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To: marginmike who wrote (117863)	8/21/2001 7:33:24 PM
From: patron_anejo_por_favor	Respond to of 436258

<<I dont like buying when things have been hammered so much already>> Well, ya gots to do what you gots to do....<NG> I'm not particularly worried. VIX is what, 26? Equity P/C's a whopping 0.59? The B-to-B was far from bullish, the semis remain horrendously overpriced (in fact, the PE's in that sector are rising due to earnings tanking much faster than stock prices). More bagholders got trapped on the bounce in April and May, and don't wanna stick around for the "retest". And the dollar is in the poop chute. But everyone has their comfort level (especially with shorts), and we've all been burned at least once by holding too large a short position into a turn. If you're overexposed, by all means cover (or hedge) down to the "sleeping point" (to steal a phrase). Agree on the autos totally.