Rock, I never lost more money trading, than May/June of 1998. . .NAVR waiting for them to spin-off NetRadio, like they announced a month earlier they would "soon" do. . . that was a YEAR ago.
Because I was in Hawaii when I placed the order, I could not see that, for whatever reason, nearly my entire position in NAVR was on margin [against my trading rules]. The broker did not warn me when I placed the order by phone. I found out when I returned home. NAVR dropped from about 12 to 4 in a very short time period while I was away and not paying close attention. This forced me to liquidate many of my other positions pre-maturely, to cover the margin calls. And that is why I have not traded NAVR ever-since.
If you look back several months, you will find that I told you this story before. And I do sympathize with those that were"caught in the nets." I pounded my keyboard many times on the fact that internets would sell off after tax day. . . but I can't reach through and push those execute buttons for anyone.
If it is any solace to those in a bad way, and especially for those able to hold their positions. . . I do sincerely believe that we will see a brief turnaround for some nets beginning about the Fourth of July, then another lull after the end of the month, which will take us into October, where things will once again get VERY volatile. . . and by November the nets should start looking good once again. I don't believe Y2K will effect us in any MAJOR ways [having come full circle in my thinking on Y2K]. By January, NAVR should be in full bloom once more. . . .they may even announce that they will soon release an IPO called "Net Radio."
My best to all. . .
Rande Is
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