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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (7707)	7/10/1999 12:01:00 AM
From: Michael Burry	Read Replies (2) of 78497

Way off topic Jim, I guess I still watch the charts a bit. After all, I cut my teeth trading coffee futures. About 8 trading days ago it broke a significant downtrend on decent volume when it moved to the high 40s. At the point, I wished I had bought more in the low 40s. Today it just popped its 200 day, after trending along it for a few days after trendline breakout. This all occurred in a setting in which the years-long stock chart tested a years-long uptrend and the support held. Maybe TA is only useful because others use it. I don't know. But it's interesting to watch, and I believe in it to the degree it reflects crowd psychology. Despite SLOT's volatility, I'd be surprised if it goes back to sub-50 now. And yes, I'm waiting for the 80's at least before I sell, no matter what the chart does. It's as sure a bet as Apple at 34, Oracle at 23, American Power at 27 (presplit)... Mike

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