Preview Travel (PTVL) ---- Via...Excite & AOL Message Board

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Technology Stocks : Preview Travel (PTVL) ---- Via...Excite & AOL

PTVL 1.390

0.0%

Jan 21 4:00 PM EST

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To: Kip518 who wrote (289)	6/2/1998 9:35:00 AM
From: RDH	Read Replies (1) of 728

Kip, You certainly showed some foresight when you picked 25 1/4. PTVL closed at 25 1/16, with the bid at 25 and the ask at 25 1/4. So I think you have nailed the price point pretty accurately and that we can determine from today's activity the general direction. If we see PTVL rebound and come up, then it may be awhile before it comes back down to this level. If we see PTVL continue its decline today, than it is anybody's guess whether it will end up at $20, $15 or $10. There was an increase of volume during the afternoon. Was this partly due to some shorts closing out part or all of their short position to take a profit. If we are seeing short closing their position and PTVL continues to drop, this certainly tells us that there are not many real buyers out there. I suspect this is the case. Is there any good reason for anyone to buy this at this point? It is no longer a momentum play. It is not a value play. It is not a good sector play. During these last couple of trading sessions, the internet stocks have not held up like they have during the last two tech/asian declines. This means they are no longer the isolated investemnt play that they seemed to be. We may see the air deflate out of the Internet group stocks -- if this happens this will not bode good for PTVL. If however the internet stocks rally, I suspect PTVL will initially go up with them, especially if this happens with PTVL around its current price. PTVL could go back up to $34-35 and then I expect that no matter how well the other Internet stocks are doing PTVL will have to start to come back down (based on valuation). I think it might be worth are while to keep a close watch on this and if PTVL begins to go up (let's say gets above $26) it might be wise for us to cover half our short position at least -- but if PTVL continues its decline it will be smart for us to just continue to remain short until there is some definite reversal. If all the shorts can have the discipline (not likely) to hold while PTVL is dropping and not cover until it is clearly moving back up, then with the small number of buyers out there we should see continuing decline. Oops, 9:30, time to check on PTVL's price. - RDH.

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