July 8, 2002; Refining Margin Futures Strengthening

While the one-year crack spread is trading above its 30-week average we feel that industry expectations are improving incrementally.  We are further presuming that the direction of the trend does not change too often.  That makes us more comfortable advocating current purchase of our recommendations that partly depend on that business.


  July 8, 2002; Meter Reader: Independence from Conflicts of Interest