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To: dennis michael patterson who wrote (21332)6/7/1999
From: dennis michael patterson  Respond to of 42787
 
If Carpino, Sew and Chris are right, the morning strength tomorrow will be a bull trap. Be careful. Tight stops. Also, Carpino says we get a dip in the next day or two, then up until the 9/10 area, then a HARD down to the middle of the month. I think a lot of people will get long, margined, and then have the trap door opened. After the 16th, Carpino says we get a solid rally, especially in the Naz. A lot of people are writing that the nutz have bottomed. Well, until that ATT/Athm news very late friday, AOL was languishing below 110. I also observe that stocks like AMTD (which d bottomed at 64) as well as RNWK (which is a fabulous stock) did nothing on the day. I am quite sceptical of this bottom, FWIW.



To: dennis michael patterson who wrote (21332)6/7/1999 8:40:00 AM
From: the options strategist  Read Replies (2) | Respond to of 42787
 
Dennis, I'm looking at FDX as a short. It had a failure to hold at a key support level and broke through the level when it was sitting at the 50 dma at $54.00 on the recent announcement by Airborne to team up with the U.S. Postal Service may increase weakness.

Although we might see a bounce to resistance at the 50-dma. Watching.

Also looking at BEN as a shot and PVN on a rally.

jj