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Technology Stocks : PROGRAMMER'S PARADISE (PROG)
PROG 0.146+6.5%Jun 13 5:00 PM EST
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To: Dale Baker who wrote (856)2/27/1999 2:28:00 PM
From: Carl R.  Read Replies (1) of 2383
 
All I do is tell you where I'm short. I'm currently short CPQ and MU. I originally shorted MU at 70 15/16, but covered at 67 1/8 and shorted again at 58 (oops - I lost 9 points). I originally shorted CPQ at 41 1/4, then covered at 35 and shorted again at 35 5/8, but only half as much. These shorts offset my PROG position and several others last week. At the current time I consider the semis weak technically and likely to decline further before bottoming. On the other hand, I have some nice profits from shorting these two already, so if they rebound some it won't hurt too much.

On the other hand, PROG bounced nicely off a bottom at 11 1/4 with good volume during the rebound, and internut stocks remained strong last week, so I am not too concerned about PROG at this point.

I usually don't try to actually make money in down markets. Rather I tend to close a few long positions and grab a few sizable short positions to offset the remaining long positions. As of Wednesday I had a sizeable position in high tech in general and semis in particular. I finished the week with a loss of 1.6% which I considered a victory. On the other hand if I hadn't closed my MU short overnight on Thursday I would have been up for the week.

You'll have to find your own companies to short, though. CPQ had good support at 35 on Friday on very heavy volume, and may not go lower. On the other hand MU vacillated wildly from 55 to 59 and back.

Good luck,

Carl
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