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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: MythMan who wrote (50592)7/2/1999 12:36:00 PM
From: bill meehan  Read Replies (2) of 86076
 
MM: Since Easy Al's congressional testimony I've been of the opinion that we'll see a blow-off top in July. A client pointed out to me yesterday morning that 40% of the first half's gains in the SPX were made on Monday, Tuesday and Wednesday. Over the past couple of weeks have been advising traders to focus on the non-PC techs and financials and added the drugs a week ago Thursday. However, I've also been admonishing investors not to increase exposure and to think more about exit strategies as we head into earnings season. Suggested JPM, LU and PFE on CNBC Wednesday as trades. AOL looks interesting for a short-term bounce also, and with further upside in crude futures, suggested some of the deep water drillers and energy services on yesterday's weakness. I haven't personally added any positions, but was pricing OEX puts this morning while the vols are low. However, I'm waiting for more exuberance before possibly beginning to scale into a position.
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