category of advisor, beyond the reach of the state's political
reform laws. Critics question the distinction.
"The governor's approach may be convenient for him," said Jim Knox, executive
director of the watchdog group California Common Cause, "but it ignores the
law."
Disclosure is crucial because the public needs to know that "decisions are
not being made by people who have a conflict of interest," Knox said. "Trying
to evade the law with a creative use of semantics is not what they ought to
be doing."
The firings disclosed Friday are unlikely to diminish criticism surrounding
the more than 50 consultants and advisors hastily hired by the administration
as it rushed into the power trading business this year.
More than $25 million is being spent by the state on consultants, according
to state records.
In the process, seemingly little attention was paid to routine government
ethics laws.
It took six months for state officials to direct the consultants to file even
basic disclosures of their personal finances, including investments. The
state Political Reform Act normally requires such forms to be filed publicly
within 30 days of starting work for state agencies.
Even with the hastily ordered disclosures made public thus far, the
circumstances of most of the stock transactions remain a mystery because key
information was omitted. Most of the consultants, for example, failed to
state when they bought the energy stocks.
One of those pressing hardest for an investigation of possible conflict of
interest violations and insider trading is Secretary of State Bill Jones, a
Republican who hopes to challenge Davis next year. Jones has accused the
governor of "a conscious policy of secrecy" in enforcing compliance with
public disclosure laws. This week Jones called for a federal Securities and
Exchange Commission probe of stock purchases by state energy consultants.
4 Traders Owned Shares of Calpine
The four traders removed this week all owned shares of Calpine Corp., a San
Jose-based power generator that has landed the largest share of the $43
billion in long-term state power contracts. Their investments ranged from
several thousand dollars to more than $100,000, records show.
While working for the state Department of Water Resources, officials said
they bought undetermined amounts of Calpine power on the state's behalf. More
than $14 million worth of electricity was purchased from the state by Calpine
in the first quarter of this year, according to the most recent records
available.
"We did not want them making governmental decisions and holding these
stocks," the governor's legal affairs secretary, Barry Goode, said in an
interview.
The highest-ranking consultant removed, Richard Ferreira, was hired on a
$500,000 contract in January to assist in obtaining bids for long-term power
and negotiating contracts, records show.
A former assistant general manager with the Sacramento Municipal Utility
District, Ferreira was paid $200 an hour by the state. After he disclosed
owning as much as $10,000 in Calpine stock, officials discovered he had
participated in a review of one of the company's contracts. Ferreira could
not be reached for comment.
The governor's office identified the other four as traders William F. Mead,
Herman Leung, Constantine Louie and Peggy Cheng, most of whom could not be
reached Friday by The Times.
All of them formerly worked as energy schedulers at the Power Exchange, a
now-defunct energy market similar to a stock exchange created in the early
days of California's electricity deregulation.
Hired by the state in February and March, the four signed temporary contracts
calling for maximum payments of between $15,000 and $21,000 a month,
including living expenses in Sacramento and flights home to Southern
California.
Mead, 55, a former Edison engineer, said state officials never warned him
that owning energy stock was a problem until they demanded that he sell the
stock a week ago.
He said he bought nearly all of his shares 2 1/2 years ago for $12,000 and
saw its value skyrocket as the stock split three times, doubling in value
each time.
Mead said he was called by the head of the state's energy buying team
Thursday and fired.
"I asked very directly, 'Is this because of the stock?' and they wouldn't
give me an answer," Mead said. "[He] just said your services are terminated.
"I came up here, away from home, living in a hotel room, trying to keep the
lights on, trying to get the state through a crisis and now I get a finger
pointed at me as if I'm some sort of criminal. I guess it's just politics and
we're the pawns."
Administration officials said they also are examining the actions of other
traders, including one who bought Calpine stock just before beginning work
for the state. That trader, Elaine Griffin, who also came from the Power
Exchange, left the state power buying operation July 14, three days after
disclosing her energy industry investment. Griffin, who the governor's office
said had obtained another job, could not be reached for comment.
Griffin reported purchasing $10,000 to $100,000 of Calpine stock on Feb. 1,
in her final days working at the electricity exchange.
A few days later, Calpine signed and announced a $4.6-billion, 10-year deal
to sell power to the Department of Water Resources.
On Feb. 20, Griffin joined the state power buying agency, just as the state
and Calpine were finalizing an additional $8.3 billion in power contracts.
One of those, a 20-year deal signed Feb. 27, was the longest.
The state has awarded Calpine about $13 billion in contracts to supply power
for up to 20 years.
In addition to the state consultants who bought Calpine stock, two others
reported owning stock in Texas-based power marketing giant Enron Corp. And
two more bought stock in Southern California Edison, the faltering utility
that Davis has committed himself to saving from bankruptcy.
Another consultant bought stock in Reliant Energy of Houston, a large power
plant operator that bought several California plants from utilities after
deregulation.
Bernard Barretto, an energy trader, who buys energy on the daily spot market,
said in an interview that he bought about $2,000 in Enron stock shortly
before he began work for the state Feb. 28.
Purchase of Enron Stock Defended
"I don't see a conflict," he said. "At the time, we weren't really dealing
with Enron. I [still] haven't bought from Enron."
Barretto said he never considered his Enron ownership a possible conflict
until he received notice July 18 that he had to sell the stocks by noon or
lose his job.
That notice came from Goode, the governor's lawyer.
"We expect and have always expected the state's consultants to uphold the
highest ethical standards," he wrote. "That standard is not met by those who
hold a financial interest in one or more energy companies while trading on
behalf of the state on energy related matters."
"Therefore each consultant who holds an interest in an energy company must
divest himself or herself of that interest by noon today. If he or she
refuses, the state will sever its contract with that person."
However, the governor's office has taken a distinctly different stance with
his closest financial advisors, Fichera and Hoffman.
Davis aides cite an opinion sought last week from attorney Raquelle de la
Rocha, a former member of the Los Angeles Ethics Commission and the state
Fair Political Practices Commission. She concluded that the advisors do not
have to file disclosure statements because they are contractors, not
consultants, and will be working for less than a year on a limited range of
projects.
Fichera is Davis' point man on the governor's energy rescue plan--including
the unprecedented bond sale. He has pitched the plan to lawmakers, reporters
and the Wall Street financial community. Fichera refused to comment on the
record.
Fichera and Hoffman's companies, Saber Partners and Blackstone Group,
prepared a controversial analysis that helped underpin legislative approval
of the bond measure, intended to pay for past and future power buying.
Pact Specifies Financial Advice
The state's contract with the Fichera and Hoffman firms calls for them to
provide "financial advisory services" to the state.
The decision not to require public disclosure of their financial holdings
stands in sharp contrast to the approach taken with Montague DeRose and
Associates. That consulting firm was hired on a $1.8-million contract. Like
the other two firms, it too was hired to provide "financial advisory
services" to the state.
That firm's top advisor, Douglas S. Montague, was required by the
administration to fill out a disclosure statement. He reported no power
company interests.
The governor's legal advisors said the difference is that Montague is on a
longer contract.

PHOTO: Barry Goode, above, governor's legal affairs secretary.;
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