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Strategies & Market Trends : Value Investing

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To: Q. who wrote (8301)	9/17/1999 7:17:00 PM
From: Michael Burry	Read Replies (1) of 78830

Indices by necessity drag a lot stocks, but IMO most individual stocks not in arbitrageur-ruled indices don't respond well to much but basic support/trendline technical rules. Futures and hence indices yes. But not so much individual stocks. Waste Management at new low today, Crossman and National RV making new intermediate-term lows today. All are badly wounded in terms of support. Newly wounded Ross Stores struggling to keep its nose back above 40. But the indices and most stocks tied to the indices were up today, as VIX and you predicted. I'm still glad I made my sales. Every time a favorite of mine enters the no-man's land below significant support, I just try to remind myself how General Cigar got to its current valuation. That way I sell and keep my eyes open for other already-slaughtered stocks rather than "good prices on good businesses" which as Shane and I discussed are possibly not present in this market. Mike

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