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Biotech / Medical : Watson Pharmaceuticals
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To: Jacob Snyder who wrote (61)1/1/1998 11:10:00 PM
From: Jacob Snyder  Read Replies (2) of 83
 
I'm out. Placed a limit sell order for all my WPI at 33.5, and I hope it fills tomorrow.

1. stock is at the hi end of PE range.
2. stock is at a PE above the expected EPS growth rate.
3. upward momentum has been broken. We are in the process of completing a double top, at 34. Both those tops were on low volume. New highs should be on high volume, if the upward momentum were going to continue.
4. the overall market is in a 6-month trading range, and we are currently near the high end of that range. I see lots of volatility in 1998, and I want to decrease my margin now, and buy when the Dow is at 7000 or 6000. That way, hopefully I can make money even if the Dow ends the year where it is now, at 8000.
5. I'll buy when the stock is back at a PE of 15.
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