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Technology Stocks : Nortel Networks (NT)
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To: Paul Shread who wrote (800)9/17/1998 8:13:00 PM
From: Chaz  Read Replies (2) of 14638
 
Paul

For what its worth, I have invested in NT on the Canadian market on 3 different occasions this year. On all three occasions, I bought the stock at $74 to $76 Cdn and unloaded it for between $92 and $97. Quite respectable for short term trades. After having sold my great investment in DELL, I was feeling weighed down just sitting on cash, so last Thursday (only 1 $#%@ing week ago) brilliant me decides to buy 6000 shares of NT @ $48.75 on the NYSE of which 3000 are on margin. I decided that the pattern the stock had exhibited was ripe for a bump back up to $53 to $54 which would have netted me over $25K in no more than a week. Well not only am I down close to $60K but I most likely will get a margin call. I'm still pinching myself, to see if this is a bad dream or not.

Two additional reasons for the continued weakness. One, idiots like me having to meet margin calls, thus having to sell the stock, and two no sustained rally which would drive the shorts to cover, prompting a short squeeze. One little bit of good news, my broker in Toronto had the firm's analyst contact the company, and they said that the quarter is progressing well and that their guidance is still on for Q#3 and the remainder of the year. Know if only they could use their heads and make a formal announcement so that this market can wake up and smell the coffee.

Good Investing to All

Chaz
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