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Technology Stocks : Western Digital (WDC)

WDC 262.70

-8.1%

3:59 PM EST

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To: Phil Maine who wrote (7085)	10/31/1997 1:16:00 AM
From: Johnathan C. Doe	Read Replies (2) of 11057

My thoughts at this point are to chop up my WDC holding into 3rds and buy CS and SUNW with the other 2 3rds and keep a 3rd still riding in WDC. An alternative would be to take a 3rd and put it into CUBE if CUBE gets into the mid-teens and skip SUNW. Another though would be to try to pick up COMS in the high 20's with that 3rd. I am just thinking that given the breakdown in WDC despite its low P/E, it might make sense to divide the risk up into other catagories of tech stocks. This is just in case there is really something cataclysmic going on in the disk drive industry that might not be playing out in these other choices. There is so much room for profit taking in WDC. This could go into the teens and you would still have people locking in a small profit. I think that the run from 27 to 54 was wild and crazy and waiting to be erased. Once erased though, what will we have left to face? I am not paniced about this, I just have too much in this one type of tech stock. The logic is always to do what the market just got finished doing. Last year, it was all the index funds and large caps making the gains. This could be the worst possible area for this time in the market. Like I say, I am looking for 6300 in the DOW, and I wouldn't be surprised if we don't get several more 500 down days with only partial recoveries. We might get a blowout 700 down day. Even then, we still won't have fully corrected the overvaluations in the market. That is what is so incredible about the situation in the market. If the US market dives, everyone will be saying, "Of course, it just joined all the other markets", "Why didn't everyone see that coming"? I am very distrustful of the fund managers being so positive. They seem to be very busy unloading their positions as they remain positive vocally.

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