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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (180139)7/15/2002 10:38:36 PM
From: Earlie  Read Replies (2) of 436258
 
Tip:

I was short a few techs most of last week, but they were not behaving well (from my short perspective). On Friday, they bucked the generally downward trend all day, so I kick out about 3:30 . I was a spectator today and will probably stay that way for at least the opening tomorrow, but if the bounce continues, I intend to scale back in.

Some folks have wondered why gold stocks haven't bounced as the buck has been mugged. I suspect that it is the old "liquidity" thing. As the stock market moves forward into ever more steeply inclined descents, many players are under extreme liquidity pressure. Many of the stocks they would love to sell, have "one lot" bids (i.e., not really saleable). While they may hate to sell them, their gold stocks at least have depth at the bid, so they get sold. An old and very rich trader friend of mine told me many years ago that gold stocks are usually best bought well after the bear initially gets its teeth into the bull's neck.

Best, Earlie
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