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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant?
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To: Scotsman who wrote (3939)10/20/1998 11:14:00 PM
From: Carl R.   of 4697
 
So you're tempted to buy, and I'm tempted to sell? <VBG>

There are several reasons to expect a partial retracement. Once is the gaps. Another is the speed of the rise. A third is the fact that I think the overall market is ripe for a dip. But there are also reasons to be comfortable on the long side. One is the strong volume. A second reason is the fact that the stock continued up after the retracement to 8 today, even as the market went down. A third is that we are still well under book value even after this run-up. Given this disparity, I elect to do nothing.

I do think that a lot of shorts covered. Once the stock levels off, expect them to short again (that's just the way they are...)

I am thankful for this unexpected strength, though. I can say that once again I'm back in the black trading this stock almost exclusively on the long side, starting with an initial purchase at 36 in 1996. I am still minus for 1998, though, and need 10.25 to break even for this year based on my current holdings.

Good luck,

Carl
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