To: Kurt Goebel who wrote (3156 ) 8/2/1998 6:36:00 PM From: cdtejuan Respond to of 10081
Hi my fellow sufferers, The last two trading days were really bloody for my GMGC investment. For the records, I got in at $13. Loosing nearly 50% ain't a joke for me. But I had some luck in times of disaster: I had a buy order for an equal position out for $10 on Friday at the German stock exchange, that wasn't executed due to the different timezones / laughable low volume. ;-) We all have to remind ourselves why we bought GMGC shares. What has changed now: The fundamentals???? No: the company sticks to their business-plan. GMGC is out with it's product. Revenues will start flowing, especially in the next quarters. This is not the same "where's the rabbit stuff" that happened to the old GMGC. So from a long's perspective, I will hold my core GMGC shares and wait until we see the next short squeeze. I don't expect the price to fall below $5, not until we hear truly bad news like MSFT getting out or Portico being a flop. Unnecessary to say IMHO this will not happen. I 100% agree with Ray's statement: "The margin clean-out will cause GMGC to become "over sold". At a true local minima, the MM will finally step up and support the price by buying back all their shorts. I I believe they will also "double up" and take a large long position. This will cause the price to rise, sharply. It will also create another MM favorite, a short seller's panic." I will carefully watch how the price develops on Monday. I expect GMGC to further decline thanks to panic-selling to about $6 on Monday/Tuesday. At this moment my strategy is to buy (twice the amount of shares I own) at the +/-$6 level in cold blood, lean back and enjoy the ride back to $10, by this way extinguishing my losses and making mo money! Good luck to all longs, Juan BTW, wasn't there a motley's motto "Buy on bad news"??????!!!