amazing how with cash futures at $1 and the back such a piece that f/g under 
such pressure.  month 2 has been the strongest part of the board all year.   
will be interesting to see what happens when h/j is prompt.  could j actually 
be strong?  seems like of the spreads on the board the best risk reward is in 
f/g.  a little worried about having the z/f effect again.  that is, all spec 
length trying to roll and funds trying to roll  at the same time leading to 
some ridiculous level at expiry.  any thoughts?




slafontaine@globalp.com on 12/08/2000 12:05:54 PM
To: John.Arnold@enron.com
cc:  
Subject: re:summer inverses



i suck-hope youve made more money in natgas last 3 weeks than i have. mkt shud
be getting bearish feb forward-cuz we already have the weather upon us-fuel
switching and the rest shud invert the whole curve not just dec cash to jan 
and
feb forward???? have a good weekend john