|
TD, I'll take some of the credit for the internut weakness as I covered my XCIT shorts at a substantial loss last week...another virgin was thrown into the volcano & the shorting gods appeased. I thought I had plenty of margin support when I started building the position in the high 40's but at the same time XCIT was shooting to the moon, a couple of my core longs when south. The combination was a killer. Anyhow, my mistake as I now see it was to be a long short -- i.e. assuming, as Roger often says, that ultimately out-of-whack stocks will return to their fair value...just ride it out and wait for the inevitable. Perhaps, but as these internuts have taught me, it is a rare investor who can afford to be a long short (haven't heard from Pancho, another long-short, in sometime...hope he's survived this stretch). My strategy with the internuts now is to hit to first base. Today was perfect. Sold LCOS at the opening, covered at the close (even though it will probably gap-down tomorrow). As long at the internut games stays afoot, which with YHOO-mania seems to make likely for sometime, singles can be batted out. My preference is to play them from the short side, but no longer as a long short. Kip |
