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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Mr Logic who wrote (3034)2/16/1998 9:44:00 AM
From: Ploni  Read Replies (2) of 18691
 
Subject: ITWO

On January 22, this company reported its annual results. I felt the 4th quarter earnings were bad: after taking a charge, 0.06/share for the 4th quarter, compared to 0.10/share the previous 4th quarter.

The stock dropped over the next 4 days from 61 to 50 1/8. However, then it soared back, just as the market has done after every attempt at a correction.

I am short ITWO at an average of 55 1/8, but it is very frustrating to hold short positions and watch the stocks continue to advance. Then, whenever we do see a break, the response of the investing public is to "buy on the dips," and the correction is short-lived.
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