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Non-Tech : Wal-Mart
WMT 102.88+0.4%1:09 PM EST
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To: Leo Francis who wrote (107)7/16/1997 12:38:00 AM
From: Jack L. Dlugach   of 1166
 
Leo: Service Merchandise is a loser and has been for a long time--
it's in league with Best Stores which I don't think is even in
business anymore? Lots of these outfits are falling by the wayside
precisely because of Wal-Marts and Target and K-Mart.

Yes, I know the retail reports were not outstanding but they also
were good enough to give a momentary inflationary scare when they
were announced--from the reports I heard, that was the reason for
the initial drop in the Dow. Then the analysts came on and started
downplaying the retail reports, saying the 1/2% wasn't enough to be
concerned about and up it went.

This market is bonkers, that's all I can say--I've never seen anything
like the last two years. You mentioned '87 but at least that one was
mercifully short but I remember the one from the '70's that lasted for
years--just to break even took about 5 years from top to bottom and
back to break-even.

So I missed some nice price rises by selling too soon but I feel like
it's a very good idea to keep a cash cushion; like I said, if WMT goes
up much more, say to 40 like those targets are suggesting, then I'm
selling--the heck with the taxes as that's just too much to worry
about.

And if the correction doesn't come any time soon or never, then so
much the better--staying partly invested is always a good idea.
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