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Non-Tech : Any info about Iomega (IOM)?
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To: Sabrejet who wrote (7919)9/27/1996 9:57:00 PM
From: Jeffery E. Forrest   of 58324
 
RICHARD my point was to show FF what an idiotic statement he had made about insider selling/buying and how you can use it to your advantage.

I went back to my records to see how that particular trade went down, as I hhave made a few hundred since the first of the year
> here goes:
Bought IMPX at 11 the day the Dorfy hyped it on CNBC. I knew that the iomegans would run it up "a few points" (thought I could scalp 2-4 points!)
It ran to 23 1/4 on May 8 or 9.
It backed off and I held until it couldn't break 24 and it started forming a head & shoulders (my triggerfinger is twitching now).

It started acting weird and thats about the time I heard of the Carrington sale (I think the 20th).
I pulled the trigger and got $20 for it on may 21.

I shorted it at 20 the same day.
I covered the short at 6 the 3rd week of July when we had the correction climax selloff of the entire market.

So bottom line is:
(1) WHOOPS I had my figures off by three points Sell & short@20 not 22 and covered@6 not 5
(2) Man! times fun when you're having flies.
It seemed like I had held that short forever, but actually it was 2 months almost to the day.

Sorry about my misstatements, but like I said before, my point was about the importance of insider buying/selling not how much $$$ "I" made.
FF made a ridiculous statement about "history proving that insider selling doesnt mean anything" (go read his post) and I felt it needed to be addressed, because I find it a valuable trading tool (one of many).

BTW my brokers are Pru (Core Holdings, blue chips etc.) and E-Trade (for day trades and speculative stuff)
Hope this clears things up
Pleased to meet you
Jeffey E Forrest
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