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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 233.23+1.8%12:59 PM EST
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To: Eric Wells who wrote (70266)7/28/1999 12:38:00 PM
From: Eric Wells  Read Replies (4) of 164684
 
It has occurred to me that I am doing nothing more than gambling. As such, I have covered all the short positions that I took this morning and have decided to take a break from the market. For those interested, the shorting score I ended up with is as follows:

EBAY: -5 (shorted at 100.69, covered at 105.69)
YHOO: -6.06 (shorted at 133, covered at 139.06)
PCLN: -5.31 (shorted at 77.19, covered at 82.5)

I managed to just about wipe out the profits that I was able to gain on Monday from being short.

I strongly believe that there is no such thing as "easy money" - yet recently I appear to have fallen for the belief that I can make "easy money" by trying to second-guess moves in internet stocks. I believe there are better ways to make money than trying to predict which way internet stocks will go.

My own view as I have stated before is that internet stocks are way over-valued, and that at some point prices will decline to reflect fundamentals.

I'm all cash at the moment - and I've decided to not trade for awhile - because I would rather sit on the sidelines and see where the market ends up. My own belief is that we will see a general decline in stock prices at some point in the next six months - and I hopefully will be able to take advantage of such a decline to get in on some long-term-hold stocks. But for the time being, I will focus my time elsewhere.

And since I won't be trading, I'm going to take a break from posting to this thread. It's been a true pleasure discussing various issues with the participants on this thread - I will drop back in from time to time, but this will be my last post for awhile.

I wish the best to all of you.

Thanks,
-Eric Wells
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