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To: marginmike who wrote (60179)	11/22/2002 11:11:18 AM
From: Paul Shread	Read Replies (3) \| Respond to of 209892

Congratulations, MM. Well played. I was just debating booking the rest of my profits too, with some nice turn dates coming next week. However, as I said about 600 points ago and didn't pay enough attention to myself, there is still no selling pressure here.

To: marginmike who wrote (60179)	11/22/2002 11:44:02 AM
From: Perspective	Respond to of 209892

Yeah, congrats! I wish I had the mentality to actually go long when all my core beliefs remain bearish. It makes me sleep easier at night, though, knowing that I've got the long-term trend in my favor to bail me out even if I get the next few weeks/months wrong. I guess if you're disciplined enough, it's not an issue, but there's a certain amount of delta-hedging type risk there - you assume you can achieve a graceful exit from a shorter-term position if it starts to move against you. After sleeping on it last night, I decided to go back on my hedge reduction from yesterday, but I rolled it into QQQ instead per my feeling that SOX will start to underperform now. So the proceeds from yesterday afternoon went in at the open, 27.37. So far, I'm glad I did it. I don't expect to get a whole lot more for them, but I think I could see 28.50 or so. Even if I don't earn anything, my risk is mitigated in the meantime. Have I said it before? Risk/reward is everything. BC