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To: riposte who wrote (10317)	11/4/2002 1:54:28 PM
From: Jacob Snyder	Read Replies (1) \| Respond to of 10934

Began selling at 9.7 Will sell more, in small increments, planning on being out completely by 20. 20 would represent a near-quadrupling off the recent lows. We could do that, if we get another 6-month rally in the market (not a prediction, just contingency planning). We've already had a double off the lows, and are due for a pullback of at least 25%. I was seriously disappointed by the various conference calls I listened to, this past earnings season. Everyone was saying, "demand softened abruptly in the last 1-3 months, the recovery is still in the indefinite future". I conclude that IT budgets are not going to be increased, until late 2003 at the earliest. I am also seriously worried that a downturn in housing will cause the long-awaited fall in consumer spending. So, I have recently established short positions in: housing (CMH) at 12 consumer spending (WMT) at 55 overvalued tech (QCOM) at 36 Will short CSCO at 15, AMAT at 20, if we get there.