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Technology Stocks : QUANTUM
QNTM 8.300-4.5%Dec 26 9:30 AM EST
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To: scott harrison who wrote (5201)11/19/1997 6:13:00 PM
From: Rob S.  Read Replies (1) of 9124
 
I hate to see people suffer. I am long on Quantum too but did sell NOV 35 calls against my position when it reached over 41. Now it looks like I should have sold the 30 calls or sold the stock outright. So I am down in my overal position as well.

The leason here is not to get so caught up in the euphoria surrounding a stock. Has the basic story about Quantum changed much? No, of course not. Although their are some valid new conerns about price pressures, the situtation is pretty much the same as when the stock was at 42. What has chaged is the price. Those who got long on margin when the stock was near its highs, thinking the sky was the limit, should have stepped back and looked at the historical valuations for Quantum and other tech stocks - that would have sent some caution into your thinking if you were looking at it objectively rather than through rose colored glasses. I have to kick myself every once in a while to admit that it is human nature to ignore the past and think that "a new age is upon us, Quantum (stock xxxx) will continue to see new highs in price and relative valuations despite history". Quantum, and many other tech stocks got ahead of itself and has now swung back toward the other extreme to where we should be buying - not moaning about our misfortune about being down so much. The stock market is a game of greed v fear played against the backdrop of trying to peice together an imperfect world of constantly updated and changed information.
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