-----Original Message-----
From: 	"Mark Sagel" <msagel@home.com>@ENRON  
Sent:	Tuesday, October 23, 2001 10:14 AM
To:	John Arnold
Cc:	Mike Maggi
Subject:	Natural update


Just a followup to our phone call earlier this morning.   Have begun to see short-term intraday topping patterns.   Natural has reached its mid-range of price objectives.  See no rationale  for holding significant length here.  Winter months seem especially high  and most vulnerable to correction.  The first hour's negative close  produced a sell signal against today's high.  Still too early to ascertain  if this is the end of entire up move.  Have targets into early next week,  but mkt. has reached where it needed to.