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Strategies & Market Trends : Tech Stock Options
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To: donald sew who wrote (47452)7/8/1998 10:15:00 PM
From: Patrick Slevin  Read Replies (3) of 58727
 
One thing that bothers me is of the half a dozen or so people I track only Larry McMillan has a flat out bullish posture but he's smart enough to have stops. He has been long for a week or so.

Gene Inger seems indecisive. One day he says 1200 on the spoo and in the next breath talks about 1140.

The other guys are calling for down except Camp who is on vacation.

So with the only clear quasi-bull being Larry McMillan I have to step back and ask myself, "Do I feel lucky, punk"? It's tough to short this thing with everyone getting their doors blown off thinking the same thing.

So I'm sticking with this....Don't try this at home kids....I'm shorting "apparent" retracements looking for a good pullback. If we get this and the resultant rally fails then it could drop rapidly because more and more investors will view it as a top. Then you must be on board early. I know this is based on a lot of ifs but bear with me here. The Internet craze can pop. the Senior Averages are not doing so hot, the bond is weak (although it may stage a rally soon, I think), the banks are tired of holding everything together, a retracement and failed rally will smother the Summer Rally crowd...

I know I sound a lot like I'm counting a lot on psychology here but market psychology is important once the ball gets rolling in one direction or another. The entire rationale for it continuing up at this stage has to be momentum based and that is psychology.

Well anyway I have tomorrow seeing a peak and the start of the retracement. That's my story and I'm stickin' to it.
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