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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Judy who wrote (17582)	3/24/1998 8:35:00 PM
From: Alias Shrugged	Respond to of 50167

Judy Oh, most are for trading, most definitely. A number of the bottomed-out tech positions I held moved up nicely and so I sold, eg, KLIC, KLAC (which two have pretty much given up their recent gains), EFII, etc.. The others, some acquired recently, have not moved as the general market continues to set highs, so I sold them to raise cash, eg, CY, CRUS, etc. If those boats didn't rise with this tide, I wanted different boats! I would hold PCU, KLU and a few other non-techs through a correction. I agree with your assessment of the drillers - a bottom has been set in. Yesterday I took a 20% position in the offshore drillers - there was a small chance they could have continued further so a small portion of assets was deployed. Remaining assets will be put to work at hopefully lower levels. Without referencing back to your post, your general entry points for the offshore guys look about right - for instance, buy more NE at 26-27 and the remainder at 23-24 if we see those levels again. GW looks like a good value here - but, not as sexy a land driller as PTEN or UTI, and the street likes the offshore "story" better than the land drillers. But, GW was at 10+ when NE was in high 30s. Will NE be 75 by the time GW gets back to 10? As you know, only improving crude fundamentals will really move this sector, and strong crude prices will move the land guys as much if not more than offshore, IMVHO. GW can retrace to high 3s if crude tumbles again, but NE will go to 22-23. Hey, I legged into my first spread today. Bought AUG 45 ABF puts last week at 6.25 (when oil was cratering - don't ask me why I could short trans but not smart enough to buy (and hold!!!) drillers at that point); today when the 45s were 10+, I sold Aug 35 puts for 3-7/8. Good trading, Mike

To: Judy who wrote (17582)	3/24/1998 9:00:00 PM
From: Alias Shrugged	Respond to of 50167

Judy Futures are up and its only 6:00 on west coast. You still have time to get party hats and noise makers for tomorrow's CNBC DOW 9000 Party! I have CNBC on during the day. Everyone sure is getting out of breath chattering about financials and drugs and rotation and mergers and acquisition candidates, etc. etc. 90% of my short-side money is in cash waiting. You will tell me when its time to move the emphasis from long to short, won't you?!? Think I'll have a glass of wine.