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Technology Stocks : America On-Line (AOL)
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To: Vendit™ who wrote (31652)9/27/1999 4:20:00 PM
From: t2  Read Replies (3) of 41369
 
Shorts running scared? Check out this story. The stock moved up late day even though the other techs seemed to be dropping.
thestreet.com

Bear Claws Are Burning
By James J. Cramer

9/27/99 3:49 PM ET


You are a bear. You are short America Online (AOL:NYSE). You know already that subscription growth is spot on. You know ad revs are kicking in. But you figured that Microsoft (MSFT:Nasdaq) was going to go free, give its system away.

You were banking on AOL losing that key revenue stream. What do you do now?

If I were you, I would cover. Your story is now wrong. But that's not the way the bears think. They like to come up with more reasons to stay short.

That's why we are selling none of the AOL we bought last week. We think all of the negatives are now played out. Broadband, U.K. free access, Microsoft Network woes, insider selling -- everything has been priced in.

Normally when we have a ramp like this we trade around the position. We let some of the stock go that we were lucky enough to buy right before the explosion.

Not this time.

We smell bear claws burning, and we don't mean the kind that you get at Dunkin' Donuts.

--------------------------------------------------------------------------------

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Microsoft and America Online.
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