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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: dennis michael patterson who wrote (22252)	9/22/1999 8:02:00 AM
From: dennis michael patterson	Respond to of 42787

Cramer this morning: Oops! 3Com (COMS:Nasdaq) was terrific last night and Hewlett-Packard (HWP:NYSE) had nothing negative to say. Does that mean we get to do yesterday's session over? Yesterday's horrific selloff seemed like so much overkill to us. But when we indicated that we were bidding for stocks underneath, my mailbox got flooded with people urging me to be more careful. Thanks for the heads-up, but remember what I do. I buy weakness, created by macro issues or trading woes or inaccurate news stories, and I sell strength stemming from overexuberance. I like it when stocks go down because that allows me to buy them cheaper. I tend not to like it when a stock goes higher because -- unless it is based on fundamentals intrinsic to the company itself -- it may not last. That's why I was not disturbed by yesterday's action. The bonds weren't getting out of control. The dollar, already clobbered, gave up what it made in the previous couple of sessions. Big deal. There's nothing in that litany to send the market down 200. The only two things I was worried about were a downbeat 3Com quarter and an ugly Hewlett-Packard outlook. We got neither. Now those who try to buy them up will get crummy prices vs. what you could have had yesterday. Sometimes that is all that this game is about. ---------------- This is how I trade the markets. I know we are in a dangerous time. But sometimes you have to buy em. Not on margin!