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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: bobby beara who wrote (25516)7/16/2000 10:59:53 AM
From: Lee Lichterman III   of 42787
 
Good points but I think the nets are dead for good and the bounce is only due to the large put bias you spoke of. Can't let people make too much money either up nor down and right now too many are betting on down. While YHOO's earnings were good, they aren't 300 PE good and AMZN after all these years still isn't making any money where you can even compute a PE.

As for other techs, it may not be over yet although it does appear that many are running up pre earnings then selling off.

I don't have enough signals yet to get real short and what keeps me from going short something like the QQQs is the lack of the CSCOs, SUNWs, AMATs, EMCs etc to run yet. Regardless of if they should, we know they can sucker a lot of people in by moving these up to push the index higher while getting out the back door on most other issues so I want to see them pulling that old trick again as the signal it is time to start unloading all longs and time to get heavy short.

I checked the options out on many of these and it appeared that too many were hoping for the leaders to lead this rally so that may be why they are also lagging. I know EMC had a boatload of calls open at higher prices and they have been there for weeks. The premium erosion alone has already made the sellers big money. They may not pop until after expiration.

Good Luck,

Lee
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