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Technology Stocks : America On-Line (AOL)
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To: tradesman who wrote (4644)2/9/1999 1:50:00 PM
From: Chuzzlewit  Read Replies (1) of 41369
 
Tradesman, what's up is probably the fact that the momentum players are busy bailing out. This will continue until they exhaust themselves and then, barring bad news, they will begin pouring money back in. It's a monkey see monkey do environment. They remind of a school of fish that make sudden unpredictable changes in course.

I once asked an acquaintance of mine what a certain stock he just bought does. He responded "It makes money". He was being cute, of course, but the fact was that he had no idea of the business the company was in. He would buy the stock based on some chart patterns and set trailing stops. Now this sounds great on the surface, but if lots of people do this kind of thing you create the potential for chain reactions if the drop is deep enough. Plus, lots of people don't understand that when a stop loss is triggered it becomes a market order. With the internet stocks that practice can be quite dangerous because of their habit of gapping.

TTFN,
CTC
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