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Strategies & Market Trends : Shorts waiting to happen
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To: Fred Weiss who wrote (231)7/14/1996 6:26:00 PM
From: Jim Roof   of 852
 
Fred:

Just a note as I was lurking. I have been discussing a number of short candidates with dppl and I am pretty sure that he meant to tell you of ASTF (not ASFT). ASTF (Accustaff) has been a wall street darling for almost a year now (about 2 to 38 with hardly a consolidation of any import). They are a temp services firm that buy up companies that trade for a PE of about 14-20 and when they become ASTF property something magical happens and they are suddenly valued at a PE of 100. As ASTF adds to their roster their stock price somehow keeps pace at the 100 multiple. It's basically a scam. ASTF does nothing to intrinsically benefit their acquisitions and I have heard that they run a rather loose ship.

I have shorted ASTF at 28 1/4 and covered at 22. I do not see this one plummetting - I think its just going to go down in a steady downtrend. If this proves to be true - ASTF is touching the upper line at its close on 7/12 and you might look for a short trade on a show of weakness. Keep in mind that it is down about 13 points from its high of 38 and we may be in store for a corrective uprend (though we sure didn't get any down corrections on the way up).

SYSF looks real good. I am watching very closely. If it rallies to 40-41 I will not be able to control myself. I would have a target of 25-26.

Good luck,

Jim
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