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To: ItsAllCyclical who wrote (65612)	5/2/2000 4:01:00 PM
From: Think4Yourself	Read Replies (2) \| Respond to of 95453

Actually, I counted on the nervousness of folks today. Did some buying in the last half hour on some low volume stocks as I figured folks would be nervous holding into API numbers and the rest would be too nervous to buy. Hoping to get filled by some market sell on close orders as some fund managers appear a bit nervous as well. EDIT: (nope, the bums just let the sell orders expire) We should get a build as we are in the build season. I think gasoline stocks will be the key, for the third week in a row. The obsession with crude stocks by some is very "tunnel visioned", as it is concentrating on one piece of the puzzle.

To: ItsAllCyclical who wrote (65612)	5/2/2000 6:37:00 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

JimL <but we could retest some lows ahead of the Fed meeting> ... for me personally, I would call that a huge market selloff fwiw. "HUGE" in the return potential, or costs financially. I don't pay attention to the net % of the retrace in the indicies themselves; but rather the % moves in the individual stocks. As a 30% retrace gives a 50% upside move in merely returning to its highs; I'll make more money selling here and catching a pullback than letting it ride and its a much better risk vs reward play to margin a pullback to leverage the bounce, than to stay on margin and get whipsawed on a 15% retrace which is a 30% hit to capital; in trying to juice out a few points over resistance when everything is in the euphoria range. Given the strong underlying fundamentals that put a floor under a pullback; I want to margin, or leverage pullbacks and to continually sell off margin into rallies - reducing the threat to my capital getting whipsawed. I started closing out 75%+ of my Tech positions by days end here of late; as I am basically just trading here and bought my first 10% Gold Stock position in NEM & PDG as a hedge. Tech is for trading here and possibly on the shortside thru the Fed Meeting, other than a few select falling knive plays - I closed the day with only a 1/4 position in 6-8 core longterm holds from the original blowoff - trading everything else. I thinks is smart to close the bulk of trading positions allmost daily here, catch a few $1 intraday moves, do some scalping - too much risk of a gap down open on the coming economic news; or that the next "T" ,or MSFT type news causes the sentiment dam to break... RCNC was a great trade today and is still a core hold for me as well. FTHL is a monster - in the green today & I pray it sells of - potentially along with RCNC the most undervalued broadband/communications assets in the market. PMCS VTSS 2 core semi players just melted at the end of day and we had Merrills semiconductor conference ongoing today ? - that does NOT bode well for the strongest subsector within Tech. While I don't want to short semi's - I would much rather catch them on pullbacks & leverage intot he rallies. NEM & PDG moved well today and I have started putting 10% into these 2 Goldstocks for each 150 point decline in the NAZ - so on a freefall to Nasdq 3000; I will have 40-50% Gold Stocks as long as they are holding. Not a bad move in the Gold Stocks today for a "hedged" position and I risk less capital than what I would in shorting Tech. The market has more selling to do prior the May 16th Fed meeting and there is more ammo coming in economic data for Greenspan to use - God forbid that crude oil moves up another couple of bucks (VBG) ! The moderate volume in this pullback today is indicative of no committed institutional buying here and also a potential negative double whammy of still substantial selling left to follow. I'll probably just hold my partial 25% core LT tech postions and let them ride and will only chase falling knives in the telcom/cable/wireless space which I absolutely love especially those building out broadband networks - RCNC VYTL FTHL GBLX et al & WCOM on dips sub $38ish I will add. Sold 1/3rd of my CXIPY up 10 points in days; next stop is the old resistance at $60 then I'll let the final 1/3rd ride. PGO is the only stock I am constantly adding to here - I love it - loaded the boat on the break sub $15 of late; they turned the corner with this last earnings release; but Q3-Q4 is where they traditionally turn the corner. As the OSX runs here if it is sustained, PGO stands out like a sore thumb as one of the premier value's in the Oilpatch. I may tend to hold my FLC a bit longer than my 3rd core hold in ESV, as FLC has so much late cyle earnings capacity. We got crude moving up a buck today and a flight to safety rotation. Fundamentals are great - but, fairly priced in 80% of the Oilpatch stocks. The OSX needs the sustainability of present earnings momenteum for the next few quarters to move much out of the 15% upside from the upper range of the prior band here - which was 115ish. So I start unloading 30% here thru OSX 125, then another 30% at 135ish and at OSX 145ish - they can have anything & everything I own in the nearterm (VBG). CAM actually looks like an easy short very soon... I think I am 5 for 5 in shorting Cam fwiw - another $5 max short term upside and it will pull back hard. It's PE exceeds many semiconducter stocks for crying out loud ! I would love one more chance to play the NAZ game at 3000-3250ish & under.... couldn't care less if the OSX hit 150 in the meantime - as many, many core TECH players moved over 50% off the prior lows here of late and the momenteum is incredible when it starts moving ala~ what PMCS saw of late. I'm not talking the .com 3rd tier stocks, but solid "names" like NTAP PMCS VTSS JNPR RFMD etc. I am confident that I do better with lots of profit taking into any further Oilpatch Rally and having the cash to potentially buy/trade Tech again cheaply and using the Gold Stock hedge which may outperform the OSX head to head after the initial move here in a real market selloff. I also think I get to buy many of the "names" in the Oilpatch much cheaper very soon & can leverage their pullback as well.