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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: Uncle Frank who wrote ()11/4/1999 7:52:00 AM
From: Bruce Brown  Read Replies (1) of 54805
 
Uncle Frank,

Congratulations on your new career decision and hard earned salt.

I received a funny call from my mother-in-law late late last night. I took the liberty of cleaning out most of her old Roth-IRA chestnuts that I was becoming impatient with back when Qualcomm dropped to the low 150's on the cancelled appearance snafu. I bought aggressively in the 155 to 165 range to add to her excellent position in JDS Uniphase. She lets me manage this account because it is money she is passing on to the grandchildren anyway. I knew she would probably get on the phone like she always does on Wednesday evening to talk to her daughter. When she called last night, I picked up the phone because I wanted to hear her reaction. She gave me a cheerful, spirited earful on what business I had buying her stocks that go up $35 and $20 a day! Grandma and grandkids were happy to say the least....

Not to worry, I informed her that Goldman Sachs had just become the fourth Penguin in a row to place a downgrade on Qualcomm last night. They went from a trading buy to a Market Outperform. This follows AG Edwards two downgrades and Banc of America's Setpember/October downgrades. biz.yahoo.com

Regardless, I think we can all expect a little profit taking in some of our Gorillas at some point. S&P futures up over 11 at the moment.

BB

P.S. After reading Mike's previous comments, I just wanted to point out that the Roth-IRA adjustment I made in my mother-in-law's account was, of course, a non tax issue. In fact, she encouraged me to do it.
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