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Technology Stocks : America On-Line (AOL)
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To: Ed Forrest who wrote (26113)7/20/1999 5:24:00 PM
From: Dr. David Gleitman  Read Replies (1) of 41369
 
Dear Ed:

Just call me Trader Dave. It was my original intention to maintain a buy and hold attitude with regards to AOL (now how many times have I said that to myself before?). On one hand, there is the issue of preservation of capital and profits. On the other hand, there is the issue of short-term capital gains. There were several concerns that I had with regards to AOL which I have expressed in recent posts. This concerns profitability of ISP's when they're giving away PCs, the battle between cable vs. DSL, the problem related to "free" Internet access in England (which is not really free). Combine this with earnings announcements where many companies have tanked following earnings announcements (even good earnings announcements). There lies my concerns. Overall, I do believe that AOL is one of the major players in E-commerce and therefore cannot be ignored for too long period of time. Perhaps I suffered from a case of premature valuation noting a history of ending up selling a stock near its low (which gives even greater credence to becoming a contrarian investor). That is why on my earlier post I signaled a buy recommendation after selling my position at 114 3/4. Later in the day this seems to been substantial support at 114 and started acquiring. With 2020 hindsight it didn't pay for me to sell out at 114 3/4 if this was near the bottom. Hopefully, tomorrow will be a better day, however I am still concerned about earnings announcements (whether good or bad).

So, I guess I am a day trader after all.

Best of luck to all

David.
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