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Strategies & Market Trends : Bill Wexler's Profits of DOOM -- Ignore unavailable to you. Want to Upgrade?

To: Bill Wexler who wrote (766)	4/29/1998 7:58:00 PM
From: Bill Wexler	Read Replies (1) \| Respond to of 4634

Recommend covering Zitel between 8 and 9 Today I covered all of my Zitel short position between 8 7/16 and 8 7/8. It was first recommended on this thread at 12 and I've been personally shorting it since it was 50+. Even though it is crystal clear that this stock is not worth 8 cents, much less $8...there are a few things that are worrisome: 1) Zitel has rocketed back from the dead many times in the past. 2) Management is making motions like it wants to remain in business - even though it would probably be wiser to go bankrupt. 3) Zitel has a long history of fraudulently promoting its stock through a network of shills (Emerald research, David Stewart). 4) The very large short position may make this a beach ball for some time. 5) I was surprised that the stock did not go down today - the day after earnings - even with negative commentary in the Motley fool. 6) Too much attention from SOES traders. 7) A rabid cult following. 8) Too much option speculation at strikes between 7.5 and 12.5. If the stock now tanks - c'est la vie...however, if the stock returns to the double digits - I will probably reshort.