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Strategies & Market Trends : Roger's 1998 Short Picks
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To: kennny who wrote (16801)1/9/1999 1:02:00 PM
From: Gil Gilbertson  Read Replies (1) of 18691
 
Why is it so difficult to understand? When all of the little players
were covering their shorts on Friday, who do you think was selling
short to them? It takes a lot of buying to do 30 million shares....
After watching ticker tapes for 35 years , I believe I can state with
a high degree of confidence that human nature doesnt change. Each
generation has hopes , dreams, obstacles and fears. It is when these are played to an extreme and become fear-greed manias that the
red flags arise. We are either at or may have passed on Friday the
climatic top to some of the internet stocks. The hi volume reversal
of Amazon is a classic. It rose 38 points, churned all day then
collapsed under heavy liquidation to close at the low of the day after having laid out over 30 million shares. The MARKETCRAP became over 30 billion and if that isnt wild I dont know what is.
BCST also appeared to have done the same as well as EGRP. Monday will
be very interesting as last minute despots attempt to rally these
stocks into a hopeless situation...AMazon opening a new distribution
center in Reno is a great move, when they cant sell books , they can
put in crap tables and make it into a casino company for another run
at the moon. All we need is for Greenspan to impose strict margin
requirements as they did in the past and the party is over.
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