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Technology Stocks : All About Sun Microsystems
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To: Charles Tutt who wrote (42408)3/26/2001 8:47:24 PM
From: High-Tech East  Read Replies (1) of 64865
 
Charlie, maybe we are starting to get close to the end of this mess ... maybe.

In the last two weeks ending March 20, the 'commercials' have started to significantly reduce their record net-short position on the S&Ps. Their net-short position had been getting deeper and deeper from early April, 2000 (when they first entered this cycle) until two weeks ago. They are still net-short by a huge and record amount (my chart is from CTS Financial Publishing / TradeWorld2000), about equal to where they were in early November.

If their net-short position continues to move quickly towards a neutral position (and gets close to neutral in the next
weeks and months), I would expect that by the time it reaches neutral, the down move in the S&Ps will be complete for this cycle. However, between now and then, we will probably see a large, dramatic and climactic
drop in the S&Ps.

That is how I interpret it, and how I am playing it with four out-of-the-money S&P June 1050 puts on the S&Ps.

Disclaimer: The above is my personal opinion. I recommend that you do not base your investment decisions solely
on any one person's views or analysis (including mine). Do your own research and take personal responsibility for
your investment decisions.

Ken Wilson
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