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Technology Stocks : Compaq
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To: Elwood P. Dowd who wrote (57937)4/14/1999 8:49:00 PM
From: rupert1  Read Replies (3) of 97611
 
El: I didn't say he wasn't right. I'm just making the point that some people make repeated posting to the effect that bad things are going to happen - in Steven he was "predicting" it. I was just pointing out that the logic of that position is to sell and buy again - after all the very highest "teens" is 19 and thats a 20% difference from where we are now.

I said after the warning last week that I could see Innovate providing a floor for a couple of days but I would be concerned about Friday and maybe Tuesday. Despite that silly expression to the effect that the market is always right, all news is priced in etc etc, the fact is that the market is always wrong. So there is nothing to stop it going lower. Logic says the it is lower now than it should be on what we know or are likely to know at earnings. But if the whole market tanks people tend to dump the losers.

I may be an optimist but I sold 40% of my COMPAQ position three days before the warning (a) because other buys had put me into margin and (b) because I wanted to buy COMPAQ $2 or more lower. I put a buy order in on Friday morning for $29 1/4 and then raised it to $29 3/4. Luckily it never filled. I will and have sell all my COMPAQ to get it lower and would do it again. Steven's prediction and others like it don't give me enough evidence - or any evidence.
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