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Non-Tech : Doc Stone's Bierstube und Trading Room
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To: M. Frank Greiffenstein who wrote (416)10/8/1998 4:09:00 PM
From: M. Frank Greiffenstein  Read Replies (1) of 638
 
Don't be suckered in by today's late day rally...

Folks, if you have mostly short positions or puts, don't be scared off because Dow and Naz put together a big rally, or because CSCO is up big today. This is just traders swooping in. This is computer driven BUY programs going haywire because DJIA touched on old Sep low around 7470. Nothing has changed.

To be a conservative shorter, cover half your bet. I sold half of my GTW put options when GTW rallied back to 39. I knew Friday was ocming up. Friday is known to be a short coveirng day, traders and shorts don't like to go into weekend worrying about their positions. GTW and AMZN and DELL should jump tomorrow, especially with Mike Dell telling people what they want to hear, that there will be no slowdown in corporate spending for Dell computers (the same Mike Dell who 3 weeks ago said Dells PCs could help Asia solves it problems!!). But people are getting tired of this kind of empty optimism by self-interested parties. Just stop and think about it: Asia and Japan are coming apart at the seams, Brazil is about to go off the deep end. Who the hell is going to buy Dell computers?? And if they don't buy Dell, they aren't gonna buy GTW.

Wait for rally to peak tomorrow, then look at near the money and in the money puts with a ocntract length of at least Septemebr. We are in tax loss selling season now, and this will worsen the down trend.

DocStone
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