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

To: virgil vancleave who wrote (12254)	8/1/1998 11:18:00 AM
From: Gordon A. Langston	Respond to of 18691

being short unamerican If no one was buying on margin you would not be able to short. It is well to remember that both shorts and longs borrow. Some people just think it is wrong to "sell" something before you own it, however many businesses do not "pay" for their goods for 30, 60, or 90 days or even sell on consignment, obviously before they have sold "some" of the goods. Gordom It does "feel" different to short, at least in the beginning.

To: virgil vancleave who wrote (12254)	8/1/1998 3:11:00 PM
From: Don Westermeyer	Respond to of 18691

they all get mad when they find out why and call what i do "unamerican" I'd just remind those guys that they still have exactly as many stock certificates as they did before the price decline. People selling short don't take anything away from them. Most people don't like that answer though. If people viewed owning stocks as actually owning something tangible (like rental property) maybe they'd be a little more cautious about their expectations. I'd also remind them that not so long ago the market was trading with a P/E under 10 and now it is almost 30!

To: virgil vancleave who wrote (12254)	8/2/1998 6:21:00 PM
From: space cadet	Respond to of 18691

virgil, I too have closed out all my long positions and think we are headed into a correction or worse. The market should have rallied thru August. The fact that it couldn't means this correction is probably going to be uglier and more painful than most people expect. At least that is how it looks to me now. I'm an options player and the most basic and important rule in options is "never go against the trend". The trend now is down and I intend to start picking up some cheap puts and shorts. I agree with you that the internet stocks look long in the tooth. All those people who made 10 times their money on them this year better start cashing out or they may regret it. The technicals for the market look terrible right now. I think we could hit 8000 and possibly even 7000 before rebounding. I think the failure to lower income taxes to say a top rate of 20% which the republicans talked about will prove to be a monumental failure. If they couldn't lower income taxes in the greatest bull market in history with the budget having huge surpluses then they really have been exposed for the frauds I always knew the Republicans were. Newt Gringrich turns my stomach. He is the moral equivalent of Bill Clinton. As long as Greenspan is around I can't see a long term bear market starting. He's just too smart and competent. However when he finally retires-watch out! By the laws of averages we are due for another grossly incompetent bureaucrat.