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Technology Stocks : eBay - Superb Internet Business Model

EBAY 82.70

-3.1%

3:33 PM EST

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To: McNabb Brothers who wrote (1680)	2/12/1999 1:34:00 AM
From: Howard Hoffman	of 7772

Thanks for your opinion. The strong up day on weak volume has faked me out on other occasions. It will almost surely bring fools rushing in with market orders at the open tomorrow. Too many lemmings believe that "buy on the dips" always works. My puts want EBAY to continue down. The chart still looks very weak. On the other hand, it was not just EBAY today, but a lot of NASDAQ stocks (+4%) and the entire e-stock sector. Of course, the sector has been hammered for a while, so a rebound may have been due. The AMZN head and shoulders is very bearish. However, if it pops back up enough, it will have been a fake H&S, which is very rare, but nothing is 100% with technical analysis. Naked calls are very gutsy and potentially very profitable. I've never tried them. I can understand the case here, especially with the high premiums and the stock being turned back 3 times. Cabot Hot Line (I don't like their investment style but their market calls are quite good) said that the action today was actually quite weak with 70 or 90 (can't remember) new 52-wk lows on the DJ. Above 40, especially on up days, is considered bearish.

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