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Technology Stocks : Dell Technologies Inc.

DELL 133.75

+2.5%

3:59 PM EST

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To: JRI who wrote (89091)	1/13/1999 5:09:00 PM
From: BGR	Read Replies (2) of 176387

John, The present rally has been one of the most irrational that I have ever seen. NASDAQ had a 150 point swing (6.5%) day today and nobody seems to care. This is pure liquidity talking. Brazil may or may not be material by itself, but the apparent ease with which it is ignored/discarded sure is in my eyes. Market psychology may have switched from depressive to manic and the Fed may ease again and/or organize a Mexico style bailout so that the jolly days continue. But I have made close to 500% from October to date in the trading portion of my account (which started as 10% of my portfolio) in addition to 100+% in the long term hold portion so I strongly feel that it is prudent to hedge. Still holding onto all the long term options that I have as well as tiny bits of Feb options. But no margin anymore and 50% cash. Maybe I am wrong. But the present euphoria invalidates all that I have learnt abut rational markets. -Apratim.

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