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Technology Stocks : AOL, now I get it

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To: Rick Willoughby who wrote (14)	7/1/1996 9:43:00 PM
From: Gary Walker	of 496

The moral of the story... use stops if shorting stocks. I shorted at 36 and watched it go to 57 before throwing in the towel. I shorted it for all the same reasons the naysayers are using today. My mistake was shorting twenty points too soon! During the recession of '75 I bought calls in 3m and watched the stock fall taking my calls practically down to zero before an end of the quarter rally got me back to even. Two weeks after the expiration the stock was up 10%. If this had happened two weeks earlier I would have doubled my money. Like you said, "Time is my worst enemy with options." It's like Woody Hayes said about passing in football, "two things can go wrong, a dropped pass or an interception." In the option business it's expired or out of the money. My advice, buy the stock instead. Regards, gw

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