sorry for the delay
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/27/99 04:01 PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  trials@optioninvestor.com (Option Investor Newsletter     Trials)
                      01/24/99 06:09 AM

Please respond to trials@optioninvestor.com
To: Option Investor Newsletter Trials <trials@optioninvestor.com>
cc:  (bcc: Mark - ECT Legal Taylor/HOU/ECT)
Subject: Sunday - Option Investor Newsletter 1 of 6

The Option Investor Newsletter  Sunday  1-24-98  1 of 6
Copyright 1999, All rights reserved.
Redistribution in any form strictly prohibited.

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

Published three times weekly, Sunday, Tuesday, Thursday evenings.
New plays and market wrap updated daily on the website.

Entire newsletter best viewed in COURIER 10 font for alignment
******************************************************************
MARKET STATS FOR LAST WEEK AND PRIOR WEEKS
******************************************************************
       WE 1-22           WE 1-15           WE 1-08        WE 12-31
DOW     9120.67 -219.88  9340.55 -302.77  9643.32 +461.89  - 36.56
Nasdaq  2338.88 -  9.27  2348.20 +  3.79  2344.41 +152.22  + 29.52
S&P-100  610.38 -  6.08   616.46 - 19.56   636.02 + 32.08  -  3.91
S&P-500 1225.19 - 18.07  1243.26 - 31.43  1275.09 + 45.93  +  4.15
RUT      422.44 -  4.61   427.05 -  4.18   431.23 +  9.27  + 16.42
TRAN    3063.80 - 84.73  3148.53 -211.75  3360.28 +210.97  +108.48
VIX       32.85            29.75            23.88            25.41
Put/Call    .54              .56              .48              .55
******************************************************************

Big blue beat estimates but investors turned red on Friday.

The bluest of the blue chips turned red on Friday after beating
analysts estimates. Even though they posted a win on the surface
the numbers behind the numbers painted the true picture. IBM made
$.04 a share on hedging currency. What this means is the currency
of other countries went up in value compared to previous levels
and IBM either made money on their currency hedge instruments or
the currency their customers used had gone up in value over
the value assigned when the deals were first done. If you agreed
to pay 1 million Baht for a computer when the Baht was worth 125
to the dollar and by the time the computer was delivered the Baht
was worth 100 to the dollar then IBM would get a windfall profit
of +20%. The difference between 125 and 100 to the dollar. (The
numbers used are for example only and not accurate) So IBM did
not do anything to earn the extra money except be in the right
place at the right time. IBM also had less sales than expected
which did not go well with analysts.

After the smoke cleared IBM had lost -$17 for the day. -$16 bln
in market cap. IBM accounted for over -70 points of the Dow loss
for the day.

SUNW on the other hand beat estimates by $.01 and announced a
split and only closed down -.44 for the day. It really was not
the fault of SUNW. The Nasdaq was hell bent on following the Dow
down even though it made several nice runs to positive territory
during the day. Sun had a backlog of $770 million in orders and
more coming in every day. The CEO said sales were expected to
increase as much as +20% this year. We expect SUNW to continue
upward with any Nasdaq rally.

The Clinton problem took a hard turn on Friday. With Republicans
starting to defect and looking for an easy way out to avoid more
negative press, the prospects of a dismissal look better every
day. This would help the market some as "no change" is typically
considered good news. The Byrd motion for dismissal is not likely
to pass but it set the tone for the future votes.

The real culprit again on Friday was the fallout from the Brazil
problem. Continued rumors of other countries possibly devaluing
their currencies put a cautious tone in the market ahead of the
weekend. Even though many very knowledgeable analysts said the
possibility of China or Hong Kong devaluing based on the current
Brazil problem was "very, very remote" the more safety conscious
investors were moving to the sidelines before the close. The
Brazil Bovespa recovered from earlier losses to close down only
-131 or -1.8%. All the European exchanges had closed down on
Friday as the increasing worry had investors taking profits there
also.

Is the U.S. market going down as some bears are saying? We don't
think so, YET. Without a "tail wagging the dog" news event this
week we feel that positive corporate earnings will continue to
move the market upward. Interest rates are going to remain flat.
Inflation is flat, the economy is growing. We have no reason to
sell off. The wild card is the Brazil crisis. The DOW, OEX and
RUT are all sitting at support on their moving averages. The
market is down -522 points in the last two weeks. We are due for
another technical "relief" rally this week. With all the negative
news out Friday the fact that the Dow only lost -73 points (if
you take out IBM) is remarkable. The Nasdaq had recovered from
a -38 point early loss and traded +15 until the end of the day
"fear of darkness" sell off. This is remarkable. The buy the
dip mentality is alive and well. There was strong buying at the
close on Friday as well as the early morning dip. As long as
buyers keep filling in the holes we will continue to build a
stronger base here. Again, the wild card is Brazil and the other
Latin America countries. A news flash on Monday morning could
wipe out the market in a heartbeat. Until the Brazil Real gains
some strength traders should consider playing smaller positions.
You can still capture some gains but have less at risk should
lightning strike.

We are at a pivotal point in the market. With all the major
averages setting on support it will take more bad news to push
us down and less good news to make it go up. There is still
lots of buyers in the market. As CNBC reported Friday there
is a huge "book" of buy orders at $2-$3 less than current prices
for many blue chip stocks. As long as these limit buy orders
stay on the books the chances of a substantial drop are slim.
Institutions want to buy but not at the top of the market. They
are using the "target shooting" approach we always suggest.

The target shooting approach to opening a position is simply
placing a limit buy order at -25 to -50% less than the current
ask and waiting for a dip to fill your order. Sometimes you
can wait days for a dip but in the current market climate we
are seeing dips almost every day. Normally the dips are too
quick to react with manual orders but if you have an existing
limit order you can get filled when it happens and sometimes
at the low for the day. For instance the SUNW FEB-100 Call
had a low for the day on Friday of $5.00 and a high of $8.00.
It closed at $6.50. The previous close was $7.50. A limit
order for -25% less than the previous close would have been
$5.63. You would have filled at $5.63 and could easily have
sold again for a +15% to +25% profit.

The AOL-140 Call closed Thursday at $14.00. A -25% limit order
would have been $10.50. On Friday the low for the day was $10
and the high was $14.88. You would have filled at $10.50 and
could have easily sold again for +20 to +30% profit the same
day.

Most traders would have bought at $13 or more after AOL started
back up. They would be thinking. OK, now it is moving, I will
jump in now. While this is not a bad idea it is not as good
as buying cheap. Once you make a decision to buy AOL or SUNW
or whichever stock you want, then the next decision is WHERE
to buy. If you use this method you will make fewer plays
because not all options will dip -25% in one day but the plays
you do make will be much more profitable. You will normally
be buying in at the low for the day. Would you like to be in
a position cheaper than everybody else?

We have had several serious rumors that Microsoft is going
to announce a 2:1 split this week. While the MSFT CFO had
said in an offhand remark several weeks ago that he would
"like to wait" until the $200 range before they split again,
I am being covered in emails that claim they will split
either Monday after the close or sometime during this week.
I have never had the volume of email on a split rumor that
I had on MSFT this week. I own MSFT currently and would
really be a happy trader if this comes to pass.

Watch the news Sunday for signs of the Brazilian flu and
plan your trades accordingly for Monday.

Good Luck

Jim Brown
Editor

***********
JIM'S PLAYS

The week started out great with Microsoft blowing away earnings
and gapping open the next day. I had broken a cardinal rule and
held over in anticipation of a split and got the earnings gap
as a surprise. THIS IS A VERY BAD IDEA!! I was forced to hold
some SUNW over earnings as the market was dropping too fast
and my limit orders never filled. Ouch! Fortunately Sun did
not do the IBM thing and actually traded up on Friday. If we
can get a Nasdaq rally Monday I might be able to get out of
the position alive. Other than the those two major trades
early in the week I did almost nothing. Friday I bought the
dip on faith and still feel pretty good about it. Now if
only Brazil does not blow up over the weekend.

Stock trades
Sold 5000 KMAG @ $14.69 cost 13.56   Profit $5,650
Sold 5000 SRCM @ $22.25 cost 22.75   Loss   -2,500
Sold 4000 PAIR @ $10.50 cost 10.50   Even        0
                                     Total  +3,150

Option trades
Sold (10)  OEX-FEB-630 CALLS OEY-BF @14.25 cost 13.00 + 1,250
Sold (25) MSFT-FEB-150 CALLS MSQ-BJ @18.88 cost 12.00 +17,200
Sold (100)SUNW-FEB-100 CALLS SUQ-BT @ 8.94 cost  8.19 + 7,500
Sold (4)   OEX-FEB-610 CALLS OEY-BB @30.00 cost 25.00 + 2,000
Sold (4)   OEX-FEB-625 PUTS  OEY-NE @24.06 cost 17.25 + 2,724
Sold (25) VOLVY-FEB-30 CALLS VQY-BF @ 2.75 cost  3.06 -   775
                                           Total      +29,899

Bond Spread

Sold   (10)MAR-129 calls, Sold   (10)MAR-125 puts
Bought (10)MAR-131 calls, Bought (10)MAR-123 puts
Net credit 45 points or $703 per contract             $7,030

                                   Total all trades +$40,079

This looks like a pretty good week but what you don't see
is the large loss I am currently holding in SUNW. If Sun does
not rise from the ashes this week the next Sunday recap will
be very ugly.

Current positions:

Call options in MSFT, DELL, AOL, SUNW, XIRC

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

Market's Momentum Lost

Don't look now, but the powerful market has lost its momentum and
we are beginning to see several classic failed rallies develop.
You would expect the financial and airlines sectors to roll over
given that these have been under pressure and trading below
their declining moving averages.  But what about Drug and
Healthcare? These sectors have been trading higher and should
follow the Technology sector into new territory, right?  Wrong.
Pinnacle turned Bearish on these sectors this weekend over the
near-term after violating key benchmarks of (DRG /740) and (HCX
/ 720), respectively.

More problematic is the Russell 2,000 (RUT). Not only is the
small cap coming up short of last July's high, but excessive
call buying by option speculators is occurring at out-of-the
money overhead benchmark levels as reflective by our high
Pinnacle Index (14.7) for the Russell 2,000.

http://www.optioninvestor.com/marketsentiment/image28.gif

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                       (1/22)     (1/26)   (1/28)   Alert

Pinnacle Index (OEX):
Overhead Resistance (620-635)     1.4
Underlying Support  (595-610)     1.3

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

Peak Open Interest (OEX):
Puts                              610
Calls                             610
P/C Ratio                         .9

Market Volatility Index (VIX):
CBOE VIX                         32.85                        *

Investors Intelligence:
Bullish                          60.0%                        *
Bearish                          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                       (1/22)     (1/26)   (1/28)

                    (630-635)      2.7
                    (620-625)      1.1
Overhead Resistance (620-635)      1.4

OEX Close                       610.38

Underlying Support  (595-610)      1.3
                    (605-610)      1.0
                    (595-600)      1.9

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                (1/22)     (1/26)   (1/28)

CBOE Total P/C Ratio              .53
CBOE Equity P/C Ratio             .40
OEX P/C Ratio                    1.15

OEX
Peak Open Interest   Friday         Tues           Thurs
Strike/Contracts     (1/22)         (1/26)         (1/28)

Puts                 610 / 11,153
Calls                610 / 11,865
Put/Call Ratio       .94

http://www.optioninvestor.com/marketsentiment/Image29.gif

http://www.optioninvestor.com/marketsentiment/Image30.gif

VIX
Volatility Index    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 22, 1999                        32.85

http://www.optioninvestor.com/marketsentiment/Image31.gif

Http://www.optioninvestor.com/marketsentiment/Image32.gif

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 22, 1999                      60.0        30.0   *

Market Posture
**************
As of Market Close - Friday, January 22, 1999

                   Key Support
Broad Market         /Resistance    Last    Posture/Since  Alert

DOW Industrials    9,100   9,730   9,121    Neutral   1.15
SPX S&P 500        1,210   1,280   1,225    Neutral   1.12
OEX S&P 100          600     635     610    Neutral   1.12
RUT Russell 2000     420     435     422    Neutral   1.12

NDX NASD 100       1,900   2,010   1,964    Neutral   1.21
MSH High Tech        930     980     949    Neutral   1.21

Technology
**********
XCI Hardware         830     875     871    Neutral   1.22 *
CWX Software         610     665     651    Neutral   1.21
SOX Semiconductor    360     410     393    Neutral   1.8
NWX Networking       420     450     424    Neutral   1.8
INX Internet         470     570     478    Neutral   1.8

Financial
*********
BIX Banking          650     710     647    BEARISH   1.22 *
XBD Brokerage        630     725     646    Neutral   1.14
IUX Insurance        590     620     574    BEARISH   1.21

Other
*********
RLX Retail           800     860     828    Neutral   1.8
DRG Drug             740     795     739    BEARISH   1.22 *
HCX Healthcare       720     780     717    BEARISH   1.22 *
XAL Airline          310     350     304    BEARISH   1.22 *
OIX Oil & Gas        245     260     240    BEARISH   1.14

Posture Alert

After selling off at an important failed rally benchmark, we
have turned Bearish on several industry sectors including
Banking, Drug, Healthcare and Airlines.  We caution investors
that we have received a near term reversal signal across many
sectors that many have violated their 50-day moving averages.

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

www.optioninvestor.com/marketposture

******************
Great Expectations
By Pinnacle Capital Advisors

Great Expectations

With another wave of key corporate earnings reports due out this
week, we have highlighted below the companies that will likely
have the greatest impact on the overall market.  Keep close
track of these companies.  If they beat expectations, we are
likely to move higher.  If not, we are likely to re-test our key
support levels again.

Options traders playing the Technology sectors, watch Microsoft
on Tuesday.  Microsoft will likely dictate the climate for
the technology sector for 1Q99.

Reporting                            Estimated   Pinnacle
Date       Company                         EPS      Index

Hardware:
1/26 EMC   EMC CORP                       0.46        6.2
1/26 KMAG  KOMAG INC                     -0.41        3.8
1/27 CPQ   COMPAQ COMPUTER                0.36        8.3
1/26 XRX   XEROX CORP                     1.67        6.6

Software:
1/26 CDN   CADENCE DESIGN                 0.35        2.6
1/26 CLFY  CLARIFY INC                    0.14        4.0
1/26 CSC   COMP SCIENCE                   0.54        6.2
1/25 RMDY  REMEDY CORP                    0.24        2.4
1/27 IFMX  INFORMIX CORP                  0.11        9.1
1/27 MACR  MACROMEDIA INC                 0.10        9.8
1/28 SHVA  SHIVA CORP                     0.01        4.0
1/28 SEBL  SIEBEL SYSTEMS                 0.15        8.7
1/28 VRTS  VERITAS SOFTWRE                0.21        9.9
1/26 RMDY  REMEDY CORP                    0.24        2.6

Semiconductor:
1/26 CY    CYPRESS SEMI                  -0.01        1.6
1/28 LSI   LSI LOGIC                     -0.02        4.8

Networking:
1/26 BRCM  BROADCOM CORP                  0.18        1.2

Telecommunications:
1/25 T     AT&T CORP                      1.00        6.3
1/25 BLS   BELL SOUTH                     0.41        6.2
1/25 TLAB  TELLABS INC                    0.59        6.1
1/26 NT    NORTHERN TELECO                0.71        6.0
1/27 BEL   BELL ATLANTIC                  0.69        2.9
1/27 PAIR  PAIRGAIN TECH                  0.11        3.0
1/28 GTE   GTE CORP                       0.87        5.1
1/28 ERICY LM ERICSSON TELE               0.29        3.8
1/29 NOKA  OKIA CP-ADR A                  1.01        3.0

Internet / eCommerce:
1/26 AMZN  AMAZON.COM INC                -0.19        1.1
1/26 CYCH  CYBERCASH INC                 -0.41       11.3
1/26 EBAY  EBAY                           0.04        N/A
1/26 RNWK  REALNETWORKS                  -0.04       12.2
1/26 USWB  USWEB                          0.05       10.0
1/27 AOL   AMERICA ONLINE                 0.14        2.2
1/27 SEEK  INFOSEEK CORP                 -0.42        1.1
1/27 MSPG  MINDSPRING ENTR                0.04        7.4
1/28 NETG  NETGRAVITY INC                -0.19        N/A
1/28 BCST  BROADCAST.COM                 -0.25        N/A
1/28 GCTY  GEOCITIES                     -0.33        N/A

Financial:
1/25 AXP   AMER EXPRESS CO                1.16        6.8
1/25 C     CITIGROUP INC                  0.56        4.0

Pharmaceutical:
1/26 AHP   AMER HOME PRODS                0.44        7.1
1/26 JNJ   JOHNSON & JOHNS                0.51        6.5
1/26 MRK   MERCK & CO INC                 1.16        5.6
1/27 SGP   SCHERING PLOUGH                0.28        7.5
1/28 BAX   BAXTER INTL                    0.73        3.0
1/28 LLY   LILLY ELI & CO                 0.51        1.8

Biotechnology:
1/27 AMGN  AMGEN INC                      0.84        9.4
1/28 CNTO  CENTOCOR INC                   0.12        5.8

Airline:
1/26 LMT   LOCKHEED MARTIN                0.81        2.1
1/27 BA    BOEING CO                      0.42        1.9

Oil & Gas:
1/25 CHV   CHEVRON INC                    0.51        2.3
1/25 DO    DIAMOND OFFSHORE               0.56        3.4
1/25 HAL   HALLIBURTON CO                 0.27        6.2
1/26 BHI   BAKER-HUGHES                   0.17        1.0
1/26 TX    TEXACO INC                     0.30        5.3
1/27 MOB   MOBIL CORP                     0.54        4.2
1/28 RIG   TRANSOCEAN OFFS                0.83        2.9

Consumer:
1/25 PG    PROCTER & GAMBL                0.77        2.2
1/27 MO    PHILIP MORRIS                  0.72        4.5
1/28 KO    COCA COLA CO                   0.24        2.9
1/29 HSY   HERSHEY FOODS                  0.85        2.4
1/27 DIS   DISNEY WALT                    0.25        1.4
1/28 G     GILLETTE CO                    0.39        2.4

Excessive Optimism / Pessimism

Often times when companies release corporate earnings, the stock
will move/gap up or down depending on the level of expectation
built into the stock prior to the release date.  This level of
expectation can be measured, in part, by the Call/Put ratio and is
represented by our Pinnacle Index figure.  The average Pinnacle
Index is 2.0.  Therefore, an index appreciably higher than 2.0
reveals a high level of optimism while an index lower than 2.0
reveals a high level of pessimism.  For aggressive options traders,
we have highlighted companies reaching extreme expectation levels
below.

For example, the company with the highest and lowest expectation
reporting this week is Realnetworks (RNWK) and Baker Hughes (BHI)
with a Pinnacle Index of 12.2 and 1.0, respectively.  This
suggests that if Real Networks does not beat their estimate on
Tuesday, they are likely to sell-off.  Conversely, if Baker
Hughes beats their estimate or reports any favorable news, they
are likely to move higher.

Reporting                            Estimated   Pinnacle
Date       Company                         EPS      Index

Great Expectations:
1/26 RNWK  REALNETWORKS                  -0.04       12.2
1/26 CYCH  CYBERCASH INC                 -0.41       11.3
1/26 USWB  USWEB                          0.05       10.0
1/28 VRTS  VERITAS SOFTWRE                0.21        9.9
1/27 MACR  MACROMEDIA INC                 0.10        9.8
1/27 AMGN  AMGEN INC                      0.84        9.4
1/27 IFMX  INFORMIX CORP                  0.11        9.1
1/28 SEBL  SIEBEL SYSTEMS                 0.15        8.7
1/27 CPQ   COMPAQ COMPUTER                0.36        8.3
1/27 SGP   SCHERING PLOUGH                0.28        7.5
1/26 AHP   AMER HOME PRODS                0.44        7.1
1/25 AXP  AMER EXPRESS CO                 1.16        6.8
1/26 XRX   XEROX CORP                     1.67        6.6
1/26 JNJ   JOHNSON & JOHNS                0.51        6.5
1/25 T     AT&T CORP                      1.00        6.3
1/25 BLS   BELL SOUTH                     0.41        6.2
1/26 EMC   EMC CORP                       0.46        6.2
1/25 HAL   HALLIBURTON CO                 0.27        6.2
1/25 TLAB  TELLABS INC                    0.59        6.1
1/26 NT    NORTHERN TELECO                0.71        6.0
1/26 MRK   MERCK & CO INC                 1.16        5.6
1/28 GTE   GTE CORP                       0.87        5.1
1/28 SHVA  SHIVA CORP                     0.01        4.0

Low Expectations:
1/26 BHI   BAKER-HUGHES                   0.17        1.0
1/27 SEEK  INFOSEEK CORP                 -0.42        1.1
1/26 AMZN  AMAZON.COM INC                -0.19        1.1
1/27 DIS   DISNEY WALT                    0.25        1.4
1/26 CY    CYPRESS SEMI                  -0.01        1.6
1/28 LLY   LILLY ELI & CO                 0.51        1.8
1/27 BA    BOEING CO                      0.42        1.9

The Power of Sentiment Analysis

Last October (1998), Pinnacle Capital Advisors tracked
corporate earnings reports and advised subscribers about
the impact that excessive optimism and pessimism can have
on the stocks's performance following the release of its
quarterly earnings report.  If you recall, we identified
several stocks that reached excessive sentiment levels
including Intel (INTC) and Pfizer (PFE).

Reporting                            Estimated   Pinnacle
Date        Company                        EPS      Index

Excessive Optimism:
10/13 INTL  Intel                          .79       5.2
10/13 JNJ   Johnson & Johnson              .70       3.7
10/15 AAPL  Apple Computer                 .49       3.6

Excessive Pessimism:
10/13 JPM   JP Morgan                     1.08        .4
10/12 C     Chrysler                       .87        .7
10/14 PFE   Pfizer                         .57        .9
10/13 GM    General Motors                 .98-      1.2
10/16 G     Gillette                       .30       1.3
10/14 MER   Merrill Lynch                  .56       1.5

The first is Intel (INTC).  The semiconductor powerhouse had
rallied ahead of its earnings report Tuesday night (10/13) and
closed at $83.88.  What's interesting is that they beat the
street's estimate by 9 cents and yet the stock gapped down
the next morning (10/14).  And despite the 330 point Dow rate
cut rally on Thursday (10/15), the stock had trouble taking
out its recent previous high of $85.88.  Here, our sentiment
analysis alerted subscribers that expectations had gotten
ahead of itself and that despite the good news, the stock had
trouble advancing.

We saw the opposite in the case of Pfizer (PFE).  This blue
chip Pharmaceutical company had sold off more than 20% from
its summer high ($120) to close at $95.50 before its release
Tuesday night (10/13).  Here, Pfizer actually missed its
estimated earnings by a nickel.  Although the stock initially
gapped down the next morning, it quickly rallied and closed
higher. Our message: it's all about understanding and
managing expectations.

Pinnacle Index

What is the Pinnacle Index.  It is simply the put/call ratio
at key overhigh benchmark levels.  Typically, there should be
two (2) calls for every one (1) put.   So when this ratio
reaches extremes levels, it can presage key turning points in
the stock.  The average Pinnacle Index, therefore, should read 2.0.

One of the key components that separate OptionInvestor.com
from any other advisory services is our sentiment indicator
or Pinnacle Index.  The Pinnacle Index is designed to measure
the level of overhead resistance at key overhead benchmark
levels. This analysis can give savvy option traders a jump on
other traders.

It's important to note that the Pinnacle Index, like many
sentiment indicators, is a contrarian indictor.  This means
that the stock can and will go higher or lower despite what
our sentiment indicators might suggest.  However, our
experience has shown that the market is subject to a
precipitous sell-off if the Pinnacle Index reaches extreme
levels.

Coming Events
*************
Monday:

Existing Home Sls Dec      Forecast: 4.85M   Previous: 4.90M

Tuesday:

LJR Redbook       1/23     Forecast:  --     Previous:  1.9%
BTM/Schroeders    1/23     Forecast:  --     Previous:  0.3%
API Oil Stocks    1/23     Forecast:  --     Previous: 321.9M

Wednesday:

None

Thursday:

Jobless Claims    1/23     Forecast:  --     Previous: 346K
Durable Goods     Dec      Forecast:  0.4%   Previous: 1.0%
Employment Cost   Q4       Forecast:  0.9%   Previous: 1.0%

Friday:

GDP               Q4       Forecast:  4.0%   Previous: 3.7%
CPMI              Jan      Forecast:  --     Previous: 50.9
Michigan Cons Sent Jan     Forecast:  --     Previous: 100.5

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I'm glad to know that she is home.  I can just imagine how much fun those
oxygen treatments will be!  I know that you will be thankful to have your
whole family under the same roof.  --Sally

	Barry Pearce @ ENRON COMMUNICATIONS
	12/01/2000 05:47 PM

To: Sally Beck/HOU/ECT@ECT@ENRON
cc:
Subject: Olivia

Olivia came home this afternoon at 4pm.

Hopefully much better.

She'll have the oxygen treatment every 2 hours off some massive & complicated
contraption.

B.


---------------------- Forwarded by Phillip M Love/HOU/ECT on 01/31/2001
10:10 AM ---------------------------

From:  Veronica Espinoza @ ENRON
               01/31/2001 09:28 AM

To: Larry Joe Hunter/HOU/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Kim S
Theriot/HOU/ECT@ECT, Melinda Whalen/CAL/ECT@ECT, Dianne Seib/CAL/ECT@ECT,
Janie Aguayo/HOU/ECT@ECT, Derek Bailey/Corp/Enron@ENRON, Kevin
Meredith/Corp/Enron@ENRON, Ellen Wallumrod/NA/Enron@ENRON, Celeste
Cisneros/NA/Enron@Enron, Diane Anderson/NA/Enron@Enron, Tiffany
Williams/NA/Enron@Enron, Cindy Feldman/CAL/ECT@ECT, Patricia
Boulanger/CAL/ECT@ECT, Linda Sietzema/CAL/ECT@ECT, Sharon
Crawford/CAL/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Tanya
Rohauer/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT,
Russell Diamond/HOU/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Nidia
Mendoza/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT,
David Baumbach/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Darron C
Giron/HOU/ECT@ECT, Walter Guidroz/NA/Enron@Enron, Leslie Reeves/HOU/ECT@ECT,
Veronica Gonzalez/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT
cc: Brant Reves/HOU/ECT@ECT
Subject: Credit Report--1/31/01


Tana -

The below request for an NDA is from the director of Clickpaper.com.  Can we
process this this morning?

Please disregard all of the Linking Agreement language.

Thanks.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com
----- Forwarded by Mark Greenberg/NA/Enron on 03/09/2001 08:52 AM -----

	John Cummings/ENRON@enronXgate
	03/08/2001 06:16 PM

		 To: Mark Greenberg/NA/Enron@ENRON
		 cc:
		 Subject: Forestweb NDA and Linking Agreement

Mark

Please send the NDA with return instructions to :

Rami Ghandour
Forestweb, Inc.
1801 Avenue of the Stars
Los Angeles, CA 90067
Phone: 310-553-0008
Fax: 310-553-0080
Rami@forestweb.com

Please leave me a message as to when I can get the Linking Agreement to
Paperloop.  If we can get it to them tomorrow, then they might just sign it
after a quick review in order to go live by Sunday.  Also please prepare the
Linking Agreement for ForestWeb as well.

JC


Enron announced today that its common stock will now be traded as an Over-the-Counter (OTC) equity security under the symbol "ENRNQ."  This follows a decision by the New York Stock Exchange (NYSE) to file an application to delist Enron's common stock, which means that Enron's common stock and related securities are suspended from trading on the NYSE.  Enron is considering whether to appeal the NYSE's decision.

The NYSE has standard criteria for listing stocks, which can be found on their website at www.nyse.com.  Enron recently fell below the following listing criteria: average closing price of a security less than $1.00 over a consecutive 30 trading-day period.  Quotation service for Enron's stock will now be provided by the National Quotation Bureau, LLC "Pink Sheets."


--------- Inline attachment follows ---------

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=SPANUS>
To: Adams, Laurel </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Ladams>, Anderson, Diane </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Danders2>, Bell, Jean </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jbell>, Bowen, Bob </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Bbowen>, Cason, Sharen </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Scason>, Cisneros, Celeste </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Ccisnero>, Fischer, Jason </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jfische2>, Garcia, Jorge A.  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jgarci11>, Heaney, Gordon </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Gheaney>, Hundl, Kimberly </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Khundl>, Hunter, Larry Joe </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jhunte2>, Murphy, Melissa Ann </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mmurphy>, Ornelas, Bianca </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Bornelas>, Piwetz, Stephanie </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Spiwetz>, Rodriguez, Melissa </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mrodrig3>, Seib, Dianne </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Dseib>, Theriot, Kim S. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Ktherio>, Brackett, Debbie R. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Dbracke>, Bradford, William S. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Wbradfo>, Brown, Angela Y. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Abrown8>, Conwell, Wendy </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Wconwell>, Curry, Ken </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Kcurry>, Espinoza, Veronica </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Vespino>, Gonzalez, Veronica </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Vgonza2>, Johnson, Rudwell </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Rjohnso2>, Landry, Shemeika S. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Slandry>, Lebrocq, Wendi </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Wlebrocq>, Mendoza, Nidia </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Nmartin>, Monterrey, Maribel </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mmonterr>, Moran, Tom </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Tmoran>, Ngo, Tracy <Tracy.Ngo@ENRON.com>, North, Carol </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Cnorth>, Otto, Randy </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Rotto>, Radous, Paul </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Pradous>, Rajaram, Aparna </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Arajaram>, Rohauer, Tanya </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Trohaue>, Sacks, Edward </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Esacks>, Sonnonstine, Max </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Msonnons>, Vanek, Darren </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Dvanek>, Williams, Jason R (Credit) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jwilli10>, Campos, Anthony </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Acampos>, Crawford, Sharon </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Scrawfo3>, Ebow, Amber </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Aebow>, Ellstrom, Diane </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Dellstr>, Gerard, Camille </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Cgerard>, Hare, Bill D. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Bhare>, Johnson, Cheryl </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Cjohnso5>, Lambert, Karen </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Klamber>, Landau, Georgi </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Glandau>, Lees, Lisa </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Llees>, Moore, Jason </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jmoore1>, Neuner, Dale </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Dneuner>, Reeves, Leslie </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Lreeves>, Richardson, Stacey </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Srichar2>, Rodriguez, Bernice </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Brodrig>, Schott, Samuel </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Sschott>, Sever, Stephanie </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Ssever>, Shivers, Lynn </O=ENRON/OU=NA/CN=RECIPIENTS/CN=LSHIVER>, Sietzema, Linda </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Lsietze>, Southard, Carrie </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CSOUTHA>, Bailey, Susan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Sbaile2>, Boyd, Samantha </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Sboyd2>, Cook, Mary </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mcook>, Gray, Barbara N. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Bgray>, Heard, Marie </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mheard>, Hendry, Brent </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Bhendry>, Jones, Tana </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Tjones>, Keiser, Holly </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Hkeiser>, Koehler, Anne C. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Akoehle>, Leite, Francisco Pinto </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Fleite>, Nelson, Cheryl </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Cnelson4>, Sayre, Frank </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Fsayre>, Shackleton, Sara </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Sshackl>, Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Wednesday, November 21, 2001 6:27:32 GMT
Subject:

We have received an executed financial master agreement:

Type of Agreement:		ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:			June 4, 2001

Enron Entity:			Enron Canada Corp.

Counterparty:			Encore Energy Solutions, L.P.

Transactions Covered:		Approved for all transactions with the exception of:  Foreign Exchange

Confirming Entity:		Enron Canada Corp.

Governing Law:			Alberta

Special Handling Requirements:	No special handling requirements

Copies will be distributed.

Stephanie Panus


How about tomorrow, Wednesday, September 12, at 1:30 or 2:30?  Diana, Terry
	and John can meet me in my office and we can call Rita and Bob.  Thanks. Lynn

 -----Original Message-----
From: 	Bianchi, Rita
Sent:	Tuesday, September 11, 2001 2:10 PM
To:	Stevens, Bob
Cc:	Porter, Diana; Blair, Lynn
Subject:	RE: US Energy Carlton Request

Lynn - Please call me or Bob when things are somewhat back to normal in the Houston office.
Then we can set up a time for a conference call.  I will be in the office all week, except Thursday afternoon.

 -----Original Message-----
From: 	Stevens, Bob
Sent:	Tuesday, September 11, 2001 1:17 PM
To:	Bianchi, Rita
Cc:	Porter, Diana; Blair, Lynn
Subject:	RE: US Energy Carlton Request

As this is the first info I've had on this I'd like to get Lynn involved in the conversation.  Please coordinate a time when we can all discuss.  I will be in the Minneapolis office all day Tuesday through Friday.

 -----Original Message-----
From: 	Bianchi, Rita
Sent:	Tuesday, September 11, 2001 10:52 AM
To:	Stevens, Bob
Cc:	Porter, Diana
Subject:	US Energy Carlton Request

As you know, USE is agent for a number of small Carlton sourcers.  They have contracted with a single supplier to bring gas in at Carlton for all of USE's clients.  USE wants to bring each shipper's Carlton obligation gas in on the shippers' individual contracts.  Normally, the supplier would have to confirm separate nominations for each little shipper.  Debbie Burgess at USE asked Diana Porter if there was a way that the USE Supplier could nominate the gas to a single USE contract at Carlton, then USE would nominate the Carlton gas from that contract to all the little Carlton sourcers for whom they are agent.

I talked with Steve & Dari.  They did not feel there was any tariff/legal obstacle to letting USE do this, as long as the contract
can only be used to facilitate the Carlton sourcing obligation.

I talked with Terry Kowalke & Gerry Medeles.  The simplest approach would seem to be an Administrative contract (non-revenue) where USE's supplier would nominate deliveries to the Admin contract and USE would nominate gas from the Admin contract to its clients' individual firm contracts.

Based on those conversations, I told Debbie that it sounded like we could work something out.

Problem:  Later, Gerry Medeles determined that, because Carlton has special scheduling logic in TMS,
it will require at least 2 weeks worth of system changes to accommodate US Energy's request.
With the current work load, Gerry didn't think IT could get the changes made by November 1
but may have something in place for December.

Should we pursue?


fyi.  this is fine with me--pls remind me.  df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 06/23/2000
02:09 PM ---------------------------

	From:  Corp Accounts Payable Department                           06/22/2000
06:54 PM

Sent by: Enron Announcements
To: All Enron Worldwide
cc:

Subject: Reimbursement of Individually Billed Items

The use of cell phones and pagers has increased dramatically in the past few
years.  As a result the Accounts Payable department has seen a rapid increase
in the number of invoices and vendors.  With the higher volume, we have
reviewed our processes in order to continue our rapid payment cycle.

Although we encourage vendors to address their invoices to individual
employees, they often mail invoices directly to Accounts Payable.  At times
they fail to list the individual who uses the pager or cell phone.  In these
cases we return the invoice to the vendor.  If the employee is designated, we
try to track him/her down and forward the invoice.  The high level of
employee movement among jobs and locations at Enron has made this
increasingly challenging.  Either way, we end up doing something less
productive than paying invoices.

To maintain satisfactory response to our vendors and to reduce time necessary
for research, we request that employees who have pagers, cell phones, and
other individually billed items such as licenses, subscriptions, etc., pay
for them by personal check or charge card (if applicable*payment instructions
are usually indicated on the invoice) and request reimbursement through
employee expense reports.

By submitting these charges on your expense report, you can help us reduce
the amount of time spent researching and forwarding invoices, the number of
checks generated by Treasury, the number of vendors in our database, and the
turnaround time for payment of invoices.


Deborah Nagle
1222 8th Ave SE
St. Cloud, MN 56304
dnagle@meshbesher.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Deborah Nagle


Gary/Susan,

It came to our attention yesterday that the PWR-GAS-LT-MGMT-PRC book is
included in the POS-GAS-TRD portfolio.  This book is officalized by Jenny
Latham and the position is not reported on the benchmark.  Therefore, I don't
believe it should be included in the POS-GAS-TRD portfolio.  Also please
ensure that this book is not included in the AGG-GAS portfolio.

Thanks,
Robin


Carolyn:

	Per our phone conversation, I have received the card.

Jeff


The report named: Enron Americas Position Report <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=102&report_name=Enron+Americas+Position+Report&category_cd=2&category_name=ENRON%20CONSOLIDATED&toc_hide=1&sTV1=2&TV1Exp=Y&current_efct_date=11/19/2001>, published as of 11/19/2001 is now available for viewing on the website.

Publisher's Notes:

FINAL


Hi guys,

The case for next class (Mon, Feb 28) is posted on the class web site:
http://haas.berkeley.edu/Courses/Spring2000/BA248D/

A couple of tips:

1) The format of the case is for a paper competition, so it may seem longer
than your usual case.
2) The first two questions refer to the case, the third question may require
some research outside the case.
3) I have added a couple of news articles to the web site (see Additional
Readings) that can help you.

Good luck,

Edgard A. Capdevielle

MBA 2000 Candidate
Walter A. Haas School of Business
University of California, Berkeley
mail: edgard@alumni.haas.org
http://www.edgardcapdevielle.com/


This is a reminder of Enron's Email retention policy.  The Email retention policy provides as follows:

Message Location - Maximum Retention
Inbox - 30 days
Sent Mail Folder - 30 days
Trash/Deleted Items - Rollover from Inbox for one day
Folders - All Email messages placed in folders will be destroyed after one calendar year. This includes public folders in Outlook.

Furthermore, it is against policy to store Email outside of your Outlook Mailbox and/or your Public Folders.  Please do not copy Email onto floppy disks, zip disks, CDs or the network.  Such actions are prohibited and will not be supported by the IT Department.

There will be no exceptions to this policy.


The message that you sent was opened by the following:
	MarkM@cajunusa.com

Information about your message:
	Subject: RE: Superbowl Party
	Message-Id: <OF4595A886.B43753CD-ON86256B51.006FEE5E@enron.com>


Sounds like you have this under control.  I agree with your approach.

Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
(713)853-7459


Congratulations on winning the auction on Ebay for the sleeve of Pinnacle Golf Balls.  Please let me know if you will be paying by PayPal(alove@houston.rr.com) or money order/cashier's check.  The total is $13.50.  I will mail the balls priority mail as soon as I receive payment.  Thanks again and use this email address if you reply before this evening, alove@housotn.rr.com is my home email and I can not access it from work.  Thanks again and look forward to hearing from you soon.
PL


I know we've made good progress with respect to morning reports for EGM.
However, I continue to receive most reports after 9:00 a.m., which is too
late into the trading day.  Please let me know if there are resources you
need, so this aspect of EGM can run as smoothly as ENA gas.

Thanks.

Jeff


i don't really know yet...check back with me in a weeks time.

az


Hello Eric Saibi,

 This is an automated email delivery.  The following info is for
 tracking purposes only:

 Transaction: 0000199845
 Fulfillment: 00203618*00002
 Location   : 00006

 Industrial Information Resources, Inc.
 Customer Service Department
 (713) 783-5147

 - OUTAGE.dbf


Fred,
I will be in Houston Wednesday and Thursday this week and would like to set a time to discuss Peoples.  Until then, will you please discontinue all communication with Judy Pokorny and all subsidiaries of Peoples.  This is in line with the brief conversation we had last week.  Judy took this information directly to the President of Peoples, Tom Patrick and he discussed it with me at a 2:30pm meeting today.

Regards,

Laura Luce

 -----Original Message-----
From: 	Tomaski, Richard
Sent:	Tuesday, June 05, 2001 1:44 PM
To:	Luce, Laura
Subject:	FW: Enron Monthly Fundamentals Report

Judy forwarded an "Enron Market Outlook" to PGL MGMT from Freddy-boy.  Is she trying to make us look bad?  Why is Fred going after this business?

 -----Original Message-----
From: 	t.hermann@pecorp.com@ENRON [mailto:IMCEANOTES-t+2Ehermann+40pecorp+2Ecom+40ENRON@ENRON.com]
Sent:	Tuesday, June 05, 2001 12:18 PM
To:	s.richman@pecorp.com; r.rodriguez@pecorp.com; k.classen@pecorp.com; t.compton@pecorp.com; d.fuentes@pecorp.com; Penman, Gregg; Tomaski, Richard
Subject:	FW: Enron Monthly Fundamentals Report

> ----------
> From: 	Pokorny, Judy
> Sent: 	Tuesday, June 05, 2001 9:10 AM
> To: 	'Tom Nardi'; 'Steve Nance'; O'Connell, Kevin; Morrow, William;
> Patrick, Thomas M.; Pappalardo, Joyce M.; Hermann, Timothy; DeLara,
> Raulando; Wear, Dave; 'Steve Sweem'; 'Wayne Bollinger'; Chiti, James D.;
> Andrejasich, Frank
> Cc: 	Marozas, Brian; Lapson, Robert; Zagorski, Donna M.
> Subject: 	FW: Enron Monthly Fundamentals Report
>
> FYI, enclosed is a presentation from Enron on natural gas and oil
> fundamentals.
>
> ----------
> From:
> Enron.Monthly.Fundamental.Report@enron.com[SMTP:Enron.Monthly.Fundamental.
> Report@enron.com]
> Sent: 	Monday, June 04, 2001 2:14 PM
> To: 	Monthly.Fundamental.Report@enron.com
> Subject: 	Enron Monthly Fundamentals Report
>
>  <<601enronrpt.pdf>>
> (See attached file: 601enronrpt.pdf)
>
>

----------------------------------------------------------------
The information transmitted is intended only for the person
or entity to which it is addressed and may contain confidential
and/or privileged material.  Any review, retransmission,
dissemination or other use of, or taking of any action in reliance
upon, this information by persons or entities other than the
intended recipient is prohibited. If you received this in error,
please contact the sender and delete the material from any computer.

 - 601enronrpt.pdf << File: 601enronrpt.pdf >>


Start Date: 4/13/01; HourAhead hour: 8;  HourAhead schedule download failed.
Manual intervention required.


The Enron Center Garage has opened.

Employees who work for business units that are scheduled to move to the new
building and currently park in the Allen Center and Metropolitan garage are
being offered a parking space in the new Enron Center garage.

This is the only offer you will receive during the initial migration to the
new garage. Spaces will be filled on a first come first served basis. The
cost for the new garage will be the same as Allen Center garage which is
currently $165.00 per month, less the company subsidy, leaving a monthly
employee cost of $94.00.

If you choose not to accept this offer at this time, you may add your name to
the Enron Center garage waiting list at a later day and offers will be made
as spaces become available.

The Saturn Sky Ring  that connects the garage and both buildings will not be
opened until summer 2001. All initial parkers will have to use the street
level entrance to Enron Center North until Saturn Sky Ring access is
available. Garage stairways next to the elevator lobbies at each floor may be
used as an exit in the event of elevator trouble.

If you are interested in accepting this offer, please reply via email to
Parking and Transportation as soon as you reach a decision. Following your
email, arrangements will be made for you to turn in your old parking card and
receive a parking transponder along with a new information packet for the new
garage.

The Parking and Transportation desk may be reached via email at Parking and
Transportation/Corp/Enron or 713-853-7060  with any questions.

(You may enter & exit on Clay St. and Bell St., also pedestrians, will have
to use the garage stairwell located on the corner of Bell & Smith.)

Please respond via e-mail if you are interested in acquiring one of these
spaces.


The file


Part 2 of 3 Parts

Spring Football Notes . .

QB Chris Simms completed 11 of 15 passes for 174 yards and a touchdown to
highlight UT's annual Orange-White game before a crowd school officials
estimated at 31,000
Coach Mack Brown had the first team offenses and defenses square off against
each other for the first time in the Orange-White game.
The only touchdown the first-team defense gave up was a 53-yard Simms pass to
WR Roy Williams, who had a step on CB Quentin Jammer.
Simms also led the offense to a field goal.
QB Major Applewhite, operating behind an offensive line patched with
walk-ons, led the second team to one touchdown against the second-team
defense, on a fade route to WR Sloan Thomas in the end zone.
My vote for most improved offensive player this spring is split three ways
because Simms, sophomore TE Brock Edwards and senior tackle Mike Williams are
all much improved over last year. On defense, I think it's a two-way tie
between DT Marcus Tubbs and CB/safety Nathan Vasher.
I think the Longhorns will have the best group of WRs, TEs and DBs in the Big
12. They will have the best passing QB in the Big 12, too, if Simms continues
to improve. They also will have one of the two or three best pass-blocking
lines in the league if they stay healthy.

Subscribe Now To The
Fax/E-Mail Service to Get Scoops on Early Recruiting
Get Reports on Productive Summer Camps & Early Commitments !
Save Big As An Internet Subscriber !
Whether you live close to Austin or far away, the True Orange Fax Service is
the way to keep up with Longhorn football and Longhorn recruiting )
instantly. It has  at least 99 timely faxes a year, primarily about football
and football recruiting.  To  subscribe, send your check to True Orange, Box
26530, Austin, Texas 78755, and copy or clip the coupon below and fill in the
blanks. If you want it mailed, or by E-Mail, just include the right numbers.
o I'm enclosing $99 for the 99-fax package for the next year
o I'm enclosing $130 (an $11 saving) to renew my subscription to True Orange
and to subscribe to the 99 faxes.
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saving)
o Here's  $110 to renew my subscription to True Orange and to subscribe to
the 99 faxes by E-Mail (a $31 saving)
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to the 99 faxes by E-Mail (a $42 saving)

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Maroon-Hued Journalists Abound

I should have commented on this earlier, but better late than never.
Kevin Sherrington of the Dallas News wrote a love-in column about Texas A&M
coach R. C. Slocum right after national signing day, and both Slocum and
Sherrington used the opportunity to throw a few rocks at Texas coach Mack
Brown and the Longhorns
I'm going to quote a couple of excerpts from the column, with my comments
about them. Here's the first one:
"Such is R.C. Slocum's life these days. Never had a losing season at Texas
A&M. Won more games than any coach in school history. Run a clean program his
dozen years as head coach."
Clean program? No question it's cleaner than it used to be, but Sherrington
must have a really short memory. Remember those no-show jobs?
Then Sherrington and Slocum got into recruiting, and both took some shots at
Brown and UT. Here's what they said in the column:
"Of course, rankings come with caveats, too, Slocum reminded. After four
years of enrolling the country's top recruiting classes, he asked, 'shouldn't
a school have the most talented team in the country? Shouldn't expectations
go way up?' "
" 'Wouldn't that be accurate?' Slocum asked."
"In other words, you're up, Mr. Brown."
First of all, Brown hasn't had "four years of enrolling the country's top
recruiting classes." He's had three of them, and the third class hasn't even
enrolled yet. The other two were freshmen and sophomores last year and they
are the heart and soul of the team.
Brown's first signees at Texas weren't in the class of the others, which
certainly were highly ranked classes.
His first great class will be starting its third year this season and it is
ready to boost the Longhorns back into national prominence.
The Aggies, on the other hand, went 11-3 in 1998, 8-4 in 1999 and 7-4 in
2000. Sounds like a downward spiral to me. I wonder if Aggies' expectations
are "way up?"
Second, the last time I looked, Texas and Texas A&M had played three times
since Brown arrived to find Slocum firmly entrenched at A&M with his program
already well established.
Enheriting a 4-7 team, Brown has produced three consecutive nine-win seasons
and, while I know it sounds far-fetched after reading the remarks of
Sherrington and Slocum, he has a 2-1 edge over Slocum and his Aggies.
The lone Aggie victory over Brown was in 1999 at A&M by a razor-thin 20-16
margin when UT QB Major Applewhite, the Big 12 Co-Offensive Player of the
Year, was too sick to play.
I know you play with what you have and I am not saying that Aggie victory
shouldn't count, but what I am saying is that any outsider reading the column
would think the Aggies must be hammering us every year.
While I'm on the subject of biased reporting, I thought it was interesting
that the Houston Chronicle published a three-column bylined story on the
Texas A&M spring game, which drew 6,000 fans. The paper did not staff the UT
spring game and did not run one line on an event that was attended by 31,000
fans.
The UT Sports Information Department distributed a lengthy story on the
spring game and many papers used all or part of it, but the Chronicle simply
ignored the entire event.
The Chronicle has one sports columnist, devout Aggie John Lopez, who doesn't
even try to get his facts straight when writing, about Texas.
Remember his column on how UT basketball guard Darren Kelly wanted to go to
A&M, but didn't have the grades.
Kelly was a full qualifier out of high school and, in fact, started his
college career at a Division I school before switching to a JC.
When he missed a semester at Texas for academic problems, it was because many
of his hours at the small JC he attended did not transfer and he was short on
hours toward his degree. It wan't because he was failing any courses.
But Lopez was more interested in making excuses for the dismal Aggie
basketball team than he was in getting the facts straight.
If you get as irritated as I do with columnists who continue to glorify the
Aggies and ignore or put down the Longhorns, let the sports editors and/or
their bosses know about it.

An Early Look at the Schedule

Trying to predict football games in April that are several months away is a
dangerous business, so I'm going to just look at the schedule and talk about
the likely odds on all the games.
The Longhorns probably will be at least 15-point favorites over five of their
foes. They are the home games against New Mexico State and Kansas and the
road games against Houston, Oklahoma State and Baylor.
Texas also will be favored, probably by  at least 10 points, in the home g
ames against North Carolina and Texas Tech and the game at Missouri.
That leaves the Oct. 6 date in Dallas against defending national champion
Oklahoma, the Oct. 20 home game against Colorado and the Nov. 23 visit to A&M
as the ones that would appear to be the most dangerous.
I think Colorado will be a dangerous team if RB Marcus Houston stays healthy,
and A&M is always dangerous in College Station.
But there is no question that the Sooners are the most dangerous looking foe
on the schedule.
I won't predict Texas will win every game, but I will predict if the
Longhorns average 100 yards rushing against OU, Colorado and A&M, we'll all
be smiling heading into the post season.

Conradt Gives Up AD Title

Jody Conradt, UT women's basketball coach since 1976 and women's athletic
director since 1992, is going back to coaching full time and giving up the AD
post
"I have appreciated the opportunity to serve the university, but my heart and
my passion are about coaching women's athletics," she said.
Conradt, 59, said she thinks her basketball program is making "significant
progress" toward returning to the national spotlight and said she wants to
devote full time to that job.
Chris Plonsky, 43, a senior associate athletic director in the men's
department, will serve as women's athletic director on an interim basis and
will get a new title: senior associate athletic director for men's and
women's athletics.
Patricia Ohlendorf, UT vice president for institutional relations and legal
affairs, oversees both athletic departments. She said she will chair a small
committee that will study the men's and women's athletic departments to
determine their future course.
The study probably will take about two  months to complete, and all signs
point to a recommendation to combine the two departments.
Only five Division I universities have separate athletic departments for men
and women. The others are Tennessee, Arkansas, Minnesota and Wisconsin.
In recent years, the two departments have combined to operate together in
several areas at Texas, such as sports medicine, strength and conditioning,
fund-raising and development, marketing, ticket operations and media
relations.
Sources close to the situation at UT say combining the two departments and
having one director to oversee both would save more than $1 million a year.
The sources also say UT President Larry Faulkner, who will make the ultimate
call, favors combining the two departments.
In this day of increasing expenses and tight budgets, it would make a lot of
sense to join the other 11 schools in the Big 12 and the vast majority of the
other Division I schools in combining the two departments under one athletic
director.
It would eliminate a lot of duplication and save a lot of money.

Jamboree on TV in Austin

The Longhorns Spring Football Jamboree, highlighted by the Orange-White game,
will be telecast by time Warner Cable Monday and Tuesday on Austin Cable
Channel 62.
Fox  Sports and Time Warner Cable are teaming up to bring Austin cable
viewers the tape-delay broadcast of the March 31 jamboree and scrimmage.
It will be telecast Monday (April 9) at 9 p.m. and Tuesday (April 10) at 7
p.m.

Umpire Boycott Silly

The three Austin-area umpires who are boycotting non-conference baseball
games at Texas' Disch-Falk Field because of what they term insulting personal
attacks by Longhorns assistant coaches are being silly.
David Wiley, Tim Henderson and Wade Ford say they won't call Texas'
non-conference games the rest of the season because they are unhappy with the
way they have been treated by UT assistants Frank Anderson and Tommy Harmon.
"Tim, Wade and I have just decided it might be better for all parties
involved if we worked elsewhere this year because the professional climate
has deteriorated all year, such that we felt it would be better for us to
extract ourselves from that situation," Wiley said.
Henderson and Wade were assigned before the season to work some Big 12 games
at Disch-Falk and said they will honor that commitment.
The reason the boycott is silly is that umpires have the ultimate weapon in
disputes with coaches. They can eject them, and that would be a far more
reasonable approach than what Wiley, Henderson and Ford have chosen to do.
A few ejections will make any coach see the light, even if he is in the
right, because umpires have dictatorial power over coaches.
It's also strange that Wiley is talking about it to reporters. The Big 12 has
a strict gag rule on all Big 12 coaches, and Wiley knows he can say anything
he wants to without fear of contradiction from the other parties involved.

A True Orange Subscription Is
The Gift You Can Give Every
Year to Your Longhorn Friends
A subscription to True Orange is the perfect gift for any occasion for a
Longhorn who has everything else. It's only $45  ($35 by e-mail) and I'll
send  an attractive card announcing your thoughtful gift.
The only thing better is  a gift of  True Orange and the True Orange Fax  )
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Next Issue April 23

The next issue will be e-mailed April 23, and will include interviews with
some of the assistant football coaches, plus some interviews with members of
my 25-man list of top junior recruits.
I'll have stories on the baseball team, track teams and other news about the
Longhorn athletic program.

Subscription Form

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Sheila:  Regarding the JP Morgan ("JP") Futures Agreement, please see the
attached for debit and credit rates which JP charges its customers.  I asked
for (1) agreed to overnight rate for debit rate and (2) Fed Funds for
interest rate.  Please let me know if you are agreeable to the attached
rates.  SS

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 02/26/2001 03:36 PM -----

	"Michael C Schneider" <schneider_michael@jpmorgan.com>
	02/26/2001 02:47 PM

		 To: sara.shackleton@enron.com
		 cc: "Corinne A Samon" <samon_corinne@jpmorgan.com>
		 Subject: JPM's interest schedule

Sara-
Per your conversation with Corinne, please find enclosed JPM's interest rate
schedule.   Pls do not hesitate to call me at (212) 648-1164 if you have any
questions or require any other information.
Regards,
Mike (NA Technology & Clearing Sales)

(See attached file: Enron Int Schedule 2-01.xls)

 - Enron Int Schedule 2-01.xls


Sorry to hear about Racheal...so the Bretts weren't gay? But what about Nancy...
I haven't been to the Breakroom. I think I will be coming up to Seattle on either Friday afternoon or Saturday morning. I haven't decided yet. I am taking Friday off from work though...my birthday is on Thursday...isn't your birthday here in the tail end of August--or am I thinking of Chuck. Erica Price? from the dorms, rowed crew, tall, red hair, sometimes slightly neurotic?..that would be kind of fun to run into her, anyway...I'll get back to you when I figure out what the heck is going on.
Later.
Bill
-----Original Message-----
From: Craig Stoller [mailto:craig@stollerinc.com]
Sent: Tuesday, August 28, 2001 11:42 AM
To: Williams III, Bill
Subject: RE: brad

It's at the Breakroom on Capitol Hill.  Ahhh yes, Racheal, I showed up with
a couple of friends and she wasn't there.  At about 7:30 Nancy came up to me
with one of the "Bretts" and said that Racheal got caught up in a Job for
Costco....whatever...

Erica is in town for her sisters wedding.  She might come to the Brad show
if she can make it.
========================================

From: [SMTP:Bill.Williams.III@ENRON.com]
To: MS Exchange::[SMTP:craig@stollerinc.com]

Subject: RE: brad
Date: 8/24/01 3:47 PM

Sweet.
Thanks for the call last night...Brad should be awesome.
Where is it at?
Let me know how your "evening" with Rachel goes.

Bill

-----Original Message-----
From: Craig Stoller [mailto:craig@stollerinc.com]
Sent: Friday, August 24, 2001 3:14 PM
To: Williams III, Bill
Subject: brad

Ok, I got you a ticket for Sep. 1 that is a Sat.  show starts and 9:00.

Craig

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************


Please note that gas purchased for the Phase V expansion is excluded in this report.


Shirley,

The file.

Vince


Here is the AFTS Contract for review with respect to the CA filing.


Energy Cos Limit Business With Enron After 10Q -Traders
By Mark Golden

11/20/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

  NEW YORK -(Dow Jones)- Many energy trading companies were unwilling to sell
power and natural gas for next day delivery to Enron Corp. (ENE) Tuesday
morning, a result of heightened credit concerns following the release of
Enron's quarterly financial report Monday, traders and other sources said.

  For weeks, companies have limited both buying and selling with Enron for
future deliveries. But for the first time since Enron's troubles began a month
ago, energy companies weren't selling to Enron in the spot markets for fear
that Enron might not be able to pay its bills as soon as next month.
  "It's pretty well accepted in the industry that people are staying away for
now," said Charlie Sanchez, energy market manager for Gelber & Associates in
Houston.

  Traders at all of the major companies contacted said they couldn't sell to
Enron Tuesday morning. Several spokespeople for energy companies confirmed the
situation, but declined to say so on the record.

  "Nobody will take Enron," one western electricity broker said. After
struggling, however, that broker eventually found a utility that was willing
to sell to Enron Tuesday morning.

  Calpine, a prominent independent power producer and trader, said it was
willing to sell power to Enron.

  "We continue to sell power to Enron and are monitoring the situation
closely," spokeswoman Catherine Potter said.

  The situation Tuesday morning was fluid. One utility that refused to sell to
Enron in the morning was willing to do so in the afternoon, a person at the
company said. That company's trading, however, was still limited to the spot
markets.

  Credit concerns about the once-dominant energy trading company were
heightened with Enron's filing of its third quarter annual report Monday
evening with the U.S. Securities Exchange Commission.

  Enron may have to pay $690 million on a note that became a demand obligation
with the company's most recent credit-rating downgrade, Enron said in Monday's
filing. The company also warned that its profits in the fourth quarter could
be hurt by credit concerns, a decline in asset values and reduced trading
activity.

  "The 10Q in and by itself is a document that could raise concerns," Fitch
analyst Ralph Pellecchia said. "We have a lot of questions outstanding
relative to disclosures that were new to us and their strategies of how they
are going to manage the situation."

  Companies are willing to buy from Enron in the spot gas and power markets,
because taking delivery on commodity and paying for it a month later poses no
credit risk for the buyer.


New onecoming tomorrow

 -----Original Message-----
From: 	Killen, Faith
Sent:	Monday, October 29, 2001 6:03 PM
To:	Kitchen, Louise
Subject:	2002 plan schedule

as mentioned, we'll drop in the revised commercial expense numbers


Misako Resources, Inc.
1261 South Clayton Street
Denver, Colorado 80210

Fax: 303-534-0552

Phone: 303-478-8852

Ray Good, President
e:mail - rgood@juno.com
Colorado -State of Inc.


Susan:  You were going to verify whether the ABN AMRO futures agreement
should be executed by Enron Australia Finance Pty. Ltd. (or ENA with Shane
acting pursuant to the Services Agreement).  Please let me know so that
either David or I can move forward on the futures agreement.  Thanks.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 04/18/2000
04:46 PM ---------------------------

Shari Stack
04/18/2000 09:11 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Revised Australian Services Agreement

FYI  .. . . .
---------------------- Forwarded by Shari Stack/HOU/ECT on 04/18/2000 10:08
AM ---------------------------

David Minns@ENRON_DEVELOPMENT
04/18/2000 12:22 AM
To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Shari Stack@ECT
Subject: Re: Revised Australian Services Agreement

I've checked my notes and spoken to Heidi and it appears the delay was
settling the mark up (107.5%) in the Agreement. Heidi believes that this
figure can be reduced to 100% (which is current practice). If everyone is
agreeable I will arrange execution.

David Minns
04/18/2000 02:35 PM
To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: Revised Australian Services Agreement

Susan this is the latest version of the Services re ENA/EAPL. There is a note
on my file that the percentage uplift.

Shari Stack@ECT
09/18/99 06:32 AM
To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Alan Aronowitz@ECT, Gary Hickerson@ECT, Harry Arora@ECT, Colin
Jackson@ECT, Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Heidi
Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Barbara Lewis/HOU/ECT@ECT

Subject: Revised Australian Services Agreement

Attached please find my mark-up of the Australian Services Agreement. I have
attached a blacklined version for ease of reference.

Apart from changing the name from ECT to ENA, I have modified clause 1 in
Schedule 1 to more accurately reflect the intended products.

Please call me if any questions.

Many thanks,

Shari

---------------------- Forwarded by Shari Stack/HOU/ECT on 09/17/99 02:25 PM
---------------------------

Susan Musch@ENRON_DEVELOPMENT
09/15/99 07:30 PM
To: Shari Stack@ENRON_DEVELOPMENT, Alan Aronowitz@ECT, Gary Hickerson@ECT,
Harry Arora@ECT, Colin Jackson@ECT, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Heidi
Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Draft of Australian Services Agreement

Attached is a draft of the services agreement for the financial trading
services to be provided by the Australian trading office for ECT-Houston.
Please review the agreement and let me know if you have any questions,
comments or revisions.

Best regards,
Susan


Your list of items is correct.  However, the entex related transport shows up
on the P&L and the GL via transport expense from Tom to Ed.  This number is
manually booked to the GL each month by Phillip.  Therefore, this revenue
shows up en masse with all of the marketing desk's expense.

Eric

	Enron North America Corp.

	From:  Heidi Withers                           01/20/2000 09:01 AM

To: Eric Bass/HOU/ECT@ECT, Michael Walters/HOU/ECT@ECT
cc:
Subject: Entex Transport Reimbursement

Eric and Mick, does this match your understanding of how the money for
transport related to the volumes that Entex pulls for Lufkin/Diboll
residential volumes end up in Ed's P&L?  Also, do we do anything for the
industrial volume?  I think we ought to let people know that we accomplished
this (albeit that we did this a long time ago).  Please let me know.

Ed asked me to find revenue from Entex for transportation expense to
Lufkin/Diboll for the residential part of the contract (Transaction 10).
After checking into it, we have all found the following things:

1. Howard allocates the Lufkin/Diboll meters (7107/8/9) based on actuals.
2. Howard receives allocations from Entex for the industrial volumes, and
then backs into the Transaction 10 (residential) volumes for Lufkin/Diboll.
3. Howard allocates the residential piece for Lufkin/Diboll to Transaction 10.
4. Kyle bills Entex for the residential volume, and applies the cash to the
sales invoice.
5. Cassandra cuts an invoice to Co. 16 to get reimbursed for the transport
expense going up to Lufkin/Diboll for the residential volume.
6. The money lands in Ed's P&L for the residential piece of the transport
reimbursement.

Right now, at the end of the month, Eric Bass tells Mick how much the
transport reimbursement is and Mick includes that money in Ed's P&L as
revenue from a third party.  The actual money is reflected in Co. 12, and we
just have to make sure that the money is reflected as revenue for Ed in the
G/L rather than for Tom.


Looks good to me.

Bob Bowen
08/25/99 12:01 PM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc: Dale Neuner/HOU/ECT@ECT, Jefferson D Sorenson/HOU/ECT@ECT
Subject: Reference to telephone conversations on confirmations

I reviewed the ECT confirmation templates today and found that a reference is
made to a telephone conversation on most of the templates for transactions
under a ECT Master Agreement.

The offending sentence is as follows:

"This is a confirmation of the following Transaction entered into with you
pursuant to a telephone conversation on <<DealDate>> between the parties:"

I would like to change it to read as follows, with your approval:

"This is a confirmation of the following Transaction entered into between us
on  <<DealDate>>:"

This change will allow the current templates to handle both telephone and
internet trading.

Please advise.


Please send me your hotmail/yahoo account:

Thanks
colin_tonks@hotmail.com


Vijay,

I have not received anything.  However, Sara may have--but she is out of the office today and will be back on Monday.

Have a pleasant weekend.

Susan

Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3803A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
Email: Susan.Bailey@enron.com

-----Original Message-----
From: Suchdev, Vijay [mailto:vijay.suchdev@funb.com]
Sent: Friday, October 05, 2001 10:52 AM
To: Bailey, Susan
Cc: Shackleton, Sara
Subject: RE: ISDA Master Agreement

First Union Securities, Inc.

Sara and Susan,

Thank you for sending your draft Paragraph 13.  I've looked it over and
wanted to follow up on whether you've received terms from your Credit Dept.

Thanks,

Vijay K. Suchdev
Vice President
Equity Derivatives
First Union Securities, Inc.
Telephone: (212) 909-0951
Facsimile: (212) 891-5042
email: vijay.suchdev@funb.com <mailto:vijay.suchdev@funb.com>

	-----Original Message-----
	From:	Bailey, Susan [SMTP:Susan.Bailey@enron.com]
	Sent:	Wednesday, September 26, 2001 12:12 PM
	To:	vijay.suchdev@funb.com
	Cc:	Shackleton, Sara
	Subject:	FW: ISDA Master Agreement

	Mr. Suchdev,

	Attached is our sample form of Paragraph 13, which supplements the
ISDA
	Credit Support Annex boilerplate.   Once Credit has furnished us
with
	the terms under a Credit Worksheet, we will be able to provide a
version
	which includes the credit features.

	Hope this helps in the interim.

	 <<sample paragraph 13.doc>>

	Susan S. Bailey
	Enron North America Corp.
	1400 Smith Street, Suite 3803A
	Houston, Texas 77002
	Phone: (713) 853-4737
	Fax: (713) 646-3490
	Email: Susan.Bailey@enron.com

	>  -----Original Message-----
	> From: 	Shackleton, Sara
	> Sent:	Wednesday, September 26, 2001 10:57 AM
	> To:	Bailey, Susan
	> Cc:	Rohauer, Tanya
	> Subject:	FW: ISDA Master Agreement
	>
	> Susan:  While Tanya is reviewing credit, can you please send a
"blank
	> form Paragraph 13" for this master.  Just our standard.  Caveat:
	> subject to credit review even though there are blanks.  Thanks.
Sara
	>
	>  -----Original Message-----
	> From: 	"Suchdev, Vijay" <vijay.suchdev@funb.com>@ENRON
	>
[mailto:IMCEANOTES-+22Suchdev+2C+20Vijay+22+20+3Cvijay+2Esuchdev+40fun
	> b+2Ecom+3E+40ENRON@ENRON.com]
	> Sent:	Wednesday, September 26, 2001 10:14 AM
	> To:	Shackleton, Sara
	> Cc:	Gray, Steven
	> Subject:	RE: ISDA Master Agreement
	>
	> First Union Securities, Inc.
	>
	> Hi Sara,
	>
	> I just wanted to follow up on whether you will have a chance to
send a
	> draft
	> Credit Support Annex (similar in form to the one previously
executed
	> with
	> ENA).  I understand you may not have credit approval yet so
perhaps we
	> can
	> leave the appropriate sections blank in the meantime.
	>
	> Thanks and regards,
	>
	> Vijay K. Suchdev
	> Vice President
	> Equity Derivatives
	> First Union Securities, Inc.
	> Telephone: (212) 909-0951
	> Facsimile: (212) 891-5042
	> email: vijay.suchdev@funb.com <mailto:vijay.suchdev@funb.com>
	>
	> 	-----Original Message-----
	> 	From:	Shackleton, Sara [SMTP:Sara.Shackleton@enron.com]
	> 	Sent:	Tuesday, September 25, 2001 3:27 PM
	> 	To:	Vijay.Suchdev@funb.com
	> 	Subject:	ISDA Master Agreement
	>
	> 	Vijay:
	>
	> 	I've been trying to call you for about an hour, but the
circuits
	> are
	> all
	> 	busy.  Sometimes it's easier for NY to call out than for us
to
	> call
	> NY.
	> 	I'll be in my office for about an hour before meetings.
Also, I
	> am
	> free
	> 	in the morning.  We'll need to recall exactly where we were
at
	> the
	> 	beginning of August.  Thanks.  Sara
	>
	> 	Sara Shackleton
	> 	Enron Wholesale Services
	> 	1400 Smith Street, EB3801a
	> 	Houston, TX  77002
	> 	Ph:  (713) 853-5620
	> 	Fax: (713) 646-3490
	>
	>
	>
	>
	>
**********************************************************************
	> 	This e-mail is the property of Enron Corp. and/or its
relevant
	> affiliate and may contain confidential and privileged material for
the
	> sole
	> use of the intended recipient (s). Any review, use, distribution
or
	> disclosure by others is strictly prohibited. If you are not the
	> intended
	> recipient (or authorized to receive for the recipient), please
contact
	> the
	> sender or reply to Enron Corp. at
	> enron.messaging.administration@enron.com
	> and delete all copies of the message. This e-mail (and any
attachments
	> hereto) are not intended to be an offer (or an acceptance) and do
not
	> create
	> or evidence a binding and enforceable contract between Enron Corp.
(or
	> any
	> of its affiliates) and the intended recipient or any other party,
and
	> may
	> not be relied on by anyone as the basis of a contract by estoppel
or
	> otherwise. Thank you.
	>
	>
**********************************************************************
	>
	>
	> This is for your information only and is not an offer to sell, or
a
	> solicitation of an offer to buy, the securities or instruments
	> mentioned.  The information has been obtained or derived from
sources
	> believed by us to be reliable, but we do not represent that it is
	> accurate or complete.  Any opinions or estimates contained in this
	> information constitute our judgement as of this date and are
subject
	> to change without notice.  First Union Securities, Inc. (FUSI), or
its
	> affiliates may provide advice or may from time to time acquire,
hold
	> or sell a position in the securities mentioned herein.  FUSI is a
	> subsidiary of Wachovia Corporation and is a member of the NYSE,
NASD
	> and SIPC.  FUSI is a separate and distinct entity from its
affiliated
	> banks and thrifts.
	>  << File: sample paragraph 13.doc >>

This is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments mentioned.  The information has been obtained or derived from sources believed by us to be reliable, but we do not represent that it is accurate or complete.  Any opinions or estimates contained in this information constitute our judgement as of this date and are subject to change without notice.  First Union Securities, Inc. (FUSI), or its affiliates may provide advice or may from time to time acquire, hold or sell a position in the securities mentioned herein.  FUSI is a
subsidiary of Wachovia Corporation and is a member of the NYSE, NASD and SIPC.  FUSI is a separate and distinct entity from its affiliated banks and thrifts.


Steve - So far all that's been posted is the Amaren RTO order.  I've attached it below as a text file.   I'm also overnighting a copy of it to you, along with the charts we discussed.  We'll check for the other orders first thing in the morning and send them to you if they've been posted.

Also, Bob Frank gave me a copy of the Judge's recommendation to send to you, and the text file for that is attached below.

Talk to you later,
Elizabeth


Never mind ... I found 'em.
---------------------- Forwarded by Steven J Kean/NA/Enron on 04/10/2001
10:26 AM ---------------------------

Margaret Carson
04/10/2001 10:02 AM
To: Tim Belden/HOU/ECT@ECT
cc: Steven J Kean/NA/Enron@Enron

Subject: YOUR MARCH 25 SLIDES OF SPEECH TO PUBLIC UTILITIES Conference

Tim  Can you kindly send   a set  of these  slides  asap  by e  mail  to
Steve  Kean,  Thanks  Margaret


Nothing would make me happier than reviewing this guaranty for you!

	Russell Diamond/ENRON@enronXgate
	03/14/2001 11:40 AM

		 To: Stacy E Dickson/HOU/ECT@ECT
		 cc:
		 Subject: FW: Burlington Resources PG

Oh Dear Stacy,

Can you please take a look at this guaranty and provide your comments on this
format.

Thank you so much.

Russell

 -----Original Message-----
From:  jweatherhead@br-inc.ca@ENRON
[mailto:IMCEANOTES-jweatherhead+40br-inc+2Eca+40ENRON@ENRON.com]
Sent: Wednesday, March 14, 2001 10:50 AM
To: Diamond, Russell
Subject: Burlington Resources PG

Russell,

As per our conversations, please find attached a draft of the PG that BRCEL is
willing to provide to Enron North America Corp.  Please have your legal
department review it.  Thanks Russell.

Jeremy

(See attached file: BRCEL PG for PML - March 14, 2001.DOC)

 - BRCEL PG for PML - March 14, 2001.DOC


---------------------- Forwarded by Don Miller/HOU/ECT on 10/28/2000 02:23 PM
---------------------------
From: Stuart Zisman on 10/28/2000 11:18 AM
To: Don Miller/HOU/ECT@ECT
cc: Dave Kellermeyer/HOU/ECT@ECT, Jeffrey Keenan/HOU/ECT@ECT, Gus
Eghneim/Corp/Enron@Enron, Jonathan Hoff/HOU/ECT@ect
Subject: Follow Up Items for DPL

Don,

The following are responses to items that I didn't have answers to during our
meeting with DPL the other day.  I am not sure whether you would prefer to
package them with your follow up items or send them independently.  Bracketed
items require attention.

1)  Both the Remote Control Operation Agreement and the Interconnection
Agreement with IPL were filed with the FERC.  [File stamped copies were sent
to Hoff (and you) and should be incorporated into DealBench.];

2)  Regarding the question concerning document number 02.03.13 (Indiana
Utility Regulatory Commission ("IURC") Petition and Approval) - According to
our local counsel (Parvin Price at Bose McKinney), no approval or other
authorization from the IURC is required in connection with a change in
ownership.  If our transaction was structured as a disposition of assets,
however, IURC consent would be required.  [He also mentioned that: (i) the
new buyer should contact the IURC (if they were "smart") to notify them of
the change in control following closing (this may have been his pitch for
further business) and (ii) pursuant to the IURC Order dated 8/99 West Fork
has certain on-going reporting requirements (he wondered whether we had
delivered these reports - this is probably a Gus or Dave question).];

3)  Regarding any obligation or covenant of West Fork under the PILOT
Agreement, I have exchanged voicemails with John Gregg (our local counsel in
Indiana).  He briefly indicated that there is some "local expectation."  But
said that he wanted to check into it further.  [I will provide an update
Monday.]; and

4)  A question was raised with respect to the use of the easement from
Carnanhan to West Fork dated 11/30/99  (Recorded in DR 271, P 688).  [Keenan
will need to provide an answer on this one.]  I sent him an email requesting
a response on this one.

These were the only outstanding DPL items that were on my list.  I would
expect that Keenan, Kellermeyer and Eghneim will be able to provide answers
to questions 4 and 2, respectively, no later than noon on Monday.  I will
endeavour to meet the same time schedule on question 3.  Please feel free to
call with any questions.

Stuart


Jim,

Thanks. I shall call him.

Vince

James D Steffes@EES
09/20/2000 09:39 AM
To: Vince J Kaminski/HOU/ECT@ECT, Jeff Dasovich/SFO/EES@EES
cc:
Subject: Presentation to faculty and students at Berkeley

Vince --

Please feel free to also call Jeff Dasovich (415-782-7822) in our San
Fransisco office.  He has been very involved in the California market
discussions and presented before FERC during their field hearings.  He knows
the profs you are meeting with and has some great insights into our positions.

Jeff also attended Berkeley as an undergrad and is now attending their
B-school in the evenings.

Thanks.

Jim Steffes

---------------------- Forwarded by James D Steffes/HOU/EES on 09/20/2000
09:33 AM ---------------------------
From: Steven J Kean@ENRON on 09/20/2000 09:21 AM
Sent by: Steven J Kean@ENRON
To: Maureen McVicker/NA/Enron@Enron, James D Steffes/HOU/EES@EES, Elizabeth
Linnell/NA/Enron@Enron
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Presentation to faculty and students at Berkeley

Maureen -- please send Vince my California testimony and the talking point
presentation for Jeff Skilling at the National Press Club.
Eliz-- keep Vince on the distribution list for the documents we are
generating now to repond to the California situation.
----- Forwarded by Steven J Kean/NA/Enron on 09/20/2000 09:18 AM -----

	Vince J Kaminski@ECT
	09/18/2000 01:26 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc: Charlene Jackson/Corp/Enron@ENRON, Celeste Roberts/HOU/ECT@ECT, Vince J
Kaminski/HOU/ECT@ECT, Ashley Baxter/Corp/Enron@Enron
		 Subject: Presentation to faculty and students at Berkeley

Steve,

I am a lead recruiter at the University of California at Berkeley for
Enron Analyst/Associate program.

I contacted several friends who work at Berkeley and received an invitation
from one of them to make a presentation at the weekly Faculty Seminar
of the Dept. of Industrial Engineering and Operations Research.

The students and faculty members from the business school will be also
invited.

Berkeley in general, and Department of Industrial Engineering and Operations
Research in
particular, are important centers of academic research on electricity markets
(S. Oren works very closely with Severin Borenstein).

My presentation will focus on the Analyst/Associate program. I shall  also
have
an opportunity to discuss the power markets in California (I expect many
questions) before many experts who are very  important to shaping
public opinion and regulatory agenda.

Please, let me know who in you group could help me in preparing this
presentation
and in presenting  Enron's point of view in a more effective way.

Vince

FYI. The name of my friend who invited me:

Shmuel S. Oren, Professor
Dept. of Industrial Engineering
and Operations Research
4117 Etcheverry Hall
University of California
Berkeley, CA 94720-1777


Louise - Thanks.  It looks very good.  I made a few minor changes this evening to add "units of measure" to 1-2 slides ($ in millions).  Also, will increase the size of fonts on the US map/structuring slides so the group will be sure to see them.  Terry and Steve now have the "Master" and will shoot it back to you on Monday, probably around mid-morning so you will know of these minor changes, each intended to enhance visibility without changing any content.  Terry will be in touch, or you can reach her at ext. 36910 if necessary.  Again, thanks.  'Have a great weekend.  Paula

Terry - Please be sure Wes sees the Financial Highlights chart from Butts.  THX

-----Original Message-----
From: Kitchen, Louise
Sent: Fri 10/5/2001 6:16 PM
To: Lavorato, John; Whalley, Greg
Cc: Rieker, Paula
Subject: Board Presentation

We are awaiting the financial numbers slide from Bob Butts.

The rest should be there. <<board101301.ppt>>


Enron to cut one-fifth of jobs at broadband unit.

04/06/2001
Reuters English News Service
(C) Reuters Limited 2001.

HOUSTON, April 6 (Reuters) - Energy trading giant Enron Corp. said on Friday
it will eliminate some 250, or roughly 20 percent, of the jobs at its
broadband telecommunications unit, detailing a move which it has previously
described as an internal redeployment of staff.
Enron Broadband Services spokeswoman Kelly Kimberly said the company is
cutting jobs at the unit, which now employs 1,150 people, because it has
completed the build-out of its 18,000-mile (29,000 km) fiber-optic network
and because of slow demand for streaming media products delivered to personal
computers.
"The network is substantially complete now, so that means fewer people are
required for technical positions," she said.
The job cuts also reflect Enron Broadband's decision to play a less active
role in the market for streaming media services, such as video of corporate
events delivered to personal computers, where demand had been slower than
expected, she said.
However, Kimberly said Enron Broadband will continue to pursue
entertainment-on-demand services actively.
Kimberly said employees whose jobs are being eliminated will be eligible for
redeployment to other positions at Enron Broadband Services or other Enron
units, although there could be some involuntary terminations.
Previously Enron officials had dismissed rumors about job cuts at Enron
Broadband Services and had spoken instead of an internal redeployment of
staff within the unit without detailing its impact on overall employment
there.
The company's stock, which peaked at just above $90 last year and was trading
in the $80s as recently as mid-February, has recently fallen into the $50s in
line with broader weakness in the stock market and among technology and
telecommunications stocks in particular. On Friday it was up 95 cents at
$56.65.
Since early last year Enron has been building a high-speed broadband
communications network that it plans to use as a base to build a bandwidth
marketing and trading business similar to its huge natural gas and
electricity trading operation.
Excitement among investors about the broadband business and about Enron's
success in developing a strong Internet-based trading platform for energy and
other commodities drove an 87 percent rise in the company's share price last
year, outpacing a gain of 54 percent for the S&P utilities index.
Kimberly said Enron's bandwidth trading operation is continuing to perform
strongly, with more than 500 trades carried out in the first quarter,
exceeding the total for all of 2000.
Despite the jobs cuts at Enron Broadband, she said, the unit is recruiting to
fill some other positions.


EA Estate Group:

It is important for us, as a group to track and manage our vacation use appropriately based on business needs.  If you would like to take vacation, please ensure that you receive approval from your supervisor in advance.  Additionally, let your designated time keeper know what days you plan to be out of the office (time keepers are listed below).  The timekeepers will be keeping a calendar of vacation days and will be updating it in the SAP system.

If you have taken any vacation in 2002, please inform your designated timekeeper so this can be updated.

TIMEKEEPER	DEPARTMENT

Angie Collins/Dina Snow	Asset Marketing, QF/Structured Deals and Mexico Groups
Cristina Zavala	San Francisco Based Employees
Daniel Quezada	Gas Group
Kathryn Sheppard	Portland Based Employees
Loretta Brooks	E&P Mariner Group
Lorie Leigh	East Development and Technical Services Groups
Tina Holcombe	Power Group (Houston Based Employees)
Kathryn Gonzales	EES Trading/Auction Group

If you have any questions regarding the vacation policy please contact Khymberly Booth at X52532, otherwise address your questions to your supervisor.

Thank you,
Don Miller


Notice No:  01-193
June 7, 2001

To:
All NYMEX Division Members

From:
Donna Talamo, Director
Office of the Corporate Secretary

Re:
NYMEX BOARD EXTENDS PROPRIETARY FEE REDUCTION PROGRAM

At its meeting on June 6, 2001, the NYMEX Board of Directors determined to
extend the current Proprietary Fee Reduction Program (&Program8) through
July 31, 2001.

Pursuant to the Program, Member Firms and individuals members who own seats
will have their NYMEX Division fees reduced by 12 cents per round turn (6
cents per trade side).

Individual members who lease their seats, or hold a membership under an ABC
Agreement, will have their NYMEX Division fees reduced by 2.5 cents per round
turn (or 1 ? cents per trade side).

Clearing Members who clear Member Firm trades should adjust their billing
systems accordingly.

Clearing Members clearing floor members, accounts should not adjust their
billing systems for such individual members.  NYMEX issues payments directly
to individual members based upon their trading activity.

Floor members who execute Type 3 trades are asked to pay special attention to
NYMEX Rule 6.18 (B) (ii), requiring the executing member to report the alpha
code (badge symbol) of the receiving member on PTS.

Should you have any questions regarding this matter, please feel free to
contact M. Dawn Lowe or Donna Talamo at (212) 299-2370.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(01-193)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Here are a list of TAGG3's that were already linked:
QB6244.1
QB6277.1
QB6303.1
QB8815.1
QC2276.1

If you have any questions are need help with this, please let me know.
Thanks for your help.
PL


The tragedy of the flooding brought on by Tropical Storm Allison has touched Enron in a very personal way.  Chad Garren, a summer intern in the Global Technology Group died Friday night when his vehicle was overcome by floodwaters in the Heights area.  Our condolences go out to Chad's family and co-workers.  Chad was a Senior MIS major at Texas A&M University, and was from Weatherford, Texas.  Enron Community Relations and Aggies@Enron are working with Chad's family to create a Scholarship Fund in his memory.  Funeral services are tentatively scheduled for Wednesday morning in Weatherford.  Additional details on the Scholarship Fund and funeral services will be communicated as soon as they are available.

We have received several questions related to volunteer opportunities in the aftermath of the flooding.   Community Relations is working with the Red Cross and several area agencies to determine where our resources can best be applied.  If you are interested in volunteering please email community-relations@enron.com.