Piffer OT - And Other Assorted Nuts Message Board

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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts

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To: Tim Luke who wrote (50920)	9/3/2000 10:48:38 PM
From: Jorj X Mckie	Read Replies (1) of 63513

Hey Mr...um...Tim, No, I didn't short SAPE today, nor did I go long the day before it fell nearly 15%. The real question is why would you go long on SAPE when there is nothing positive in either the technical or fundamental pictures? As far as how quickly it recovers, in the past month, SAPE has steadily gone down from 75 to 44. I do not call that quick recovery. I wouldn't be surprised to see a rally to 52 (though I think 49 is a more reasonable target), but as I said in my earlier message, I would consider that a place to sell existing positions, rather than buy. As far as whether I am shorting in general right now, the naz appears to be trending up (though it may be ready for a little pullback). Therefore, I am looking for long positions in stocks that are trending up. When I look at taking position in a stock, I like to go with the prevailing trend of the stock that matches the prevailing trend of the market. The prevailing trend for SAPE is down. So I am not looking to take any position in SAPE. JXM

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