Mark:
We are still on for drinks on the 19th.  You have called the market very well 
since you started sending me updates.  Unfortunately for both of us, a couple 
of good calls does not a soothsayer make.  Thus, keep sending me your updates 
so I can at least get a little broader judgment of your abilities.   In terms 
of my trading style, I take positions to make $.25-$1, not $.05.  Too much 
noise in this market to trade differently for me.  




"Mark Sagel" <msagel@home.com> on 10/04/2000 02:55:41 PM
To: <John.Arnold@enron.com>
cc:  
Subject: Re: Natural update


John:

I hope you know I was just fishing for a reaction on the phone before.  I
assumed we would discuss a potential relationship when I'm in Houston on the
19th.  We're still on for drinks after work, right?  By then, you should
have a comfort level with the quality of my work.  I think the analysis I've
given you has been quite accurate as to market turns and price behavior.  It
would be helpful if I had some idea of how you trade/view the market.  Are
you mainly day-trading or do you hold positions for several days/weeks?
That way I can structure my comments in order to best serve your interests.
Let me know.  Thanks,
----- Original Message -----
From: <John.Arnold@enron.com>
To: <msagel@home.com>
Sent: Wednesday, October 04, 2000 9:14 AM
Subject: Re: Natural update



Mark:
Let's keep the present system for the short-term.  I would like to continue
looking at your work for another couple weeks.  We'll talk later,
John




"Mark Sagel" <msagel@home.com> on 10/03/2000 02:29:47 PM

To:   "John Arnold" <jarnold@enron.com>
cc:
Subject:  Natural update



John:

The price behavior of the past couple days has been  disappointing. My
short-term market patterns suggested a more robust price  rally and natural
appears to be waning at present. Volume on this rally is  poor,
particularly since yesterday was a decent day to the upside. The  market
appears to be using a lot of its energy but spinning its wheels. If  we
are at these same price levels in another two weeks, that would be
extremely  bullish. Right here, the risk/reward to being long is not so
great.   Recommend a neutral stance short-term on natural. Bigger picture
is still  very bullish. However, this market needs another 1-2 weeks of
what I would  call horizontal price action to set the stage for a big move
to the  upside.

Let me know if this stuff is useful for you. I certainly  don't want to
waste your time. In addition, if you prefer I call when I  have something
to pass along, let me know. I don't know how often you  check/see your
e-mail. Thanks,

Mark Sagel