Technology Select Stock .. Symbol : " XLK " Message Board

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Technology Stocks : Technology Select Stock .. Symbol : " XLK "

XLK 300.39

-1.2%

Oct 30 5:00 PM EST

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To: Howard Clark who wrote (41)	11/30/2000 4:15:59 PM
From: Tommaso	of 43

I think the Dow has been held up by people switching into "safe stocks for the long haul"--and do note the ironic quotation marks. The Dow has never begun to have the 40% correction that shrewd investors like Templeton began to talk about when it was at 9000. That would imply, at least, a decline to about 5500. Having sweated out an apparently relenless rise of the tech stocks early this year, while holding XLK short, and finally having made a good bit of money by also buying puts, I am a little impatient with the idea of hedging one index against the other, especially since it is perfectly possible for both to go the wrong way at once. I mean your shorted index could go up while your long went down and you could get margin calls both ways that would wipe out your position entirely. That's essentially what happened to the guys at LCTM. I am simply going to short XLK again if it gets back up to about 44 and cover again if it subsequently gets down to 34. But mean time I have nothing planned for index funds or puts of them.

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