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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Oeconomicus who wrote (9639)	6/5/1998 4:24:00 PM
From: Joey Two-Cents	Respond to of 18691

I just bought some Dec GM 70 puts @ 3 1/8. Although I would have liked to go out to 1/00 IMO I think GM will be under $ 60 by Dec. Yesterday Merrill Lynch said that the price cuts and incentives that propelled GM sales were a one shot deal and that they're "stealing sales from the next several months. Therefore, the only impact of this action is to reduce the industry's long-term profitability." IMO the Asian dumping of autos and the coming economic slowdown and the mortgaging of future sales for todays gains should hit the auto's hard. Also we have a GM strike.