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Strategies & Market Trends : Temp. Home of Cooperative Group-Trading
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To: Mark L. who wrote (274)8/30/1999 8:44:00 PM
From: Mark L.   of 790
 
Re MICC:

In the event that anyone followed this recommendation, I think now might be a good time to cover.

In short, unless they sell some more assets soon, the company is going to go from profitable to dramatically unprofitable this year.

This has now happened, and the market has reacted to it. You've got a nice profit, so maybe you ought to deploy the money elsewhere.

I personally am not covering because I feel the company is still vastly overvalued. But the catalyst is now gone. From this point on, it's a valuation short. Since my short position was put on at a higher price than the readers here, I can stand more unpleasantness than people here might want to endure.

The only exception to covering would be if you have a conviction about world-wide interest rates (I don't). If you think world-wide interest rates are going up, then this would be a superb way of playing that conviction. MICC would really start hemorrhaging if their interest expense increased.
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