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Strategies & Market Trends : 50% Gains Investing

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To: JSB who wrote (2753)	1/21/1999 5:13:00 PM
From: Dale Baker	Read Replies (1) of 118717

My market sell order has already been entered at E*Trade. Maybe I can get 2 - 3 more points in an opening gap. After that, it's way too weird. I owned this turkey when it was still MEME, from around 2 to under 1 1/2 before I gave up. But I kept it on a watch list and happened to see today that it was over 8 (!). The chart and the Level 2 action looked good so I jumped in for a few hundred shares with a mental stop at 8. From there, it just took off. Why did it work? I couldn't find anyone hyping it, so no one was ready to sell into the runup. MM's were shorting all the way up - they have to keep going up to average out their short price for the day (as I understand it, I could be wrong). Tomorrow they will sell into the gap then walk it down to cover at a profit (somewhere under 13). I will be happy with whatever I can get at the open. It will certainly be more than the 8 7/8 I paid. As for how much I have tied up, this position is currently about 3% of my portfolio, strictly Tradin' Trash levels. For those who follow it, XYLN met expectations with their earnings.

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