i think we would rally if march were the only thing traded.  Problem is 
summer and on out so weak.  trade scale up seller of jv as it gets close to 
600.  some customer selling in cal 2.  so h/j and j/k need to blow out 
because no other spread is moving.  i'm a seller of j/k so h/j needs to 
blow.  all other trade is scale up seller of that so it can move but slowly.  
it's a struggle each penny at this point.  at least one spread needs to break 
if we're going to run and i don't see that happening.





slafontaine@globalp.com on 02/08/2001 11:20:40 AM
To: John.Arnold@enron.com
cc:  
Subject: Re: spreads



i think we rally a little from here this pm-that said i dont think mar/may 
gonna
movre up much unless we see cash start to improve.. any thots on east cash? 
its
a pig-of course no loads. whats gonna be the driver for march/apr from here  
you
think?