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Strategies & Market Trends : Range Bound & Undervalued Quality Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Larry S. who wrote (1693)	4/3/2000 5:50:00 PM
From: BWAC	Read Replies (1) \| Respond to of 5499

Larry, As I think CNC is my troubled idea, let me answer. It's down. It's down way past where I thought it was a good idea. Yes there are many value stocks out there. I bought many of them and they are up. Many have went up 30% or 40%. I hope others bought too and I sure hope nobody got hurt with CNC. CNC went down. Way down in my opinion. But at $9 or $8 or $10 is it down far enough that I can make out like a bandit? I think so. It's got some troubles, but even the lowered earnings look good to me? Almost 50% below book value? A Dividend. Today's news was the same news as was out on Friday, except with a different twist. Friday it was down 2 1/2. Down 2 1/2 more today. May be down more tomorrow. Hell I don't know. What I do know is that it fits the cheap valuation idea here. Other insurance companies went up recently. Maybe they will come look at CNC some. So in essence, yes it may be trash, but I feel it's a good price for trash. The yearly high was $35. Hasn't been below 10 since '92. So if CNC is worth somewhere in between I'll be happy. If goes back above $10, and I can sell Covered Calls until they take it away, I'll be ecstatic. If I am completely wrong let me know. 42,000 shares long/9 3/8 average. Short 50 April 10 Puts 1 7/8. And yes I plan to lighten up as the price improves. But will add no more if it significantly declines. On the first blip up, Calls will be sold to offset the risk.

To: Larry S. who wrote (1693)	4/3/2000 10:27:00 PM
From: Esway	Respond to of 5499

Thanks for the input on CNC. I had been watching it since the drop from 13 but today at 9.5 and then again at 8 5/16 I had to take a position. IMO it Just needs the time to build a solid base and give fundamentals time to repair. Much like ONE did, personally I stepped into ONE way to soon [32] but averaged down as it fell to mid 20's and finally came out way ahead 5 months down the road. I have in the past always been a buyer of where the blood is flowing as long as earnings are still intact in positive territory. This strategy Might be "dead money" for awhile but seems to usually be a low risk move. good luck. EW