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Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (6079)	6/16/1998 10:49:00 PM
From: Sandra	Read Replies (1) \| Respond to of 29382

Max, I have the monks cd.....very tranquil when you can get in the mood! Cramers article tonight about strategy and bunting.....I did a little today. Added to hdie, started a couple new positions. Sandra By James J. Cramer Maybe the market rallied because Mark Haines hosted the last hour instead of Ron Insana. OK, just a theory. But something did change Tuesday. When the market dove below even -- and looked like it was going to take out the low of Monday -- there wasn't that much stock for sale. I was bidding for General Electric (GE:NYSE) and didn't get hit. I tried to buy some Procter & Gamble (PG:NYSE) -- again! -- and had no luck. I hung at 85 on the bid side for America Online (AOL:NYSE) and was sorely disappointed. I ended up having to pay up. So, what did happen, particularly in the Nasdaq? Quite simply, the selling dried up. Where did it go? I think it took a break pending some sort of short-term resolution in Japan (see my earlier piece). In the interim, Tom Kurlak, the big -- and right -- bear of chips at Merrill, indicated that we are probably coming into the period when you have to think about buying these. Just one positive whiff from the man and, boom, that was all she wrote for the short side. It didn't hurt that heavily shorted Solectron (SLR:NYSE) didn't blow up. That contract PC manufacturer is viewed as an important indicator for the health of the PC biz -- hence the lift in Dell (DELL:Nasdaq). And it didn't hurt that Microsoft (MSFT:Nasdaq), tarred and feathered by the government, still looked darn good. Hey, Dell, Mister Softee, Intel? The old leaders, eagerly embraced by those fearing an oversold rally and others who could not wait to get in any more. And egged on by Abby Joseph Cohen, the old bull. My take: As I said earlier, the market is too oversold to short, and too dicey to take the big long swing. Getting on base was a must, though, and the bunt strategy worked. For now. *****