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Gold/Mining/Energy : Day trading in Canada

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To: kitkat who wrote (1212)	11/16/1998 1:06:00 AM
From: keith massey	Read Replies (1) of 4467

Been following AVCO since mid-Thur. Although I don't trade U.S stocks (yet) I have been following the biggest movers on NASDAQ and NY and researching the moves for quite a while. I want to have a good feel for the market when I finally get around to getting a U.S broker account. I almost fell out of my seat when I read AVCO's news on Thursday. For anyone who doesn't know I will tell the story because it is kind of amusing in a warped way. It also shows how out of controlled this internet bull market is. AVCO is on the NASDAQ and ran from 2 to 31 on Thursday on 3.2 million shares. What was the huge news that ran this stock up - a 1000Mhz chip? Flat screen monitors under $100 No... they announced that they were offering ADSL service to telephone customers within three miles of a certain telephone switch in Santa Barbara who want to link to AvTel's Silicon Beach Communications ISP subsidiary. AvTel, one finds on further investigation, is essentially reselling ADSL service from local telephone company GTE (GTE:NYSE), and doing it only in the Santa Barbara area. It doesn't even have an exclusive on the service; another local ISP, Impulse Internet Services, will be offering ADSL connections, too, according to co-owner Ken Alker. AvTel lost $5 million in the first nine months of the year on revenues of $34.3 million, compared with a profit of $7,000 on revenues of $39.2 million a year earlier. It just goes to show you what a little internet hype can do. The scary thing about day trading a stock like that is that it can be halted at any second and whoever is left holding the ball losses. In this case the stock wasn't halted until Friday. It opens tomorrow and the going guess are it will open in the 4-7 range. Another lesson for the books Best Regards KEITH

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