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Strategies & Market Trends : Three Amigos Stock Thread

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To: Ken W who wrote (8787)	9/15/1998 4:30:00 PM
From: James Wright	Read Replies (2) of 29382

Ouch -- On Friday I mentioned AMFM as a short candidate, on Monday I shorted at 26, this afternoon an investor group announced plans to buy $100 million shares on the open market, and today it closed at 30 7/16. Sometimes you eat the bear, and sometimes the bear (er, should that be bull?) eats you. I'll watch tomorrow to see if it shows much more strength on today's news. If not, it may be an even better short candidate now. Analysts project continuing losses for the company (-.85 for this year, -.50 for next), and it seems way over priced. Time will tell. Regardless, EGRP still looks good for shorting -- after breaking below strong, long term support at 20 a couple of weeks ago, it has not been able to break through what is now resistance at 20 even on recent strong market up days. Declining volume suggests it has about expended itself trying to break above 20 and thus should turn down very soon. -- Jim

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