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To: Trader X who wrote (9309)	10/31/1997 10:57:00 AM
From: Patrick Slevin	Read Replies (1) \| Respond to of 17305

Added to my core put position for a daytrade. <e>

To: Trader X who wrote (9309)	10/31/1997 1:15:00 PM
From: Judy	Read Replies (1) \| Respond to of 17305

On fire sales and bottom fishing .... a word of caution Yes, I love it when semi equip makers or any quality stocks go on fire sale. But recognize when a sector or the market is in a clear downtrend and don't be fooled by relief rallies. Don't trade against the trend unless one is capitalized to stand a drawdown or protects oneself with index/equity puts. Andrew and a few other SI friends may be in a financial position and/or nimble enough to do so, but most on SI are not. Oh, the agony of margin calls of those who follow the bullish mania if the market or sector should tank. I have held the hands of some during the tech debacle of summer '96 who margined to the hilt because of the bullish mania on SI. KLIC could be a dangerous stock. Agreed that it is a bargain sub-25. But if AMAT says there is a push out in fab orders, the market will not have patience waiting for a bargain to gain. The money will flow out and KLIC could see the teens in a blink of an eye. And those heavily on margin holding shares maybe be forced to sell at a low ... and those with short-term options will be crushed. Personally I will wait for the bottom to set and the trend to turn. I will then leverage buying quality stocks on sale with long-term options/leaps ... will not waste time value waiting 6 months for a sector to turn or the bear to into hybernation. This caution may be academic on this thread, but I'll link this post on other more exuberant threads. Take care.