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Politics : Formerly About Applied Materials

AMAT 260.77

+0.2%

Dec 24 12:59 PM EST

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To: Jacob Snyder who wrote (13195)	12/13/1997 10:59:00 AM
From: Pat Allen	Read Replies (1) of 70976

Hello Jacob, Yes I'm still trading but when the pattern changed and the recent down slope began the detached game became more serious. ($25,000 loss in value on core AMAT holding due price drop but I did recover $10,000 by trading 2,000 shares and accumulating 5 points.) During this recent downturn I did not want to deal with the added psycological factor of trading publicly when things were moving fast. In addition, Discover Brokerage, decided that I could not trade AMAT more than one time per day per their restriction on day trading in an IRA. I had been trading out of the IRA to avoid taxes on selling stock in my regular account that had been purchased 1996. This forces me to sell short in my regular account or pay taxes. As for right now I've sold short 2,000 shares at 28 1/8 Friday morning and will hold on to it until the current 3 day downturn bottoms out early next week (imho). After I set up an account with a different Broker for the IRA account (probably E-trade or Datek) I'll start day trading 500 share amounts where there are no tax implications and I don't have to sell short and be forced to wait for an uptick. The smaller 500 share trades allowed me to detach mentally. 2,000 share trades become more seriously and being a novice to day trading I'm not comfortable. As far as the game I still hold the 300 shares from transaction #5 so I am nearing the $2,000 limit I set. By mid January I should have a different IRA set up and I may have another try then. Best wishes to all the hurting bulls. Next year at this time you'll be riding high again.

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