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Technology Stocks : Apple Inc.

AAPL 272.95

-0.2%

12:25 PM EST

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To: Phillip C. Lee who wrote (17353)	8/28/1998 1:10:00 AM
From: Richard Habib	Read Replies (3) of 213173

Phillip, still holding those options but I'm in at 8 so haven't lost that much at current level and I had offsetting puts I've been using to protect myself for the last several weeks so I actually was ahead today. I'm still bullish regarding Apple and believe it's going to have a couple of good qtrs but as you know from my posts I'm very bearish market as a whole hence the protective puts. The reason I single you out is that from the tone of your posts I picture you as the quintessential bull. By that I mean you believe that if a company is good the stock should increase. I believe we are at a very serious turning point. If the market should turn it won't matter how well the company does because PEs will decline. DO you know Intel has traded at PEs in the 12-15 range. Everything is based on their being buyers in the market. Notice Dell, Cisco and the like have not been touched yet. That's because optimists like yourself that believe in good companies are focused on things like earnings instead of investor sentiment. Hence my comment that I'm looking for capitulation in those stocks and therefore in the bulls like yourself. I may lose money on my Apple - jury is still out but the bulk of my funds is waiting for another 600 points or so on the Dow. One other comment, while I've heavily involved in SEA for business right now and have been following overseas markets and news quite closely including Russia - I didn't notice any posts on any of the boards about what was happening overseas last night. That's another reason to be bearish. The average tech investor based on posts in ridiculously unaware of situations that may have far for bearing on the stock than how well a particular technology is selling. Be very careful with your buy and hold philosophy Phillip - be flexible - this isn't the same market. Rich

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