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Technology Stocks : Zitel-ZITL What's Happening
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To: Albert Mou who wrote (887)11/16/1996 1:09:00 AM
From: Mondoman   of 18263
 
I wouldn't suggest covering your short yet.

I think Presstek was a very unusual case of a few people manipulating
a very small float....the ultimate momentum stock; however, it always
was - and still is - a great short. The trick is not to get greedy up
front by pushing the margin to the limit. I treat a short sale
like any other investment. Despite all the fun I have here talkin'
trash - I'm really quite dispassionate. As long as the underlying
fundamentals (well - in this case, the lack thereof) remain on track,
I will slowly keep pressing my bet with time. If the story changes,
I would cover. Granted, you are forced to keep an eye on day-to-day
fluctuations a bit more than if you were simply buying and holding but
it doesn't make sense to worry about a fluke (i.e. the stock tripling
overnight). If you can't tolerate volatility - you shouldn't be
shorting stock.

It doesn't make sense to cover your short at this point. The Y2K
stocks represent weak businesses riding a lot of hype. We just saw
the first of what I'm sure will be a growing wave of skepticism.
What's truly beautiful about this is that the hypefest has a
pre-determined expiration period of about 2 years. It's almost like
buying a "LEAP-put" which is damn near 100% certain to be far in the
money by expiration.

Time is the best friend of a good stock and the worst enemy of a
bad one...be patient.
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