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derek: no, I didn't short today. E-trade will only let me enter limit short orders as "good for day", not "good till cancelled". I got tired of re-entering the order every night. And I was too busy all day to look at the market until now. Oh, well. I'll be really irritated at my own laziness, if the stock gaps down tomorrow morning. I think I'll wait and see what happens at the open. I predict months of false rallies ahead of us, and lots of money to be made (both short and long) for those who can figure out what the trading ranges are for these stocks. I predict the second half of 1998 won't be any more fun for buy-and-hold than the first half was. Notice that, just as in most of the false rallies from December 1997 to May 1998, the strong companies go up (AMAT, NVLS, ASMLF), while the weak companies bounce up a bit off their lows and enter a narrow horizontal range (KLAC, KLIC). And then the rally ends, and they all go back down to support. Over and over and over, and each time posters get excited and hopeful, saying, "on our way to 40 or 50 soon!" Hope springs eternal. At some point I'll pick a dip in the stocks, buy big, and resume the buy-and-hold strategy I had for two years until mid-May. |
