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Politics : Formerly About Applied Materials
AMAT 235.17-2.3%3:31 PM EST
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To: Chuck Williams who wrote (25562)10/22/1998 5:15:00 PM
From: Justa Werkenstiff  Read Replies (1) of 70976
 
Chuck: So what are you saying, "I told you so", or "Look out below!"

Anyone who shorts as an investment strategy right after the Fed. goes to an aggressive interest rate easing posture should get counseling and a bankruptcy lawyer. Never screw with the Fed. Greenspan got on the Federal Reserve Express Train and said he was going down the track as fast as he could and to get out of the way. Why people decided to buy puts and short these companies after the most recent Fed. announcement is beyond me. You might as well stand on the tracks and say: "Make my day, Mr. Greenspan, I think I can get out of the way before you run me down even if I put my back to your mighty train."

With that said, caution is advised here in this sector. The large players are overextended IMO but could still go higher. Big mo is pumping these puppies now. I would not be going long at these prices except in the small cap semi equips. In fact, all I have been buying in this sector is ASYT and CYMI until the beginning of this week. Nothing wrong with taking some profits here if you were long and are a trader and not a cycle player. I am primarily a cycle player. At the close today would have been a good time to go short on some of these as a TRADE only IMO. I shorted NVLS at the close as a hedge on my longs.
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