VALERO ENERGY CORP (VLO-NYSE): Technical Viewpoint: From a low of $36.67 on Sep 26, 2003 prices rallied, reaching a high of $40.18 on Oct 7, 2003. A decline saw prices pull back, reaching a low of $38.39 on Oct 28, 2003. Another rally saw prices penetrate resistance, closing 10/30/03 at $41.40. Technicals: MACD-Histogram (MACD-H): A Buy Alert! was given on Oct 6, 2003 when the Histogram crossed the "0" line to the upside. Support: Remains at $38.63. Resistance: Is at None at current levels. Point & Figure: Reversed to the upside on Oct 30, 2003. A P&F upside reversal takes place at $39.50. Summary: Technical indicators have turned bullish. BUY! VALERO ENERGY CORP (VLO-NYSE) @ $41.50 Stop: Use a protective stop of $39.50. VALERO ENERGY CORP is currently trading @ $41.40 plus $1.88 on Oct 30, 2003. Price Objective: $55.00. Risk/Reward: $2.00 VS. $13.50. Today's Risk Reward Ratio: 7:1